China's Electric Vehicle Battery Demand Reaches Record High in 2023

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Erlina Fury Santika 14/06/2024 19:20 WIB

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IEA data shows that several countries have the world's highest demand for electric vehicle batteries. China has the largest demand and is aggressively expanding.

Demand Volume of Electric Vehicle Batteries by Major Country/Region (2023)

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China's Electric Vehicle Battery Demand Reaches Record High in 2023

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Demand Volume of Electric Vehicle Batteries by Major Country/Region (2023)

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Data compiled by the International Energy Agency (IEA) shows that China had the world's highest demand for electric vehicle (EV) batteries in 2023, reaching 417 gigawatt hours (GWh) per year.

This figure increased from 314 GWh per year in 2022 and 179 GWh per year in 2021.

Europe was second with a volume of 185 GWh per year. Similar to China, this region also saw a surge in battery demand, up from 129 GWh per year in 2022 and 93 GWh per year in 2021.

The United States followed with 99 GWh per year, an increase from 70 GWh in 2022 and 38 GWh in 2021.

Other countries collectively accounted for 71 GWh in 2023, up from 41 GWh in 2022 and 21 GWh in 2021.

The IEA explains that battery demand is directly proportional to the growth in electric vehicle sales, which have increased significantly in recent years.

Demand for EV batteries exceeded 750 GWh in 2023, a 40% increase compared to 2022, although the annual growth rate slightly slowed compared to 2021-2022.

The IEA states that electric vehicles accounted for 95% of this growth, driven by higher electric vehicle sales. The remaining 5% is attributed to the larger average battery size due to the increasing share of sport utility vehicles (SUVs) in electric vehicle sales.

Although China had the highest battery demand, the IEA notes that the United States and Europe experienced the fastest growth among major electric vehicle markets, exceeding 40% year-on-year, while China's growth was around 35%.

"However, the United States remains the smallest market among the three, with approximately 100 GWh in 2023, compared to 185 GWh in Europe and 415 GWh in China," the IEA wrote on its website, as quoted on Friday, June 14, 2024.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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China's Electric Vehicle Battery Demand Reaches Record High in 2023

China's Electric Vehicle Battery Demand Reaches Record High in 2023

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China's Electric Vehicle Battery Demand Reaches Record High in 2023

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