Widespread EV Adoption Lifts Demand for Lithium
Lithium-ion batteries are being rapidly adopted due to their compact size, rechargeability, recyclability and high-density energy output. They are, among other things, a source of power for electric vehicles (EVs)
FinancialBuzz.com News Commentary
NEW YORK, Nov. 2, 2022 /PRNewswire/ -- Lithium-ion batteries are being rapidly adopted due to their compact size, rechargeability, recyclability and high-density energy output. They are, among other things, a source of power for electric vehicles (EVs).
Additionally, the growing awareness about the amount of carbon emissions released into the environment from automobiles has helped spur the adoption of electric vehicles around the globe. This, in turn, has put the onus on manufacturers to offer electric vehicles running on lithium-ion batteries, instead of adopting other battery alternatives due to their lightweight nature, high energy density, and low cost. Now, it is expected that the global lithium-ion battery market will grow at a CAGR of around 26.04% to reach a value of around USD 160.21 Billion by 2026, having stood at USD 42.30 Billion in 2020, according to Research and Markets. Infinity Stone Ventures Corp. (OTC: GEMSF) (CSE: GEMS), Snow Lake Resources Ltd. (NASDAQ: LITM), Standard Lithium Ltd. (NYSE: SLI ), Lordstown Motors Corp. (NASDAQ: RIDE), Li Auto Inc. (NASDAQ: LI)
According to data provided by Allied Market Research, the global electric vehicle market was valued at USD 162.34 Billion in 2019, and is projected to reach USD 802.81 Billion by 2027 while registering a CAGR of 22.6%. Geographically, the Asia-Pacific region has been the highest revenue contributor, accounting for USD 84.84 Billion in 2019, and is estimated to reach USD 357.81 Billion by 2027, with a CAGR of 20.1%. Nevertheless, the North America region is expected to grow faster, as it is estimated to reach USD 194.20 Billion by 2027 at a significant CAGR of 27.5%.
