Rapidly Growing Battery Market
- Divyesh Gupta
- Jan 24, 2023
- 1 min read
Battery demand is growing—and so is the need for better solutions along the value chain.
Global demand for batteries is increasing, driven largely by the imperative to reduce climate change through electrification of mobility and the broader energy transition. Just as analysts tend to underestimate the amount of energy generated from renewable sources, battery demand forecasts typically underestimate the market size and are regularly corrected upwards. In an earlier publication, a joint 2019 report by McKinsey and the Global Battery Alliance (GBA), and Systemiq, A vision for a sustainable battery value chain in 2030, it was projected a market size of 2.6 TWh and yearly growth of 25 percent by 2030. But a 2022 analysis by the McKinsey Battery Insights team projects that the entire lithium-ion (Li-ion) battery chain, from mining through recycling, could grow by over 30 percent annually from 2022 to 2030, when it would reach a value of more than $400 billion and a market size of 4.7 TWh.
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