Lithium-ion Batteries to Dominate Battery Market by 2030

According to SNE Research, a market research firm specializing in energy, lithium-ion batteries are forecasted to dominate the battery market by 2030, amidst growing interest in electric vehicle batteries.

SNE Research predicts that the supply of lithium-ion batteries for electric vehicles will increase by 4.3 times from 687 gigawatt hours (GWh) in 2023 to 2943 GWh in 2030. By 2030, lithium-ion batteries are expected to account for more than 95 percent of the battery market, while the penetration rate of all-solid-state batteries is expected to reach around 4 percent.

All-solid-state batteries are considered the next-gen battery with non-flammable, solid-state electrolytes, reducing the risk of battery explosions. Despite their potential, the high manufacturing cost due to expensive materials hampers their commercialization.

Korean battery makers, LG Energy Solution and Samsung SDI, have already announced plans for all-solid-state battery commercialization by 2026-2027. SNE Research expects all-solid-state batteries to be demonstrated in electric vehicles by 2030.