Volta Foundation – Battery Report, 2024

The Battery Report 2024 highlights significant advancements in battery development and production. The report covers commercial achievements, academic breakthroughs in fundamental battery science, supply and demand issues for specialists in the field, as well as government goals, incentives, and regulations. In 2024, there was significant growth in the global battery industry. Sales of electric vehicles (xEV) increased by 25%, reaching 17.7 million units, with demand for BEV growing by 14% and PHEV by 50%. In China, electric vehicles reached price parity with fossil fuel vehicles, and the country continues to lead in EV market penetration. Battery-based energy storage systems (BESS) show significant growth, accounting for 15% of all deployed batteries.