Europe, Americas take bigger slice of global battery market in August
Asia Pacific’s share of battery capacity deployed down to 59%
In August 2023, 63.7 GWh of battery capacity were deployed onto roads globally in all newly sold passenger EVs combined, up 15% month-over-month and 53% over the same month the year prior, according to the Adamas EV Battery Capacity Monthly intelligence service.
Asia Pacific led the pack with a 59% share of all battery capacity deployed globally in August 2023, down from 66% the year prior as all other regions captured market share.
Conversely, Europe captured 22% of the market in August 2023, up from 18% the same month the year prior. In absolute terms, Europe’s deployment surged 95% year-on-year in August 2023 compared to just 38% growth in the Asia Pacific region over the same period.
In the Americas, where the US and Canada represent a combined 97% of the market, battery capacity deployment rose 61% year-on-year in August 2023, lifting the region’s share of the market to 17% from 16% the same month the year prior – a small but symbolic gain in market share from Asia Pacific.
The Middle East and Africa collectively captured just over 1% of the market in August 2023 despite seeing a 256% increase in GWh deployed compared to August 2022.
The strong increase in global battery capacity deployment compared to last year came not only on the back of a surge in total EV registrations, but was also driven higher by a rise in the average EV’s battery pack capacity (in kWh) over the same period.
From August 2022 to August 2023, the global sales-weighted average (SWA) pack capacity increased by 9% overall, from 35.2 kWh to 38.6 kWh, Adamas data shows. The includes full battery electric vehicles (BEVs) plus plug-in and conventional hybrids (PHEVs and HEVs).
Adamas take:
Battery capacity deployment outperforming EV sales growth is a boon for battery metal and cell suppliers. Notably, BEVs’ share of the battery market (by GWh deployed) fell to 87% in August 2023 from 90% the the same month the year prior as PHEVs with beefed up battery packs continue to grow in popularity, particularly in the Asia Pacific region.
