EV Battery Capacity Pipeline for 2031 is Over 7 Terawatt Hours

The global capacity of lithium-ion battery gigafactories is set to surpass seven terawatt hours (TWh) by 2031, according to Benchmark’s Gigafactory Assessment. This milestone comes just four months after the ten-year pipeline exceeded six TWh in April.

Over half of the global capacity is 2031 is controlled by just nine companies. China is set to control nearly 90% of the cathode market in 2030.

The lithium battery market will be over $300 billion per year in 2030.

In March 2022, Nextbigfuture reported that China battery makers CATL, SVolt, CALB, Gotion, BYD had made combined battery factory starts deploying over $100 billion in investments. This would enable 2 TWh/year of batteries by 2025. Those factories have mining contracts and contracts with EV companies in order to get the bank and government support for construction. There will be enough LFP batteries for 50 million electric cars or more in 2025.

In August, 2022, BYD announced a 30 GWh gigafactory in Yichun, China, tipping the pipeline capacity for the next decade past the 7 TWh milestone.