TrendForce released a report saying that the installed capacity of the global power battery market is expected to increase from GWh to TWh by 2024, and will exceed 3TWh by 2030. Among them, the installed capacity of power batteries in China is expected to be will account for about 45% of the world.
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The report pointed out that the top ten power battery manufacturers in the world, including mainstream battery manufacturers such as CATL, LG New Energy, BYD, China Innovation Airlines, Samsung SDI, Panasonic, etc., have a power & energy storage battery capacity planning of 4.2% by 2025.
Moreover, TrendForce believes that currently subject to the expansion cycle of mineral resources at the forefront of the power battery industry chain, the price of raw materials for lithium-ion batteries represented by lithium carbonate and lithium hydroxide is difficult to drop significantly in the short term. The pressure to cut costs remains high until 2024.
In addition, the report said that high-priced lithium will also accelerate the large-scale application of sodium-ion battery technology in the fields of energy storage and low-speed electric vehicles. It will help to speed up the easing of the tight supply situation on the resource side.
