Advanced Batteries & Energy Storage Research
Aug 28, 2024
US$400B Li-ion Cell Market by 2035, but Challenges Remain
While there has been strong growth in the stationary battery sector, electric vehicles remain the key driver behind the Li-ion market, and electric cars will be the largest market for Li-ion batteries over the next 10 years. Although there are some regional concerns over the rate of EV adoption in 2024, sales of electric vehicles grew rapidly in 2022 and 2023, and the medium-long-term outlook for EV adoption remains strong.