Overseas sales of energy storage batteries

Electric cars remain the principal factor behind EV battery demand, accounting for over 85%. Compared to 2023, the sector whose demand grew the most was electric trucks, growing over 75% in 2024 to reach nearly 3% of global EV battery demand.

Battery demand in the United States nearly matched that of the European Union in 2024, in part as a result of its approximately 25% larger battery size per EV. Emerging markets and developing economies other than China continued to represent only a small share of global battery demand, reaching nearly 5% in 2024.

Electric cars remain the main driver of battery demand, but demand for trucks nearly doubled Battery demand in the energy sector, for both EV batteries and storage applications, reached the historical milestone of 1 TWh in 2024. Demand for one average week alone in 2024 exceeded the total demand for an entire year just a decade earlier.

India also has the potential to unlock a substantial battery market and is investing in domestic battery production, but realising its ambition to become a major battery manufacturer will require additional investments and clear policy signals supporting EV demand.

More generally, concerns are growing about the ability of smaller European producers to scale up production and compete with established global players, which may lead to a much smaller share of the future EU battery market being captured by domestic manufacturers. IEA. Licence: CC BY 4.0

The share of battery manufacturing capacity in the European Union owned by Korean producers is expected to fall sharply from about 85% in 2024 to nearly 30% in 2030, while the share of EU-based companies could reach 20%, up from 5% at the end of 2024.