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Electric Vehicles

Behind the 2023 Surge in Battery Demand for EVs

Gallery-Behind the 2023 Surge in Battery Demand for EVs

EV battery market chart.
The demand for batteries to power EVs is rooted in some eye-opening data, according to an International Energy Agency (IEA) report.

Global sales of electric cars are set to surge to yet another record this year, expanding their share of the overall car market to close to one-fifth and leading a major transformation of the auto industry that has implications for the energy sector, especially oil. That’s according to the International Energy Agency's (IEA) recent report, “Global EV Outlook, 2023”, accessible here, which, in its 142 pages, shines a bright light on the remarkable dynamics that have unfolded in the field of battery demand for Electric Vehicles (EVs). This gallery summarizes the IEA report to navigate six compelling sides of the industry’s transformative journey. It begins with a surge in battery demand for EVs, outlining how, in 2022, it soared by approximately 65%, reaching a colossal 550 GWh from 330 GWh in 2021. This growth, fueled by a 55% increase in electric passenger car registrations, is a global phenomenon, yet it finds its epicenter in China and the United States.

However, it doesn't stop there; it’s important to delve into the essential materials and metals that power these batteries, the dominance and innovation in battery chemistry, groundbreaking advancements in anode chemistry, and the price dynamics that influence the industry in order to get a clear picture of the state of the industry. In a world where sustainable mobility is a driving force, these insights provide a concise topline view of the energy storage revolution and its global impact.

Here are six highlights of IEA's Global EV Outlook 2023 report.


Disclaimer: This is a work derived by Battery Technology from IEA material, and Battery Technology is solely liable and responsible for this derived work. The derived work is not endorsed by the IEA in any manner.

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