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A recent report by IDTechEx, a well-known British research firm, pointed out that the lithium-ion battery market will exceed $430 billion
by 2033.
According to the analyst, electric vehicles and transportation will represent the largest market
.
"By 2033, pure electric vehicles will account for more than
90% of lithium-ion demand.
This will be driven
by the increasing adoption of electric vehicles with stricter emissions targets and the start of EVs becoming cost-parable with conventional internal combustion engine vehicles.
”
IDTechEx experts also see huge market opportunities
for consumer electronics, electronic devices and stationary energy storage systems.
"Given the rate of rapid growth, significant investment has been invested in increasing lithium-ion battery capacity
," the report states.
Although there have been a large number of announcements and plans for the development of the battery supply chain in Europe and North America, China currently
dominates.
”
IDTechEx estimates that in 2021, 70% of lithium-ion batteries will be produced in China, and although this share may shift to Europe and the United States in the next five years, China is still expected to have more than 50% of its manufacturing capacity
by 2028.
The research firm noted that the large domestic market for electric vehicles and stationary storage, as well as the strategic outlook on the importance of the battery market, helped cement China's strong position
.
raw materials
Looking at the impact of raw material prices on lithium-ion battery adoption, IDTechEx noted that this upward trend has continued
despite considerable headwinds over the past year, especially those related to the sharp rise in lithium and nickel prices.
According to the aforementioned analysts, this growth has led to the adoption of lower-cost battery technologies
such as lithium iron phosphate.
Lithium iron phosphate has made a comeback in China and is gaining popularity
among automakers in Europe and the United States, as well as in the stationary storage sector.
"The shift to LFP will further solidify China's leading position, where the vast majority of LFP cathodes and batteries are manufactured," said IDTechEx, "We are exploring and commercializing multiple options including high-manganese cathodes, high-voltage LNMO, and silicon-based anodes, not only to improve performance, but also to reduce costs and supply chain risk
.
" ”
A recent report by IDTechEx, a well-known British research firm, pointed out that the lithium-ion battery market will exceed $430 billion
by 2033.
According to the analyst, electric vehicles and transportation will represent the largest market
.
"By 2033, pure electric vehicles will account for more than
90% of lithium-ion demand.
This will be driven
by the increasing adoption of electric vehicles with stricter emissions targets and the start of EVs becoming cost-parable with conventional internal combustion engine vehicles.
”
IDTechEx experts also see huge market opportunities
for consumer electronics, electronic devices and stationary energy storage systems.
"Given the rate of rapid growth, significant investment has been invested in increasing lithium-ion battery capacity
," the report states.
Although there have been a large number of announcements and plans for the development of the battery supply chain in Europe and North America, China currently
dominates.
”
IDTechEx estimates that in 2021, 70% of lithium-ion batteries will be produced in China, and although this share may shift to Europe and the United States in the next five years, China is still expected to have more than 50% of its manufacturing capacity
by 2028.
The research firm noted that the large domestic market for electric vehicles and stationary storage, as well as the strategic outlook on the importance of the battery market, helped cement China's strong position
.
raw materials
Looking at the impact of raw material prices on lithium-ion battery adoption, IDTechEx noted that this upward trend has continued
despite considerable headwinds over the past year, especially those related to the sharp rise in lithium and nickel prices.
According to the aforementioned analysts, this growth has led to the adoption of lower-cost battery technologies
such as lithium iron phosphate.
Lithium iron phosphate has made a comeback in China and is gaining popularity
among automakers in Europe and the United States, as well as in the stationary storage sector.
"The shift to LFP will further solidify China's leading position, where the vast majority of LFP cathodes and batteries are manufactured," said IDTechEx, "We are exploring and commercializing multiple options including high-manganese cathodes, high-voltage LNMO, and silicon-based anodes, not only to improve performance, but also to reduce costs and supply chain risk
.
" ”
