The global lithium-ion battery market has reached a major milestone, exceeding the 1 TWh mark in annual demand for the first time. This achievement follows a record-breaking month in November for electric vehicle (EV) sales and robust battery energy storage system (BESS) deployments.

While EV sales continue to dominate lithium-ion battery usage, BESS demand is growing at an unprecedented pace. November alone saw a staggering 175% year-on-year increase in BESS deployments, with 19.4 GWh installed during the month. This marks a significant shift in the market, as stationary storage applications now account for 15% of lithium-ion battery demand, more than double the 7% share recorded in 2020.

According to London-based Rho Motion, lithium-ion demand is projected to grow by 26% in 2024 compared to 2023. Despite EVs remaining the largest market segment, their growth rate is outpaced by the rapid expansion of the BESS sector.

November's performance was instrumental in shaping 2024's record statistics. Globally, EV sales hit 1.8 million units during the month, with China contributing over two-thirds of that total. These figures highlight the accelerating adoption of clean energy technologies across both transportation and stationary storage sectors.