Global Lithium Battery Market for EV's Projected to Exceed $82 Billion By 2027
FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., Feb. 22, 2021 /PRNewswire/ -- Owing to the improved battery technology, policy incentives, and the growing consumer interest to reduce vehicle carbon footprint, the share of Electric Vehicles (EVs) in the passenger car industry has increased over the past few years. The key determinant for increasing the driving range per recharge and reducing the cost of EVs is the development of electric vehicle batteries. To store more energy and to make them lighter and smaller, new cell chemistries are being developed for these batteries which would enable EVs to compete with the conventional vehicles. Currently, the primary source of power for EVs is lithium-ion batteries. According to a study published by the U.S. International Trade Commission in 2018, lithium-ion batteries account for more than 70% of the rechargeable battery market. Additionally, the battery costs per kilowatt-hour (kWh) have declined to less than 200 USD in 2019 from around 1000 USD in 2010. Moreover, owing to the advancement of the battery pack manufacturing techniques and cell chemistry, battery costs are likely to decline below 100 USD/kWh by the end of the forecast period. Hence, a reduction in the prices of battery packs which are responsible for around 35% to 45% of EV manufacturing costs are expected to drive the growth of the market. A report from Fortune Business Insights projected that the global electric vehicle battery market size was USD 71.83 billion in 2019 and is projected to reach USD 82.20 billion by 2027, exhibiting a CAGR of 6.6% during the forecast period. Active stocks in the markets this week include QMC Quantum Minerals Corp., (TSX-V: QMC) (OTCPK: QMCQF), Lithium Americas Corp. (NYSE: LAC) (TSX: LAC), Piedmont Lithium Limited (NASDAQ: PLL), American Lithium Corp. (OTCQB: LIACF) (TSX-V: LI), Livent Corporation (NYSE: LTHM).
The Fortune Business report continued: "Electric vehicles hold a significant emission advantage over the conventional internal combustion engine vehicles attributed to the lack of transit-related emissions and the potential to utilize and develop renewable energy resources… Furthermore, the increasing awareness regarding climate change has compelled policymakers to implement stringent fuel economy regulations and actively promote the development of electric vehicles via initiatives such as incentivizing cell manufacturing for batteries. Hence, vehicular emission concerns are anticipated to propel the adoption of EVs which would boost the growth of the market of electric vehicle battery."
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