The battery market in Germany continued to grow strongly last year.

The market grew by 32 percent to 23.2 billion euros in 2023, according to the Batteries Association of the German Electrical and Electronic Manufacturers' Association (ZVEI) on Tuesday. Lithium-ion batteries were once again the driving force with sales of 18.9 billion euros. Lithium-ion batteries are used in energy storage systems and electric vehicles, among other things. In Germany, the production of this type of battery has increased by 16% compared to 2022. China was once again the main supplier of batteries to Germany overall, with an import volume of 9.3 billion euros.

The association did not venture a forecast for the current year and referred to the decline in e-mobility funding at the end of 2023. "The battery industry plays a key role in a future climate-neutral industrial society," emphasized Christian Rosenkranz, Chairman of the Division. In order to strengthen Germany and Europe in international competition, access to competitive energy and therefore electricity prices is necessary. Security in the strategic supply of raw materials and an improved infrastructure, such as an expanded charging infrastructure for electric vehicles, are also needed.

(Report by Vera Eckert, Tom Käckenhoff. Edited by Olaf Brenner. If you have any questions, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).