Monday 15 April 2024

Record demand for batteries in first quarter

Global battery demand reached an all-time high in the first quarter of 2024, totalling nearly 230GWh across all sectors, according to a report
Record demand for batteries in first quarter

Global battery demand reached a new peak in the first quarter of 2024, totalling 230GWh across all sectors.

Electric vehicle batteries represented 72% of this demand, with 3.1 million units sold, while the stationary storage market also experienced significant growth of nearly 40% year-on-year, according to a report by Rho Motion.

Despite a seasonal decline compared to the previous quarter, the outlook for 2024 remains favourable, with plans for substantial grid-scale projects and the rising adoption of emerging battery technologies.

Battery demand is expected to increase by 25-30% year-on-year, surpassing the 1TWh mark for the first time.

Iola Hughes, Head of Research at Rho Motion, said: "Despite the market’s doom and gloom sentiment, battery demand marches on, setting a solid foundation for 2024."

Written by

Dimitris Mavrokefalidis

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