For the first time in history, annual global demand for lithium-ion batteries has exceeded 1 terawatt-hour (TWh), driven by record-breaking electric vehicle (EV) sales and robust deployments of battery energy storage systems (BESS) in November 2024. This milestone marks a significant leap from 2023, when the threshold was narrowly missed, according to Rho Motion, a London-based market research firm.
Lithium-ion battery demand is projected to grow by 26% year-on-year in 2024, reflecting the continued expansion of the EV market. EVs remain the largest consumers of lithium-ion batteries, yet their growth rate lags behind the rapidly accelerating BESS segment.
The stationary storage market, which constituted only 7% of total lithium-ion demand in 2020, has doubled its share to 15% by 2024, making it the fastest-growing application for these batteries.
November 2024 proved pivotal for the surge in demand, with EV sales hitting a new monthly high of 1.8 million units globally. China dominated the market, accounting for over two-thirds of the total sales, further solidifying its position as a leader in EV adoption.
This milestone underscores the increasing reliance on lithium-ion technology across diverse sectors, highlighting its role in driving the global transition to clean energy and sustainable transportation.
