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The battery market is experiencing significant growth. It is driven by increasing demand for portable electronic devices, electric vehicles, and renewable energy storage systems. IEA states that the electric car market has seen exponential growth as sales surpassed 10 million in 2022.
As EV sales continue to increase in today’s major markets in China, Europe and the United States, as well as expanding across more countries, demand for EV batteries is also set to grow quickly. In the STEPS, EV battery demand grows four-and-a-half times by 2030, and almost seven times by 2035 compared to 2023.
In the rest of the world, battery demand growth jumped to more than 70% in 2023 compared to 2022, as a result of increasing EV sales. In China, PHEVs accounted for about one-third of total electric car sales in 2023 and 18% of battery demand, up from one-quarter of total sales in 2022 and 17% of sales in 2021.
In part this is due to the United States becoming one of eleven new country signatories to the Global MoU on Zero-Emission Medium- and Heavy-Duty Vehicles in the past year, which recently increased ambition. Global EV battery demand increased by about 65% in 2022, reaching around 550 GWh, about the same level as EV battery production.
As manufacturing capacity expands in the major electric car markets, we expect battery production to remain close to EV demand centres through to 2030, based on the announced pipeline of battery manufacturing capacity expansion as of early 2024.
In 2023, IEA’s report showed that battery demand for lithium reached around 140 kt, accounting for 85% of total lithium demand, while cobalt demand for batteries rose by 15% to 150 kt, representing 70% of the total demand. Battery demand for nickel also surged to nearly 370 kt, up almost 30% from 2022.
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Battery energy storage systems (BESS) will have a CAGR of 30 percent, and the GWh required to power these applications in 2030 will be comparable to the GWh needed for all applications today. China could …
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Battery energy storage systems (BESS) will have a CAGR of 30 percent, and the GWh required to power these applications in 2030 will be comparable to the GWh needed …
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Electric cars and vans are expected to continue to dominate total battery demand for EVs, accounting for around 90% of demand in both scenarios. In the APS, battery demand is projected to reach 120 GWh for buses and 160 GWh for …
Rising EV battery demand is the greatest contributor to increasing demand for critical metals like lithium. Battery demand for lithium stood at around 140 kt in 2023, 85% of total lithium demand …
Cars remain the primary driver of EV battery demand, accounting for about 75% in the APS in 2035, albeit down from 90% in 2023, as battery demand from other EVs grows very quickly. In …
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