lowered its forecast for growth in global battery demand in 2024 to 29% year-over-year, compared to its previous projection of 35%. Battery demand is estimated to have increased 31% in 2023.
Longer term, our analysts project EVs to take a considerably higher share of car sales, reaching 50% in the US and 68% in the EU by 2030.
Goldman Sachs Research expects a nearly 40% decline in battery prices between 2023 and 2025, and for EVs to reach breakthrough levels in terms of cost parity (without subsidies) with internal combustion engine cars in some markets next year.
Major innovations like solid-state batteries (as opposed to using liquid electrolyte as in batteries today) could, in the coming years, be a game-changer for the industry, as solid-state batteries are expected to allow carmakers to pack in even more energy, for the same amount of weight, than a conventional battery.