Global EV Battery Market: Demand in GWh, Pack Prices and Manufacturing Capacity

The IEA measures the EV battery market in energy capacity rather than money. EV battery demand exceeded 750 GWh in 2023, up 40% from 2022 [2]. It grew to over 950 GWh in 2024, 25% more than in 2023 [1]. In 2025, EV battery deployment reached 1.2 TWh, almost 30% more than in 2024 and more than seven times the 2020 level [3].

Counting stationary storage too, battery demand in the energy sector passed 1 TWh in 2024 [1]. EVs accounted for more than 70% of total battery deployment in 2025, down from almost 80% in 2024, as storage grew faster [3].

Electric cars account for over 85% of EV battery demand [1]. Light-duty vehicles represented more than 85% of 2025 EV battery deployment [3]. Electric trucks are the fastest-growing segment: their battery demand grew over 75% in 2024 to nearly 3% of the total [1].

Chemistry is splitting by region. In the European Union, LFP batteries made up more than 10% of EV battery demand in 2025, almost all imported from China [3]. In the United States, the LFP share almost halved in 2025, and over 50 GWh of manufacturing capacity, at companies such as LG Energy Solution and Ford, was reallocated to LFP production [3].

BloombergNEF's annual survey tracks average lithium-ion pack prices across end uses. The average was USD 132/kWh in the 2021 survey [7]. Prices then rose for the first time to USD 151/kWh in 2022 [6], fell to USD 139/kWh in 2023 [5], and reached a record low of USD 108/kWh in 2025, 8% below 2024 [4].

BNEF attributes the 2025 fall to cell manufacturing overcapacity, intense competition and the shift to lower-cost LFP chemistry, despite higher battery metal prices [4]. Average pack prices were USD 84/kWh in China; North America was 44% higher and Europe 56% higher [4]. Stationary storage packs fell to USD 70/kWh in 2025, 45% lower than in 2024 [4].

Global battery cell manufacturing capacity grew almost 30% in 2024 to more than 3 TWh, three times EV and storage demand that year [1]. About 85% of capacity is in China and over 75% is owned by Chinese producers [1]. US capacity grew almost 50% in 2024, with Korean companies accounting for nearly 70% of that growth [1].

In the IEA's 2024 review, US capacity was led by Tesla, Panasonic, SKI and LG, while CATL, BYD and Gotion together held nearly 50% of China's domestic capacity [2]. About 75% of European capacity was owned by Korean companies [2].

In the IEA's Stated Policies Scenario, EV battery demand reaches more than 3 TWh in 2030, up from about 1 TWh in 2024 [1]. Electric trucks' share of EV battery demand triples to more than 8% by 2030 [1]. These are scenario projections, not forecasts of a single outcome.

Demand figures are IEA estimates in GWh or TWh from the Global EV Outlook 2024, 2025 and 2026 [1][2][3]. The 2025 figure is described by the IEA as 'deployment'; earlier years as 'demand'. Values for 2023 and 2024 are lower bounds ('more than'). Pack prices come from BloombergNEF survey press releases; each survey reports prices in that year's real US dollars, so values across years are indicative, not inflation-matched [4][5][6][7]. The 2024 survey value is not charted because the BNEF 2024 release was not reviewed for this report. No market value in currency is given because no primary source for it was reviewed.