Li-ion battery packs for BEV and PHEV grow to US$180 billion in 2028, at 16.9% CAGR 22-28

Yole reported that The total annual demand for lithium-ion battery packs used in Plug-In Hybrid Electric Vehicle (PHEVs) and Battery Electric Vehicle (BEVs) is projected to experience substantial growth, surging from approximately 430 GWh in 2022 to roughly 1,500 GWh by 2028. Yole estimates the total annual market for Li-ion battery packs for BEV and PHEV will grow to about US$180 billion in 2028, with a 16.9% CAGR 22-28. Further findings shared by Yole: A battery cell supply chain primarily led by Asian players: China accounting for 57%, with South Korea at 25% and Japan at 7% following. This represents a more than threefold increase in demand. The primary driver of this demand will be BEV applications, which are expected to require a battery capacity of 1,370 GWh, constituting 90% of the total market in terms of GWh by 2028. Shalu Agarwal, Ph.D., Senior Analyst specializing in Power Electronics & Batteries at Yole Intelligence, Part of Yole Group said “The overall annual market for Li-ion battery packs designed for BEVs and PHEVs is anticipated to expand from about $70 billion in 2022 to approximately $180 billion by 2028. This market is showcasing a robust 16.9% CAGR during the period.” “Currently, the global production of Li-ion batteries is predominantly led by Asian companies, with China holding a 57% market share, followed by South Korea (25%) and Japa...