Global Lithium-Ion Battery Market
The global lithium-ion battery market size is expected to reach USD 182.53 billion by 2030
Experts at UBS project that by 2030 the world will need to produce 2,700 GWh of lithium-ion batteries annually to supply the EV industry. That is 13 times the amount of battery power used currently, or “225 billion iPhone 11 batteries”. With an increasing demand in electric vehicles and electronic consumer products, the current market for lithium-ion EV batteries is a $27 billion per year business, with expectations to increase to $127 billion by 2027. Typically, once lithium spodumene is mined from a hard rock, it is sent to China to be processed into lithium hydroxide or lithium carbonate, as it processes 60% to 80% of all lithium currently mined globally.
Driving the price of the commodity up is a supply scarcity as it poses a more immediate challenge to automakers who have been scouring the globe for new supplies of lithium and race for its security. This has created an upward pressure on pricing and every month the commodity continues to see new record-making gains on the heels of the electric vehicle revolution.