The UK market, with 6.9 GWh of EV battery capacity produced, grew 14% compared to Q2 2023 and 50% compared to Q3 2022. The UK had 4% of the global EV battery market, up from 3% in Q3 2022. France was then the 5th largest EV battery producer in the world, with 4.6 GWh of battery capacity produced.
For more than two years now, Tesla has been in the process of trying to make its own battery cells, assemble them, and package them inside their vehicles. Tesla has named their battery pack the 4680 battery.
France accounted for just under 3% of the world EV battery market in the third quarter. As you can tell from the numbers above, the global EV battery market has increased markedly this year. In the third quarter, it was up 39% compared to the third quarter of 2022. Furthermore, it was up 11% quarter over quarter.
That gave the United States 15% of the global EV battery capacity market, one percentage point up from last year’s 14%. Germany was in a similar boat as the US in terms of growth, but less than half in terms of total capacity produced. Europe’s largest economy produced 11.5 GWh of EV batteries in Q3 2023, which was 6% of the market.
The global battery market is projected to reach $329.8 billion by 2030, growing at a CAGR of 15.8%. The lithium-ion battery market alone is expected to exceed $182.5 billion by 2030, with an annual growth rate of 20.3%. Investment in this sector, both private and governmental, is rapidly expanding.
These rankings and the underlying figures come from Adamas Intelligence. Notably, although China-made EV battery capacity (98.7 GWh) was 16% more than in the second quarter of 2023 and 30% more than in the third quarter of last year, its share of the global EV battery market was down.
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