Battery investment spans factory construction, public support, company capital expenditure, recycling and the battery capacity those investments are intended to create. The figures below distinguish observed spending from announced or forecast projects and define the geography and period for each measure.
Key Battery Investment Statistics
The most broadly useful battery investment figures include:
- In 2023, global investment in EV batteries and battery storage reached about USD 150 billion.
- In 2023, about USD 115 billion of global battery investment went to EV batteries.
- In 2023, China, Europe and the United States accounted for more than 90% of global battery investment.
- By 2023, global EV-battery investment was eight times its 2018 level.
- In 2023, the energy sector used more than 2,400 GWh of batteries worldwide.
- During approximately 2018–2023, more than 2,000 GWh of lithium-ion capacity was added globally.
- In 2024, global battery-cell manufacturing capacity exceeded 3 TWh per year.
- In 2024, China held about 85% of global battery manufacturing capacity.
- In 2024, U.S. battery manufacturing capacity grew almost 50%.
- From 2021 through December 2024, announced U.S. battery-supply-chain investment exceeded USD 150 billion.
- As of December 2024, the U.S. cell-project pipeline exceeded 1,100 GWh per year.
- From 2021 through December 2024, DOE agencies provided more than USD 33 billion in direct U.S. battery-supply-chain support.
- In December 2024, the BlueOval SK loan closed at USD 9.63 billion for three Tennessee and Kentucky battery plants.
- In 2024, Korean manufacturers represented more than 400 GWh of overseas battery manufacturing capacity.
- By 2030, committed projects could raise global manufacturing capacity to about 6.5 TWh per year.
- By 2030, announced projects could put Chinese producers above 30% of EU battery capacity.
- Between 2010 and the IEA’s 2024 assessment, average battery costs fell 90%.
- In 2025, more than 50 GWh of manufacturing capacity was reallocated toward LFP production.
Contents
- Global battery investment scale and market data
- Battery manufacturing investment and capacity trends
- U.S. battery supply-chain investment statistics
- Public funding, loans and private battery investment
- Regional battery investment and supply-chain concentration
- Battery technology, recycling and investment outlook
Global Battery Investment Scale and Market Data
The International Energy Agency’s global total covers EV batteries and battery storage, rather than every battery end use. In 2023, investment reached about USD 150 billion, including about USD 115 billion for EV batteries; China, Europe and the United States together represented more than 90% of the total. IEA, Batteries and Secure Energy Transitions: Status of battery demand and supply
| Global measure | Period | Reported result |
|---|---|---|
| EV-battery investment | 2018–2023 | Eight times the 2018 level |
| Battery-storage investment | 2018–2023 | Five times the 2018 level |
| Energy-sector battery use | 2023 | More than 2,400 GWh |
| Energy-sector battery use | 2020–2023 | Four times the 2020 level |
The growth multiples are IEA comparisons, not dollar baselines. Battery use is measured by volume, while investment is measured in money, so the measures should not be treated as interchangeable.
More than 2,000 GWh of lithium-ion battery capacity was added worldwide during the approximately five years before 2023. The IEA estimated that these additions powered about 40 million electric vehicles, while EVs represented more than 90% of global energy-sector battery use in 2023; vehicle battery sizes vary, so the vehicle figure is an estimate rather than observed output.
Battery Manufacturing Investment and Capacity Trends
Global battery-cell manufacturing capacity grew almost 30% in 2024 and exceeded 3 TWh per year. This is nameplate capacity, not actual production, and the IEA reported that it was three times annual EV and battery-storage demand in 2024. IEA, Global EV Outlook 2025: Electric vehicle batteries
| Location or ownership measure | 2024 result | Definition |
|---|---|---|
| China’s physical share | About 85% | Global manufacturing capacity location |
| Chinese producers’ ownership | More than 75% | Global capacity owned |
| U.S. capacity growth | Almost 50% | Manufacturing capacity growth |
| Korean share of U.S. growth | Nearly 70% | Share of 2024 U.S. capacity growth |
| EU capacity growth | 10% | Installed capacity growth |
The location and ownership figures answer different questions: a plant can be physically located in one country while its producer is headquartered elsewhere. Similarly, the Korean figure describes a share of U.S. growth, not a share of total U.S. capacity.
The IEA forecasts about 6.5 TWh per year of global capacity by 2030 under committed projects. Including all announced projects produces a less certain scenario above 9 TWh; committed projects mean capacity already installed plus projects with a final investment decision and construction started or starting.
Under the committed-project scenario, China’s share could fall from 85% in 2024 to about two-thirds by 2030. These are forecasts dependent on project completion, not operating results.
U.S. Battery Supply-Chain Investment Statistics
The U.S. Department of Energy estimated that announced battery-supply-chain investment exceeded USD 150 billion from 2021 through December 2024. The associated cell-project pipeline exceeded 1,100 GWh per year as of December 2024, a capacity estimate spanning projects at different development stages. DOE, 2021–2024 Four Year Review of Supply Chains for the Advanced Batteries Sector
DOE’s conversion range placed that pipeline at approximately 11 million to 17 million light-duty EVs, assuming 65–100 kWh per vehicle pack. It is a theoretical supply conversion, not observed vehicle production.
