Car Charging

Market Dynamics

All vehicle manufacturers are now presenting zero and low discharge electric powertrains. This significant move to developing shopper familiarity with environmental change has impacted on the rise in demand for electric vehicles.

In the previous decade worldwide, deals of module electric vehicles (EVs) has expanded from only 6,000 vehicles in 2010 to over 2.3 million in 2020, and it is expected that this number will increase to over 3 million by 2022. This implies that around one in every 26 vehicles sold internationally in 2022 will be module EV versus only 1 of every 10,000 ten years prior.

Lithium Chart
Lithium Supply Outlook

Production of the battery metal is set to almost triple by 2025 as global demand for lithium is expected to rise from an estimated 47,300 tons in 2020 to 117,400 tons in 2024, according to a GlobalData report.

Growth will be driven by rapid expansion in the lithium-ion battery industry as world demand for hybrid and electric vehicles, energy storage systems, and high-drain portable electronics continues to grow.

It is forecast that the lithium market will grow from the USD $5.3 billion in 2020 to USD $13.5 billion by 2025, at a CAGR of 20.6% from 2020 to 2025. The market growth will driven by the increasing demand for lithium compounds, primarily for use in Li-ion batteries.