Battery demand is forecast to grow at a CAGR (continuous annual growth rate) of ~25% from 2020 to 2030. Most investment will support meeting the transportation industry which will account for more than 85% of battery demand by 2030. This rapid growth presents great opportunities to support the green transition.
As EV sales continue to increase in today’s major markets in China, Europe and the United States, as well as expanding across more countries, demand for EV batteries is also set to grow quickly. In the STEPS, EV battery demand grows four-and-a-half times by 2030, and almost seven times by 2035 compared to 2023.
In 2022, about 60% of lithium, 30% of cobalt and 10% of nickel demand was for EV batteries. Just five years earlier, in 2017, these shares were around 15%, 10% and 2%, respectively.
In China, battery demand for vehicles grew over 70%, while electric car sales increased by 80% in 2022 relative to 2021, with growth in battery demand slightly tempered by an increasing share of PHEVs. Battery demand for vehicles in the United States grew by around 80%, despite electric car sales only increasing by around 55% in 2022.
Just as analysts tend to underestimate the amount of energy generated from renewable sources, battery demand forecasts typically underestimate the market size and are regularly corrected upwards.
In total, at least 120 to 150 new battery factories will need to be built between now and 2030 globally. In line with the surging demand for Li-ion batteries across industries, we project that revenues along the entire value chain will increase 5-fold, from about $85 billion in 2022 to over $400 billion in 2030 (Exhibit 2).
As the demand for batteries continues to surge in various industries, effective recycling of used batteries has become crucial to mitigate environmental hazards and promote …
Rising EV battery demand is the greatest contributor to increasing demand for critical metals like lithium. Battery demand for lithium stood at around 140 kt in 2023, 85% of total lithium demand …
Battery demand is forecast to grow at a CAGR (continuous annual growth rate) of ~25% from 2020 to 2030. Most investment will support meeting the transportation industry …
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Global sales of BEV and PHEV cars are outpacing sales of hybrid electric vehicles (HEVs), and as BEV and PHEV battery sizes are larger, battery demand further increases as a result.
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CATL and other Chinese companies have led in battery recycling, but the industry could see significant growth in other major EV markets like North America and Europe this year.
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6 · Several companies are working on sodium-ion batteries that could charge faster, be easier to make and cost less. However, they at present they are heavier and less energy …
1. Introduction. Electric vehicle (EV) adoption rates have been growing around the world due to various favorable environments, such as no pollution, dependence on fossil …
But a 2022 analysis by the McKinsey Battery Insights team projects that the entire lithium-ion (Li-ion) battery chain, from mining through recycling, could grow by over 30 …
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Cars remain the primary driver of EV battery demand, accounting for about 75% in the APS in 2035, albeit down from 90% in 2023, as battery demand from other EVs grows very quickly. In …