Global Batteries: ESS, robot batteries to drive value

Research evidence excerpt

Global Batteries: ESS, robot batteries to drive value

Global Markets Research

24 June 2026Global Batteries

EQUITY: ALTERNATIVE ENERGY

ESS, robot batteries to drive value Research Analysts

Global EV Batteries & Materials

China dominates global market share; Korea eyes US ESS/ Cindy Park - NFIK

cindy.park@nomura.compremium EV space; Japan targets AIDC server batteries

+822 3783 2324

The global battery landscape has become highly segmented such that China, South

Ethan Zhang - NIHKKorea, and Japan now seek to adopt varying growth strategies, in our view. China has ethan.zhang@nomura.com

become a clear volume leader in electric vehicle (EV) / energy storage system (ESS) +852 2252 2157

batteries, with 2026F global market share of 78%/80% – despite regulatory restrictions

Yu Okazaki - NSCbeing imposed by the US/Europe – due to its dominant LFP (61% global battery share) / yu.okazaki@nomura.com

integrated supply chain. South Korea is repositioning its market toward the higher-value +81 3 6703 1210

EV and US ESS segments where localization requirements act as barriers to entry.

Dongmin Lee - NFIKJapan, rather than competing within mass-market batteries, has turned it focus on AI

dongmin.lee@nomura.com

datacenter infrastructure demand, with a revenue target of JPY1.0tn for FY29E from AIDC +822 3783 2338

battery backup units (BBU; installed inside AIDC server racks to provide instant back-up

Global Autospower) and a 20% ROIC target for the overall battery business.

Anindya Das - NSC

EV battery – China dominant in scale, cost leadership; Korea eyes premium area adas@nomura.com

We project global EV battery demand to grow by 9.5% p.a. over 2026-35F, reaching +81 3 6703 1164

1.8TWh/2.7TWh in 2030F/35F (2025: 1.0TWh). Our projections are premised on Nomura Advanced Manufacturing