Battery capacity worldwide 2023-2030, by leading country

The global battery manufacturing capacity is set for explosive growth, projected to more than triple by 2030 and surpass seven terawatt-hours. This surge underscores the critical role of energy storage in the global transition to cleaner, more sustainable power systems. China's dominance in this sector is striking, accounting for over 80 percent of global battery manufacturing capacity in 2023 and expected to maintain its leadership through 2030.

Global battery market dynamics

While China leads the battery market, other nations are ramping up their battery production capabilities. Germany stood as the second-largest market globally in 2023, followed by the United States. However, the landscape is set to shift, with the U.S. expected to overtake Germany by 2027. Broadening the view, the global battery storage power generation capacity is forecast to skyrocket from 52 gigawatts in 2022 to 945 gigawatts by 2050.

Global battery trade flows

The industry's growth is also reflected in international trade patterns, with China’s battery exports valued at almost 80 billion U.S. dollars in 2023. Interestingly, the U.S. emerges as both a significant exporter and one of the largest importers of batteries globally, with net imports valued at 22 billion U.S. dollars in 2023, primarily sourced from China.