7 Major Battery Manufacturing Investments of 2024

In 2024, the global battery manufacturing sector experienced unprecedented growth, driven by the escalating demand for electric vehicles (EVs) and renewable energy storage solutions. As such, major economies worldwide have significantly increased their battery production capacities. In 2023, China and the United States each expanded their installed battery cell manufacturing capacities by over 45% compared to 2022, while Europe saw nearly a 25% increase. Projections indicate that by the end of 2024, U.S. capacity will surpass that of Europe.

Yet, despite robust growth, the battery manufacturing sector faces challenges, including supply chain dependencies and geopolitical tensions. The dominance of Asian manufacturers, particularly from China, has prompted other regions to invest in local production facilities to mitigate supply risks.

For this reason, governments globally are pushing policies to catalyze investments in battery manufacturing. In the United States, the Inflation Reduction Act (IRA) has provided substantial incentives for domestic battery production, aiming to reduce reliance on foreign supply chains and bolster energy security. Similarly, the European Union has allocated additional funds to support the EV battery sector, address competitive pressures, and foster regional manufacturing capabilities.

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All of these forces have converged to make 2024 a big year for battery manufacturing investments. Read on to learn about seven major battery manufacturing investments that occurred in 2024.