By ESS news
Thanks to a record month for electric vehicle sales and strong BESS implementation in November, global lithium-ion battery demand for the year surpassed the 1 TWh mark, a milestone narrowly missed in 2023.
According to London-based Rho Motion, demand for lithium-ion batteries is expected to increase 26% year-on-year in 2024 compared to 2023. The EV market continues to account for the majority of demand for lithium-ion batteries, but lags far behind the impressive growth of the BESS market.
In recent years, demand for lithium-ion batteries in stationary storage applications has doubled from 7% in 2020 to 15% in 2024, making it the fastest growing market for battery demand.
November played a key role in the annual statistics for 2024. According to Rho Motion, it marked another record month for electric vehicle sales with 1.8 million units sold worldwide, with China accounting for more than two-thirds of this figure.
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