Analysis: Battery Cell Regional Overview – Europe, North America, Thailand, ROW
Explore the surge in lithium-ion battery demand driven by BEV growth, with projections from 1.0 TWh in 2024 to 3.7 TWh by 2029. Insights on global market trends, policies, and gigafactory investments.
Automakers are intensifying their commitments to battery electric vehicles (BEVs) in response to stricter emissions regulations across Europe, North America, and ROW countries. This has driven a surge in lithium-ion battery demand, projected to grow from 1.0 TWh in 2024 to 3.7 TWh by 2029 at a 28.7% CAAGR. Europe leads with a 37% growth rate, bolstered by aggressive policies, while North America’s demand rises fastest among mature markets (38% CAAGR) due to the Inflation Reduction Act. Thailand and other emerging markets are expanding, though at a slower pace. Battery gigafactory investments are prioritizing Europe (31.6%) and North America (24.9%) to secure localized supply chains. Meanwhile, declining Chinese dominance and potential lead-acid battery restrictions in Europe could further accelerate lithium-ion adoption, reshaping the global energy storage landscape for the next decade.
