Contemporary Amperex Technology Co., Limited (CATL) expects energy storage to reach 50% of global sales by 2030. This target marks a significant increase from the current 25% share. Kevin Tang, Director of Energy Storage Systems for Europe, announced the projection at an industry conference in Shanghai.
The company aims to dominate grid-scale and renewable sectors alongside its core electric vehicle business. Energy storage accounted for only 2% of total battery sales five years ago. Electric vehicle batteries currently generate approximately 75% of CATL revenue.
Global demand for renewable energy integration drives the expansion of battery storage applications. Tang identified rising raw material prices as a current challenge for the sector. Management expects costs to decline as global battery supply chains mature.