Carbon savings from batteries as a percentage of power sector emissions also doubled between 2022 and 2023. This comes as battery energy storage capacity has continued to grow, while total power sector emissions have fallen.
The global market value of batteries quadruples by 2030 on the path to net zero emissions. Currently the global value of battery packs in EVs and storage applications is USD 120 billion, rising to nearly USD 500 billion in 2030 in the NZE Scenario.
One of the critical challenges of the electric vehicle is limited battery lifetime and entailed range anxiety. In his context, development of counter-aging control strategies based on precise battery modeling is regarded as an emerging approach that has a significant potential to address battery degradation challenges.
In recent years, the explosive development of NEVs has led to increasing demand for NEV batteries, which has led to the rapid development of the NEV battery industry, resulting in increasing prices of raw materials manufactured and sold by raw material manufacturers, i.e., the upstream battery industry.
Turmoil in battery metal markets led the cost of Li-ion battery packs to increase for the first time in 2022, with prices rising to 7% higher than in 2021. However, the price of all key battery metals dropped during 2023, with cobalt, graphite and manganese prices falling to lower than their 2015-2020 average by the end of 2023.
As one of the core technologies of NEVs, power battery accounts for over 30% of the cost of NEVs, directly determines the development level and direction of NEVs. In 2020, the installed capacity of NEV batteries in China reached 63.3 GWh, and the market size reached 61.184 billion RMB, gaining support from many governments.