Rho Motion reposted this
🚨 Milestone alert 🚨 Lithium ion battery demand has surpassed 1TWh for the first time! On the back of a record month for EV sales and strong BESS deployments in November, global lithium ion battery demand for the year has surpassed the 1TWh mark, a milestone narrowly missed in 2023. December is set to be another strong month, with record EV sales and EV deployments expected, pushing demand for the full year even further past 1TWh. EV demand continues to make up the majority of lithium ion battery demand, but worth noting the impressive growth of the BESS market in recent years has seen its market share double from 7% in 2020 to 15% in 2024! #battery #lithium #EV
That's nice and more or less in line with the Boston Consulting Group (BCG)'s demand forecast (https://www.linkedin.com/posts/minjee-kim-11789917_battery-a-dynamic-market-environment-activity-7274414820685164544-bLSk?utm_source=share&utm_medium=member_desktop). However, Boston Consulting Group (BCG) are more more sceptical on the #EV battery demand.
Rho Motion tracks battery demand across all end use markets, find out more: https://bit.ly/4iSmzDF
Managing Director @ 13D Research & Strategy | Author, Thought Leader
3wAwesome news. This growth represents a significant leap from just a few years ago and highlights the rapid advancements and scaling in battery technology. It's an exciting time for the energy storage industry! Iola Hughes