NEW YORK, July 27, 2022 /PRNewswire/ — From a little over $14 billion in 2021, the lithium-ion battery metals market revenue is projected to witness a massive 33.7% CAGR, to cross $192 billion by 2030, according to P&S Intelligence. the demand for such materials will increase the fastest in Europe, which is currently witnessing an EV revolution. Tesla, BMW, and many other OEMs are benefitting from the EU’s sustainability initiatives aimed at boosting the production of EVs as well as the batteries.
The last year itself, the EU reduced the maximum emission limit for ICE vehicles to 95 grams per kilometer of travel. Moreover, by 2025 and 2030, the limits are set to be reduced by a further 15% and 37.5%, respectively. This will ultimately make ICE vehicles dearer to the commonfolk and drive the adoption of EVs.
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Deeper Regional Insights
- The lithium-ion battery metals market is dominated by APAC, as it is the undisputed leader in EV and consumer electronics production. As per the IEA, more than 47% of the EVs and 25% of the electric two- and three-wheelers operational around the world are in China.
- Even before full EVs were launched, hybrids by Toyota and Honda were vastly popular in the People’s Republic.
- Other key EV markets around the world are India, South Korea, Japan, and Taiwan, all of which are in the APAC region.
- The Government of India is taking efforts to boost domestic EV and battery production, with the latest reports suggesting that over 80% of the Li-ion batteries for the EVs manufactured in India are produced domestically.
Cell Chemistry Insights
- The highest lithium-ion battery metals market CAGR, of over 34%, will be witnessed by the lithium–iron phosphate (LFP) category. An LFP battery offers a much higher energy density and cost-effectiveness than other types.
- In the coming years, the lithium–nickel–manganese–cobalt (Li-NMC) category is expected to experience the second-fastest growth, on account of the wide usage of the Li-MNC chemistry in EVs, as it offers better performance and is less toxic to the environment.
Browse detailed report on Global Lithium-ion Battery Metals Market Analysis, Development and Demand Forecast to 2030
End User Insights
- The automotive industry contributes more than half the revenue to the lithium-ion battery metals market. This is because most of the EVs now being produced have Li-ion batteries and not sealed lead–acid ones.
- Governments around the world are offering strong support to eco-friendly vehicles, in order to transition their entire transportation system to clean energy.
- The second-largest revenue share is held by the consumer electronics category, as Li-ion batteries now power most of the electronic devices, such as smartphones, tablets, smart wearables, and laptops.
- As part of their drive to achieve maximum digitalization, countries are investing heavily in their ICT sector. This is essentially pushing up the production of consumer electronics, in turn, driving the consumption of the metals necessary for Li-ion batteries.
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