The global metals in EV battery market size is estimated to be 3.9 million tonnes in 2023, according to a new report by GlobalData Plc. The global demand for EV batteries, especially in the personal vehicle sector, is on the rise. Growing environmental consciousness and the shift towards sustainable transportation are factors anticipated to drive market expansion in the projected timeframe.
Global Metals in EV Battery Market Share By Type, 2020 – 2030 (%)
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Metals in EV Battery Market FAQs
- What will be the metals in EV battery market size in 2023?
The metals in EV battery market size globally will reach 3.9 million tonnes in 2023. - What is the metals in EV battery market growth rate?
The metals in EV battery market is expected to grow at a CAGR of 32.9% during the forecast period (2023-2030). - What is the key metals in EV battery market driver?
The increasing focus on environmental consciousness and the transition towards sustainable transportation are expected to be key drivers responsible for the expansion of the metals in EV battery market during the forecast period. - What are the key metals in EV battery market segments?
- Metal Type Segments: Lithium, Nickel, Cobalt, Manganese, Aluminum, Others
- Battery Type Segment: Lithium-ion (Li-ion) Battery, Nickel-metal Hydride Battery, Others
- Application Segments: Personal Vehicles, Commercial Vehicles
- Which are the leading metals in EV battery companies globally?
The leading metals in EV battery companies are Glencore International AG, Sociedad Quimica y Minera de Chile (SQM), Albemarle Corporation, Ganfeng Lithium Co. Ltd., AngloAmerican PLC, Tianqi Lithium Corp., Vale S.A., China Molybdenum Co., Ltd., Eurasian Resources Group, Norilsk Nickel, Eramet, and Freeport-McMoRan.
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Metals in EV Battery Market Dynamics
Battery performance and cost have become crucial factors that set apart companies in the battery metal industry. Various chemistries and construction techniques are competing to establish themselves as the new industry benchmark, striving to maximize the capacity and lifespan of their products while simultaneously reducing production costs.
Increasing investments in EV batteries have reached a relatively advanced stage compared to other future mobility sectors like autonomous vehicles. Consequently, they offer a more defined path towards achieving a return on investment in the forecast period. Similarly, investments in the mining industry for extracting metals used in EV batteries are witnessing substantial growth. However, establishing a fully functional mining project requires several years, indicating that the investments are expected to yield profitability in the latter half of the decade.
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Metals in EV Battery Market Report Highlights
- The global Metals in EV Battery market is expected to be driven by a compound annual growth rate (CAGR) of 32.9% from 2023 to 2030. The increasing demand for metals used in electric vehicle (EV) batteries is fueled by their sustainable attributes and the growing number of agreements to prohibit the sale of combustion-powered vehicles.
- The lithium-ion batteries segment dominated the market in 2022 and is anticipated to maintain its leading position throughout the forecast period from 2023 to 2030. This segment holds the largest market share due to its widespread adoption and recognition in various end-use applications. Lithium-ion batteries are composed of metals such as lithium, nickel, manganese, cobalt, and aluminum. The prominent players in the lithium-ion battery market are LG Chem, Panasonic, and Samsung SDI.
- The commercial vehicle segment is anticipated to exhibit a high compounded annual growth rate of 49.0% during the forecast period. This growth is driven by the increasing emphasis on reducing carbon emissions in the commercial transportation sector by governments and environmental conservation organizations. These efforts are expected to bolster the growth of this segment throughout the forecast period.
- The Asia Pacific region held the largest share in terms of volume in 2022. This region is home to significant mining operations in countries like China and Australia, which possess advanced mining infrastructure and abundant mineral resources. These countries play a crucial role in the higher production of metals used in EV batteries.
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GlobalData Plc has segmented the metals in EV battery market report by metal type, battery type, application, and region:
Global Metals in EV Battery, by Metal Type Outlook (Volume, Thousand Tonnes, 2020-2030)
- Lithium
- Nickel
- Cobalt
- Manganese
- Aluminum
- Others
Global Metals in EV Battery, by Battery Type Outlook (Volume, Thousand Tonnes, 2020-2030)
- Lithium-ion (Li-ion) Battery
- Nickel-metal Hydride Battery
- Others
Global Metals in EV Battery, by Application Outlook (Volume, Thousand Tonnes, 2020-2030)
- Personal Vehicles
- Commercial Vehicles
Metals in EV Battery Regional Outlook (Volume, Thousand Tonnes, 2020-2030)
- North America
- S.
- Canada
- Europe
- Germany
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Australia
- India
- Korea
- Rest of Asia Pacific
- Central & South America
- Brazil
- Rest of Central & South America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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