Last updated on 2025-02-10 by Emanuel Schorr
The Volta Foundation‘s 2024 Battery Report provides an extensive overview of the battery industry, highlighting several key developments:
???? 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.
