Batteries [New] A French start-up has been launched with plans to build a 1 6GWh lithium-ion battery gigafactory in France by 2023 to help Europe meet the growing demand for electric vehicles and energy storage. [New] The recycling market in India will start picking up from the year 2022 onwards when batteries presently in use in electric vehicles would reach their end of life. [New] The growth of electric vehicles from 2017-2023 will increase global demand for lithium-ion batteries by 32.4%. [New] Battery cell maker Panasonic says it will boost the energy density of the electric vehicle batteries it supplies to Tesla by 20% over the next five years, and aims to deliver a cobalt-free battery by 2022-2023. [New] With the rapid adoption of EVs, the total amount of EV batteries reaching end-of-life is expected to reach 7.8 million tonnes per year by 2040. [New] Panasonic Corp plans to boost the energy density of 2170 battery cells it supplies to Tesla Inc by 20% in five years and commercialize a cobalt-free version in two to three years. [New] With Li-ion expected to remain the battery technology of choice, the Li-ion battery materials market is forecast to grow at a compound annual growth rate of 13.0%, reaching $36.56 billion by 2026 from $15.49 billion in 2019. With the rapid adoption of EVs, the total amount of EV batteries reaching end-of-life is expected to reach 7.8 million tons per year by 2040. IDTechEx has a large portfolio in the electric vehicle and energy storage field and forecast the annual demand to be over 1 TWh for lithium-ion batteries within the next decade. With both EV sales and the global manufacturing capacity for lithium ion battery cells rapidly increasing, the market situation is expected to come into better balance in the near future. Albeit relying on imports today, Europe has the potential to cover almost all its annual demand for lithium ion battery cells by 2025. The market for lithium-ion batteries for energy storage systems is projected to grow to at least $239 billion by 2040. The world market leader in the development of Li-ion batteries for electric vehicles, energy storage and battery management systems will build its first European plant in Arnstadt by 2022 and is in close contact with Fraunhofer IKTS. We expect the cost of Li-ion battery to come down consistently in India in the next 2-3 years, along with progressive localization of manufacturing of battery packs. In the market for battery-grade nickel, BloombergNEF expects a tight balance in the next two to three years as demand from lithium-ion batteries picks up. In 2020 alone, the batteries removed from electric vehicles in the Asian country are expected to reach an impressive 25 GWh and represent some 200,000 tons (440,924,560 pounds) in material. Uses from electric vehicles to backup power to mobile phones and other consumer products could increase demand for batteries 17-fold by 2030. The fast-increasing demand for lithium-ion batteries used in electric vehicle fabrication will significantly increase demand in the battery market in the coming years. Electric vehicles (EVs) cover the majority of the battery market, which has increased in recent years, growing from 25,000 tons of lithium carbonate equivalent, in 2015, to 205,000 tons of LCE, in 2025. Excitement has been building around a so-called million mile battery lasting up to 16 years, which Tesla's Chinese supplier Catl has been working on and which is predicted to lower the cost of electric vehicles. The demand for lithium-ion batteries in China is expected to grow rapidly, owing to the growth in adoption of new energy vehicles (NEVs) and ESS for on-grid and off-grid applications. Demand for battery storage is expected to grow to the equivalent of about half of all renewable energy generated today by 2040. See full forecast Last updated: 09 August 2020 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No
