What is the battery trend for 2024?

Battery Trend for 2024. Will China strengthen the leadership? In 2024, the Chinese automotive battery market faces changes due to overcapacity and heightened competition. CATL led in 2023, BYD rose, and second-tier firms had mixed performances.

What is the demand for lithium & cobalt batteries in 2023?

In 2023, IEA’s report showed that battery demand for lithium reached around 140 kt, accounting for 85% of total lithium demand, while cobalt demand for batteries rose by 15% to 150 kt, representing 70% of the total demand. Battery demand for nickel also surged to nearly 370 kt, up almost 30% from 2022.

Which country has the smallest battery market in 2023?

Nevertheless, the United States remains the smallest market of the three, with around 100 GWh in 2023, compared to 185 GWh in Europe and 415 GWh in China. In the rest of the world, battery demand growth jumped to more than 70% in 2023 compared to 2022, as a result of increasing EV sales.

How much does lithium cost in 2023?

According to the research made by China Post Securities, the price of lithium in 2023 was around 130,000 yuan per ton (~18,300 USD/ton). For comparison, in 2022 lithium prices reached 590,000 yuan per ton (~83,000 USD/ton). So, the cost of lithium dropped significantly last year.

How EV battery demand grew in 2023?

In 2023, IEA reports that the global EV battery demand surpassed 750 GWh, marking a 40% increase from 2022, with EVs contributing to 95% of this growth. The US and Europe witnessed the fastest growth rates among major EV markets, followed closely by China.

Will US battery capacity increase in 2023?

In 2023, the installed battery cell manufacturing capacity was up by more than 45% in both China and the United States relative to 2022, and by nearly 25% in Europe. If current trends continue, backed by policies like the US IRA, by the end of 2024, capacity in the United States will be greater than in Europe.