Federal support also exceeded USD 33 billion through grants, conditional loans and tax credits over the same 2021–December 2024 period. Announced investment, federal support and completed spending are separate measures.
In its FY 2024 reporting, the Manufacturing and Energy Supply Chain Office reported more than USD 5 billion in federal investments for 39 battery-material, battery and recycling projects. Fourteen projects had been awarded and 25 selected for negotiation, so the full amount was not necessarily finalized at publication. MESC, FY 2024 Annual Report
Public Funding, Loans and Private Battery Investment
Public finance ranges from research awards to loans and tax credits, while private investment includes company capex and project commitments. Comparing them requires keeping their instruments, dates and completion status visible.
- MESC expected its FY 2024 battery portfolio to catalyze an additional USD 11 billion in private capital; this is an expectation, not realized expenditure.
- MESC reported more than USD 39.7 billion in combined federal and private investment to date, more than 47,000 jobs created or retained, and more than USD 222 million in community-benefits-plan investments across its portfolio; these totals are portfolio-wide and not battery-only.
- DOE announced more than USD 131 million for EV-battery and charging R&D projects in January 2024; this was selected R&D activity, not factory investment. DOE, DOE Announces $131 Million to Boost America’s Battery Supply Chain and Supercharge EV Innovation
The December 2024 BlueOval SK direct loan was USD 9.63 billion for three plants in Tennessee and Kentucky. The plants were intended to enable more than 120 GWh per year of U.S. production, created more than 5,000 construction jobs, and were expected to create up to 7,500 operations jobs; planned capacity and forecast employment are not operating output or guaranteed jobs. DOE, BlueOval SK
The BMW high-voltage battery plant in South Carolina was announced at USD 700 million in 2023. Northvolt’s Sweden project was expected in 2024 to require EUR 4.5 billion and create 3,000 jobs; that figure is a project expectation, and later status may differ. IEA, Global EV Outlook 2024: Outlook for electric mobility
Regional Battery Investment and Supply-Chain Concentration
In 2024, Korean-headquartered manufacturers represented more than 400 GWh of overseas capacity, compared with about 60 GWh for Japanese manufacturers and about 30 GWh for Chinese manufacturers. These are capacity figures outside each company group’s home country, not investment dollars.
| Manufacturer group | Overseas capacity, 2024 | Outlook or participation |
|---|---|---|
| Korean manufacturers | More than 400 GWh | Announced overseas capacity could exceed 1.1 TWh by 2030 |
| Japanese manufacturers | About 60 GWh | 2024 overseas figure |
| Chinese manufacturers | About 30 GWh | Korean 2030 projection is 85% higher than Chinese announced overseas capacity |
The IEA reported that Korean companies held or participated in 40% of U.S. battery manufacturing capacity in 2024, with committed projects potentially lifting that participation above 50% by 2030. In the EU, Chinese producers’ share could rise from less than 10% in 2024 to more than 30% by 2030, while Korean producers’ share could fall from about 85% to nearly 30%.
EU-based companies’ share of EU capacity could reach 20% by 2030, up from 5% at the end of 2024. The scenario includes uncertain projects, including the Northvolt Germany plant, so these are not established outcomes.
More than 150 GWh of committed capacity was being built in Southeast Asia, India and Morocco in data through the first quarter of 2025. Morocco had attracted more than USD 15 billion in announced lithium-processing, battery and component investments, including a large planned battery project rated at 100 GWh. IEA, Global EV Outlook 2025: Electric vehicle batteries
Battery Technology, Recycling and Investment Outlook
The IEA’s 2024 assessment reported that average battery costs fell 90% between 2010 and 2024. The cost definition is the IEA’s, and the decline reflects advances in chemistry and manufacturing rather than a single investment category. IEA, Batteries and Secure Energy Transitions: Status of battery demand and supply
More than 50 GWh of manufacturing capacity was reallocated toward LFP production in 2025. Reallocation is not new capacity, and the figure included companies such as LG Energy Solution and Ford. IEA, Global EV Outlook 2026: Electric vehicle batteries
Company results show why capex should not be treated as an industry total:
- CATL’s operating margin was 10–15% annually from 2020 through 2024 and reached 18% in 2025.
- CATL’s overseas activity represented almost 35% of revenue in its first-half 2025 interim report, compared with 30% in the comparable first-half 2024 period; overseas revenue is not identical to overseas investment.
- LG Energy Solution annual capital expenditure rose from about USD 3 billion in 2021 to approximately USD 9 billion in 2024, then stood at about USD 7.5 billion in 2025.
In the United States, the IIJA battery-recycling funding program totaled USD 125 million. DOE selected 11 recycling projects for USD 54.5 million and six additional projects for USD 7 million in March 2024, then selected two more for USD 14 million in July 2024; selections are not completed spending. DOE, Funding Selections: IIJA Battery Recycling, Reprocessing, and Battery Collection
DOE also says the IIJA allocated nearly USD 7 billion to strengthen the U.S. battery supply chain. That broad allocation includes production and recycling of critical minerals, not only recycling grants, so it should not be added mechanically to the USD 125 million program total.