According to the analyst, electric cars and transportation will represent the largest market.“Battery electric cars will constitute over 90% of Li-ion demand, by GWh, by 2033,” the dossier reads. “This will be driven by the increasing adoption of electric vehicles with more stringent emissions targets and goals and as EVs begin to reach cost parity with conventional ICE vehicles.”
“Given the rapid pace of growth, significant investment has been placed on increasing production capacities for Li-ion batteries,” the report states. “While a significant number of announcements and plans are in place for the development of battery supply chains in Europe and North America, China currently dominates.”
The research firm notes that a large domestic market for both electric vehicles and stationary storage, and a strategic outlook on the importance of the battery market, have helped foster China’s strong position.Looking at the impact of raw material prices on Li-ion battery adoption, IDTechEx notes that the upward trend has continued despite considerable headwinds over the past year particularly connected to lithium and nickel substantial price increases.