EVs with Lithium-ion Batteries to Hit the Market Soon
energycioinsights

EVs with Lithium-ion Batteries to Hit the Market Soon

Energy CIO Insights | Monday, December 10, 2018

Lithium (Li), the world's lightest metal, has been surveyed as the necessary part to accelerate and empower the next manifestation of electric batteries. These batteries act as a key contribution to the worldwide electric vehicle industry. In spite of the widespread uses of lithium in various industrial and chemical applications, the main market for lithium during the 21st century is expected to be used in electric vehicles.

In 2017, the lithium-ion battery market gathered a remuneration of over $24 billion. According to a report by Global Market Insights, Inc., it is expected that it could grow to $60 billion by 2024. The production costs of battery use less money than it used to, but there will still exist a need for enough lithium to keep up with demand.

According to the global estimation, over 550,000 EVs have been sold across the globe in the year 2015. In 2017, the worldwide deals climbed further to 54 percent, thus helping EVs in staying on track to achieve the Sustainable Development Scenario (SDS) target. The International Energy Agency states that by 2030, 125 million EVs will hit the market guaranteeing the government policies that will act as a backbone for the adoption of EVs.

China has emerged to be the largest electric car market. It is going to act as a massive inexorable force in the global EV market over the next five to seven years, with half of the total EVs in use on its road. China’s contribution to the lithium-ion battery market can also be attributed to the government’s efforts to reduce pollution from battery waste.

At present, Sociedad Quimica y Minera, Albemarle Corporation, Ganfeng Lithium, and Tianqi Lithium are the four companies dominating the global lithium supply. The higher demand and the human cost of extracting lithium led to the recycling concept of lithium. SungEel MCC, South Korea's largest battery recycler has unveiled its new lithium-ion battery recycling plant. The recycling plant has the potential to recycle over 5,000 tons of spent Li-ion batteries.

Global demand for lithium-ion batteries may rise by a compound rate of 20 percent through 2024 as it is less expensive and safer. Demand for electric-vehicle batteries may surge to 163-gigawatt hours by 2024. EVs are expected to hit the roads by 2040 than the fossil fuel vehicles.

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