In 2035, LIB Demand Expected to Reach 5.57TWh; Demand from xEV Expected to 4.8TWh
In 2035, LIB demand is expected to reach 5.57TWh (1TWh = 1,000GWh).
According to the report <2024> Global LIB Mid/Long-term Outlook by Application published by SNE Research, a leading market research and consulting firm in the LIB industry on May 21, total LIB demand for small-size IT applications, xEV, and ESS is expected to reach 5,570GWh. It is forecasted to be about 5.6 times the demand projection released in 2023, 994GWh. If converted to a compound annual growth rate (CAGR), it is around 15.4%.
If we look at demand by applications, LIB demand from xEV is expected to be 4,760GWh, accounting for 85%, followed by those from ESS taking up 11% with 618GWh. LIB demand for small-size IT applications is projected to be 193GWh, comprising 3% of the entire LIB demand.
In 2023, LIB demand by applications was total 994GWh. Looking closely by applications, LIB demand from xEV was 700GWh; ESS 185GWh; and small-size IT applications 109GWh, accounting for 70%, 19%, and 11% respectively. From 2023 to 2025, CAGR of LIB demand by applications is calculated to be 17.3% for xEV, 10.6% for ESS, and 4.9% for small-size IT applications.
“Demand for xEV, including PHEV, BEV, and those for commercial purposes, in 2035 is projected to approximately 74.95 million units. If we look at the small-size LIB market, expected demand, including xEV and ESS where small-size LIB cells are installed, is 1.3TWh in 2035,” says SNE Research.
