Overview of Global Battery Demand Growth

In the first half of 2024, global battery demand significantly increased, reaching 512 gigawatt-hours (GWh), a 23% year-on-year growth, according to a report by Rho Motion. This growth is mainly driven by the strong performance of the electric vehicle and stationary energy storage markets.

Global Battery Demand H1 2024

Global Battery Demand H1 2024

Demand in the Electric Vehicle Market

The electric vehicle market continues to be a major source of battery demand, accounting for 72% of total demand. During this period, global electric vehicle sales exceeded 7 million units. Despite the rapid market growth, sales of electric vehicle manufacturers such as LG Energy Solution, SK On, and Panasonic showed a downward trend.

Strong Performance in the Stationary Energy Storage Market

The stationary energy storage market grew at a rate close to 50%, exceeding expectations. Iola Hughes, research director at Rho Motion, pointed out that as more markets open up to energy storage solutions, the frequency and scale of related projects are increasing. By the end of the year, battery market demand is expected to exceed 1.2 terawatt-hours (TWh).

Regional Market Analysis

The Chinese battery market grew by 29% year-on-year, accounting for nearly 50% of global demand and showing strong performance. The North American market grew by 23%, with stationary storage demand more than doubling. In contrast, the European market had the slowest growth at 8%, with significant declines in electric vehicle sales in Germany, Italy, Sweden, and Switzerland.

Chemical Composition Trends

In terms of chemical composition, lithium iron phosphate (LFP) dominates the Chinese market, while nickel cobalt manganese (NCM) dominates other markets. Emerging technologies like lithium manganese iron phosphate (LMFP) and sodium-ion batteries, while having a lower market share, are showing stable growth.

Large Projects and Market Expansion

In the first half of 2024, over 500 stationary energy storage projects were commissioned, including four large projects with capacities exceeding 1 gigawatt-hour. It is projected that 18 projects exceeding 1 gigawatt-hour will be commissioned by the end of the year, reflecting the rapid expansion of the market.

North American Lead Market

According to a report by the International Battery Council, in April 2024, the shipment volume of original and replacement automotive batteries in North America was 157,446,477 units, a 14.4% year-on-year growth.

Conclusion

The battery market showed strong growth momentum in 2024, especially in the stationary energy storage and electric vehicle sectors. Despite challenges such as market slowdowns and competition among manufacturers, the overall market outlook remains optimistic.

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