Annual lithium-ion demand surpasses 1 TWh for first time

Share

From ESS News

On the back of a record month for EV sales and strong BESS deployments in November, global lithium ion battery demand for the year has surpassed the 1 TWh mark, a milestone narrowly missed in 2023.

According to London-based Rho Motion, lithium-ion demand is set to increase 26% year-on-year in 2024 compared to 2023. The EV market continues to make up the majority of lithium ion battery demand, but is far lagging behind the impressive growth of the BESS market.

In recent years, the demand for lithium-ion batteries in stationary storage applications has doubled from 7% in 2020 to 15% in 2024, making it the fastest growing battery demand market.

November played a key role in the annual statistics for 2024. According to Rho Motion, it marked another record-breaking month for EV sales with 1.8 million units sold globally, and China accounting for over two-thirds of the figure.

To continue reading, please visit our ESS News website.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

California’s home batteries are replacing gas plants and saving hundreds of millions
16 September 2025 The Brattle Group analyzed a gigawatt-hour virtual power plant test that may be the world’s largest as part of its review of California’s distributed...