The electric vehicle and energy storage market is showing significant growth

According to analytics company Rho Motion, the total annual demand for lithium-ion batteries in 2024 will reach 1 TWh (1,000 GWh). This is 26% higher than in 2023. The electric vehicle market remains the main consumer of batteries, but the energy storage system sector is showing the fastest growth.

In 2020, the share of energy storage systems accounted for only 7% of the total battery volume, but by 2024 this figure has increased to 15%.

In November 2024, electric vehicle sales reached a record 1.8 million units, with more than two-thirds of this volume coming from the Chinese market. In the same month, 19.4 GWh of new energy storage systems were put into operation. This is the second highest figure ever, with over 15 GWh installed in China.

China continues to lead in both the production and use of lithium-ion batteries. The economic efficiency of the projects has been a major driver of growth, with 2024 seeing the largest drop in lithium-ion battery prices since 2017.