Energy storage for EV charging forecast to grow at high teens to low twenties CAGR through 2035

IndexBox projects purpose-built battery storage for EV charging stations will expand at a compound annual rate in the high teens to low twenties through 2035, driven by ultra-fast public charging network buildout. Battery energy storage system costs for charging applications are expected to fall 30% to 40% over the forecast period, with lithium-iron-phosphate chemistry set to capture 60% to 70% of new installations by 2030. The report notes that import dependence remains high for battery cells and power conversion modules.

Why it matters: CPOs planning ultra-fast networks can factor in significant cost reductions for on-site storage, which buffers peak demand and defers expensive grid upgrades. The shift toward LFP chemistry and persistent import reliance will shape procurement strategies and supply-chain risk management through the next decade.