Batteries [New] With the rapid adoption of EVs, the total amount of EV batteries reaching end-of-life is expected to reach 7.8 million tons per year by 2040. [New] The demand for lithium-ion batteries in China is expected to grow rapidly, owing to the growth in adoption of new energy vehicles (NEVs) and ESS for on-grid and off-grid applications. [New] 20-30 giga-factories for battery cells production alone will have to be built in Europe in order to meet the demands stemming the EU's carbon neutrality by 2050 goal. IDTechEx has a large portfolio in the electric vehicle and energy storage field and forecast the annual demand to be over 1 TWh for lithium-ion batteries within the next decade. With both EV sales and the global manufacturing capacity for lithium ion battery cells rapidly increasing, the market situation is expected to come into better balance in the near future. Albeit relying on imports today, Europe has the potential to cover almost all its annual demand for lithium ion battery cells by 2025. The world market leader in the development of Li-ion batteries for electric vehicles, energy storage and battery management systems will build its first European plant in Arnstadt by 2022 and is in close contact with Fraunhofer IKTS. We expect the cost of Li-ion battery to come down consistently in India in the next 2-3 years, along with progressive localization of manufacturing of battery packs. In the market for battery-grade nickel, BloombergNEF expects a tight balance in the next two to three years as demand from lithium-ion batteries picks up. In 2020 alone, the batteries removed from electric vehicles in the Asian country are expected to reach an impressive 25 GWh and represent some 200,000 tons (440,924,560 pounds) in material. Uses from electric vehicles to backup power to mobile phones and other consumer products could increase demand for batteries 17-fold by 2030. The fast-increasing demand for lithium-ion batteries used in electric vehicle fabrication will significantly increase demand in the battery market in the coming years. Electric vehicles (EVs) cover the majority of the battery market, which has increased in recent years, growing from 25,000 tons of lithium carbonate equivalent, in 2015, to 205,000 tons of LCE, in 2025. Demand for battery storage is expected to grow to the equivalent of about half of all renewable energy generated today by 2040. The market for lithium-ion batteries for energy storage systems is projected to grow to at least $239 billion by 2040. Lead demand for industrial batteries will fall 3.6% in 2020 to 2.63-million tonnes, while demand for vehicle to batteries will drop 6.5% to 7.95-million tonnes. The worldwide market for cathode for lithium ion battery, the most common rechargeable car battery, was estimated at $7 billion in 2018 and is expected to reach $58.8 billion by 2024. Electric cars are rapidly becoming more popular amongst consumers, and UNCTAD predicts that some 23 million will be sold over the coming decade: the market for rechargeable car batteries, currently estimated at $7 billion, is forecast to rise to $58 billion by 2024. The market for next-generation batteries - at one-sixth the cost and 20 times the operating life - is expected to grow 120 times between now and 2040, powering the infrastructure of human augmentation. A surge in electric vehicle sales in 2021 as countries around the world push new programs to encourage consumers to buy battery powered vehicles. The market for lithium-ion batteries is expected to register a compound annual growth rate of approximately 22%, during the forecast period (2019-2024). Based on a 2019 forecast, the global market for lithium-ion battery recycling is expected to reach over 18 billion U.S. dollars by 2030, up from 1.5 billion U.S. dollars in 2019. See full forecast Last updated: 02 August 2020 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No
