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[Graphic News] Global EV battery market to grow fivefold to $616b in 2035

May 3, 2023 - 08:01 By Nam Kyung-don

The global electric vehicle battery market is forecast to post rapid growth to $616 billion in 2035, a market tracker said, with the China-based production likely to sharply shrink amid the EV-related policy revamps in the United States and Europe.

The projection marks a fivefold increase from $121 billion estimated for this year, according to a report by SNE Research, a Seoul-based energy market tracker.

Demand for EV battery production is expected to reach 5.3 terawatt-hours globally in 2035, compared with 687 gigawatt-hours predicted for 2023.

The report said the combined production capacity of the global top six battery makers, including South Korea's LG Energy Solution, Samsung SDI and SK On, will likely stand at 5 TWh in 2035. (Yonhap)