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Global battery demand reached a new peak in the first quarter of 2024, totalling 230GWh across all sectors.
Electric vehicle batteries represented 72% of this demand, with 3.1 million units sold, while the stationary storage market also experienced significant growth of nearly 40% year-on-year, according to a report by Rho Motion.
Despite a seasonal decline compared to the previous quarter, the outlook for 2024 remains favourable, with plans for substantial grid-scale projects and the rising adoption of emerging battery technologies.
Battery demand is expected to increase by 25-30% year-on-year, surpassing the 1TWh mark for the first time.
Iola Hughes, Head of Research at Rho Motion, said: “Despite the market’s doom and gloom sentiment, battery demand marches on, setting a solid foundation for 2024.”
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