The US and Sweden in the next five years are likely to gain importance in the global supply chain for lithium-ion (Li-ion) batteries that is dominated by China, according to a country ranking compiled by Bloomberg New Energy Finance (BNEF).

China in 2020 topped the ranking, having quickly surpassed Japan and Korea that were leaders in the previous decade, thanks to the Asian giant’s large domestic battery demand of 72 gigawatt hours. China also controls 80% of the world’s raw material refining, 77% of its cell capacity and 60% of its component manufacturing, according to BNEF data.