The 2024 Battery Report is now live! ????
2024 marked a transformative year for the battery industry, with significant developments in investments, manufacturing, supply chains, innovation, research, policy, and talent.
Read the full report: https://lnkd.in/gXeBc6jC
Key highlights from this 500+ page report:
?? 25% EV Growth: Global xEV sales grew 25% to 17.7M units. China achieved BEV price parity with fossil vehicles, with xEVs now making up 45% of new car sales.
? The’ BESS Decade’: BESS deployment surged 55% YoY. 45% of global BESS capacity came online in 2024 alone.
?? Overcapacity: Cell prices saw an all-time low of $40/kWh for China-made LFP cells. Manufacturing capacity jumped from 1.05 TWh to 1.45 TWh globally. Battery pack prices dropped 20% YoY to $115/kWh - the biggest drop since 2017.
???? China’s Dominance: Over 80% of key battery components are controlled by Chinese supply chains.
??? Supply Chain Challenges: Northvolt’s bankruptcy highlights fragile Western manufacturing growth.
?? Tech Advancements: Na-ion and semi-solid state batteries launch into commercial EVs and BESS systems.
???? Workforce Trends: 78% of battery industry professionals felt good about what they’re working on, and 66% are happy about their career prospects. Gender disparity persists, with women earning 30% less at entry-level and under-represented in senior ranks.
?? Skills & Retention: Manufacturing, scale-up, and process engineering dominate demand, but non-technical skills are increasingly valued. Workers prioritize growth and learning but cite salary as the top reason for leaving for greener pastures.
?? Race to Supply Chain Localization and Dominance: Tensions rise as Western countries ramp up tariffs and subsidies to reduce reliance on China, while China counters with export restrictions on high-end battery technologies.
With the industry moving at a breathtaking pace, we hope to lower the barrier for anyone looking to learn more about the battery industry, and to catalyze dialogue on the state of batteries and its trajectory into the future.
This open-access report was produced by the Volta Foundation and was a massively collaborative project between 100+ battery professionals from 75+ institutions.
Have feedback or questions? Drop a comment?? or message us – we’d love to hear what you think of the 2024 Battery Report!
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