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Battery Manufacturing Grows Further Into The Terawatt-Hour-Per-Year Era IN 2024, GLOBAL LITHIUM-ION BATTERY CELL PRODUCTION REACHED ALMOST
1.5 TWh
There is still significant overcapacity and –in the case of China– overproduction compared to demand
This is the reason for LFP’s share being higher than in end-use demand
were LFP batteries
were EV batteries
Much of the battery requirements are imported from Asia as most gigafactories in the pipeline outside China are still ramping up
were made in China
The industry remains an oligopoly with the top 3 manufacturers making up 2/3 of output
Source: Content & analysis provided courtesy of CRU Group (Distinguished Partner). For more information, visit https://www.crugroup.com. Battery production data from CRU’s primary data collection, national industry associations, and manufacturer reports. December 2024 data is partially estimated.
Extracted from the PDF; charts and images may read imperfectly.
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