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The big milestone comes on the back of a record month for electric vehicle sales and strong battery energy storage system (BESS) deployment. However, EV demand remains far behind BESS with the latter’s impressive growth reaching a year-on-year increase of 175% and cumulative 19.4 GWh deployed in November alone.
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 1 TWh mark, a milestone narrowly missed in 2023.
According to London-based Rho Motion, lithium-ion demand is set to increase 26% year-on-year in 2024 compared to 2023. The EV market continues to make up the majority of lithium ion battery demand, but is far lagging behind the impressive growth of the BESS market.
In recent years, the demand for lithium-ion batteries in stationary storage applications has doubled from 7% in 2020 to 15% in 2024, making it the fastest growing battery demand market.
November played a key role in the annual statistics for 2024. According to Rho Motion, it marked another record-breaking month for EV sales with 1.8 million units sold globally, and China accounting for over two-thirds of the figure. |
