Energy storage lithium battery supply and demand analysis chart

How many batteries are used in the energy sector in 2023?

The total volume of batteries used in the energy sector was over 2 400 gigawatt-hours (GWh) in 2023, a fourfold increase from 2020. In the past five years, over 2 000 GWh of lithium-ion battery capacity has been added worldwide, powering 40 million electric vehicles and thousands of battery storage projects.

How has demand for lithium-ion technology changed over the last 10 years?

Data collected by Bloomberg shows how demand for the lithium-ion technology in electric vehicles and energy storage has started to quickly increase over the last 10 years. The cumulative demand, at just 0.5 gigawatt-hours in 2010, has soared to roughly 526 gigawatt hours in 2020.

What was the increase in lithium production between 2017 and 2022?

Despite the 180% increase in production since 2017, lithium demand exceeded supply in 2022 (as in 2021). The increase in battery demand drives the demand for critical materials.

How much lithium ion battery does a car use a year?

In the past five years, over 2 000 GWh of lithium-ion battery capacity has been added worldwide, powering 40 million electric vehicles and thousands of battery storage projects. EVs accounted for over 90% of battery use in the energy sector, with annual volumes hitting a record of more than 750 GWh in 2023 – mostly for passenger cars.

What will China's battery energy storage system look like in 2030?

In 2030, China could account for 40 percent of total Li-ion demand, with battery energy storage systems (BESS) having a CAGR of 30 percent. The GWh required to power these applications in 2030 will be comparable to the GWh needed for all applications today.

Are lithium-ion batteries the future of consumer technology?

According to Bloomberg, energy companies like Exxon Mobil have been working on lithium-ion batteries for decades. While their focus has been on automotive applications, many consumer technology products wouldn’t exist without this pivotal advancement in battery power.