Global production of batteries for electric vehicles will rise to $616bn by 2035, with demand reaching 5.3 TWh

The market for electric vehicle batteries will grow by 400% by the middle of the next decade. This was announced by experts from analytical company SNE Research.

Here's What We Know

Battery production will reach $121 billion by the end of this year, rising to $616 billion by 2035. Demand for batteries will grow almost eightfold, from 687 GWh to 5.3 TWh. What is interesting is that 5 TWh of the 5.3 TWh will be provided by six companies, three of which are headquartered in the Republic of Korea - Samsung SDI, SK on and LG Energy Solution.

If the sanctions policy on China remains in place, China's share will almost halve to 38%. At the same time, North America will account for almost one third (31%) of global battery production, compared with the current 6%. Europe's share will increase from 12% to 27%.

The popularity of electric cars has increased significantly. They now account for 13%, up from 1% in the middle of the last decade. By 2035, electric vehicles will account for 90% of global vehicle sales.

Source: Ommcom News