South Korea ‘battery alliance’ aims to supercharge rechargeable industry, but can it catch China?
- New 2030 plan outlines US$35 billion investment in rechargeable batteries, as South Korean trade minister says current supply-chain ‘crisis can, in fact, be an opportunity’
- China currently holds 56.4 per cent of the global market share of rechargeable batteries to South Korea’s 25 per cent
South Korea has unveiled an ambitious strategy to drastically narrow the gap between itself and China in the realm of rechargeable batteries.
Key components of the plan, announced on Tuesday, include launching a “battery alliance” between South Korea’s public and private sectors, while providing various policy measures to consolidate a US$35 billion domestic investment in the industry by 2030.
The Ministry of Trade, Industry and Energy, which announced the “Rechargeable Battery Industry Innovation Strategy”, said in a statement that it intends for South Korea to increase its global market share of rechargeable batteries from its current 25 per cent to 40 per cent by 2030.
If realised, South Korea could make significant gains on current industry leader China, which the strategy says takes up 56.4 per cent of the global market share.
The Korean government considers rechargeable batteries among the key industries that the country’s future economic growth will rely on.
The new strategy has three main goals: securing a stable supply chain in response to global trade regulations and mineral-supply risks; achieving cutting-edge original technology; and cultivating a solid domestic rechargeable-battery ecosystem.
