Why are battery sales growing exponentially?

Battery sales are growing exponentially up classic S-curves that characterize the growth of disruptive new technologies. For thirty years, sales have been doubling every two to three years, enjoying a 33 percent average growth rate. In the past decade, as electric cars have taken off, it has been closer to 40 percent.

How fast are battery sales growing?

For thirty years, sales have been doubling every two to three years, enjoying a 33 percent average growth rate. In the past decade, as electric cars have taken off, it has been closer to 40 percent. Exhibit 1: Global battery sales by sector, GWh/y

Are battery sales growing exponentially up S-curves?

Battery sales are growing exponentially up S-curves Battery sales are growing exponentially up classic S-curves that characterize the growth of disruptive new technologies. For thirty years, sales have been doubling every two to three years, enjoying a 33 percent average growth rate.

Are battery manufacturers ready for upscaled or series production?

There is lot research going on the upcoming battery technologies, but many developments are still only in the A-sample stage due to the significant risk for upscaling. This flexibility will help battery manufacturers to adapt their production facilities to next-generation battery technologies, making them ready for upscaled or series production.

When will battery production be close to EV demand centres?

As manufacturing capacity expands in the major electric car markets, we expect battery production to remain close to EV demand centres through to 2030, based on the announced pipeline of battery manufacturing capacity expansion as of early 2024.

Do battery demand forecasts underestimate the market size?

Just as analysts tend to underestimate the amount of energy generated from renewable sources, battery demand forecasts typically underestimate the market size and are regularly corrected upwards.