McKinsey forecasts 4.7 TWh of Li-ion battery demand in 2030
Electric car charging. Image source: Pixabay.
The world's demand for lithium-ion (Li-ion) batteries is projected to grow to around 4.7 TWh by 2030 from about 700 GWh in 2022, according to an analysis by the McKinsey Battery Insights team, released earlier this week.
The mobility sector will account for much of this demand -- about 4.3 TWh in 2030.
In terms of regions, China will be responsible for 45% of global Li-ion demand in 2025 and 40% in 2030, reflecting its mature battery-chain segments. The EU and the US, however, will see rapid growth, fuelled by recent regulatory changes and a general drive to localise supply chains.
The consultancy estimates that between 120 and 150 new battery factories will be required worldwide by the end of the decade.
According to it, revenues along the entire value chain, from mining through recycling, will surpass USD 400 billion (EUR 370bn) in 2030, rising five-fold from about USD 85 billion in 2022.