Global Passenger EV, Hybrid Battery Market Expanded 40% In 2024

The global passenger xEV (BEVs, PHEVs, HEVs) battery market continued to expand quickly in 2024, partially thanks to record vehicle sales and partially because the average battery capacity is increasing .

According to Adamas Intelligence in 2023, about 689.2 gigawatt-hours (GWh) of battery capacity was deployed onto roads globally in all newly sold passenger xEVs. That's about 40% more than an year ago, the company estimates.

Let's recall that passenger plug-in electric car registrations increased in 2024 by 35% year-over-year to almost 13.7 million units. All-electric cars represent the highest share of battery deployment, followed by plug-in hybrids. Non-rechargeable hybrids are also contributing to the total number, but to a smaller degree because their battery packs are usually relatively small.

We do not expect the battery market to slow down but rather continue its growth towards higher records. However, it's not certain that we will see a 1 terawatt-hour (TWh) level (1,000 GWh) this year.

Battery capacity deployed onto roads globally (newly sold passenger xEVs):

2023: 689.2 GWh (up 40% year-over-year)

2022: 488.3 GWh (up 70% year-over-year)

H1: 196.6 GWh (up 79% year-over-year) [the initial report was 195.5 GWh]

H2: 291.7 GWh (up 64% year-over-year)

2021: 286.2 GWh

2020: 134.5 GWh

Adamas Intelligence also noted that the 2024 volume alone is worth 37% of all battery capacity ever deployed. 2024's 690 GWh is more than the volume deployed in eight years, from 2014 and  2021 combined.