PACK battery industry chain

How is the global battery market advancing?

The global battery market is advancing rapidly as demand rises sharply and prices continue to decline. In 2024, as electric car sales rose by 25% to 17 million, annual battery demand surpassed 1 terawatt-hour (TWh) – a historic milestone.

Which countries manufacture NMC batteries?

Korea and Japan are already major players in the global battery industry, home to key battery makers and specialised suppliers with strong expertise in NMC batteries. Both countries have limited domestic battery production but host established manufacturers with significant overseas investments.

What is the Chinese battery ecosystem?

The Chinese battery ecosystem covers all steps of the supply chain, from mineral mining and refining to the production of battery manufacturing equipment, precursors and other components, as well as the final production of batteries and EVs. Chinese producers have prioritised lithium-iron phosphate (LFP), a cheaper battery chemistry.

Where are batteries made in the world?

Globally, the top two battery suppliers are Chinese. They conduct almost all production within China, but many of their customers, including major OEMs, are headquartered elsewhere. About 64 percent of Chinese battery capacity in 2030 will involve L (M)FP-type chemistries.