H. Yoo
Research expert covering South Korea
Global battery industry - statistics & facts
Batteries are gaining traction in the clean electrification pathway to decarbonization. Their global manufacturing capacity was forecast to grow from two to seven terawatt-hours from 2023 to 2030, with China expected to account for 60 percent of the total by 2030. Lithium-ion chemistry is the most widespread in rechargeable battery cells, including nickel-manganese-cobalt-oxide (NMC), nickel-cobalt-aluminum-oxide (NCA), lithium-cobalt-oxide (LCO), and lithium-iron-phosphate (LFP). Lithium-ion batteries are popular because of their performance characteristics. Among those characteristics, the high-energy density properties are particularly coveted.
