Institution: The supply of lithium-ion batteries for electric vehicles will increase by 4.3 times by 2030

According to BusinessKorea, with increasing market interest in electric vehicle batteries, SNE Research, a market research company focused on energy, predicts that lithium-ion batteries will dominate the electric vehicle battery market by 2030.

SNE Research reports that the supply of lithium-ion batteries for electric vehicles will increase by 4.3 times from 687GWh in 2023 to 2943GWh in 2030. "By 2030, lithium-ion batteries are expected to account for more than 95% of the battery market, while the penetration rate of all Solid-state battery is expected to reach about 4%."

SNE Research added that the R&D competition for large-scale production of all Solid-state battery has begun, but it will take time for them to gain a stable position in the electric vehicle battery market. As an advanced and innovative next-generation battery, all Solid-state battery has attracted much attention.

All Solid-state battery are considered to be the next generation of batteries that can lead the market, because they have nonflammable solid electrolyte, thus reducing the risk of battery explosion. They are also smaller than lithium-ion batteries. However, because all Solid-state battery need expensive materials, their manufacturing costs are four to five times that of lithium-ion batteries, which hinders their commercialization.

Korean battery manufacturers compete to develop all Solid-state battery. At the national strategic meeting held in April this year to strengthen the competitiveness of South Korea's secondary battery industry, LG Energy Solutions announced that it would commercialize all Solid-state battery by 2026, and Samsung SDI planned to complete the mass production line of all Solid-state battery by 2027. SNE Research said, "All Solid-state battery are planned to be displayed in electric vehicles in 2030."