EV Market Drives Li-Ion Market

Market mavens Allied Market Research believe the global lithium-ion battery market is expected to reach $46.21 billion by 2022, growing at a CAGR of 10.8 percent during the forecasted period. In the next coming years, the main driver for the market are portable devices such as mobile phones, laptops and tablets. Portable devices still control more than half of the market capital, however with the rising emergence of electric vehicles, automotive manufactures are beginning to enter.

 

Countries such as U.S., China, and Japan are expected to drive the EV market. Lithium-ion batteries are ideal for portable devices and EVs due to its small compact size but being able to deliver its strong power, while being eco-friendlier than the standard batteries because they are rechargeable and have a longer shelf life.

Fierce AI Week

Register today for Fierce AI Week - a free virtual event | August 10-12

Advances in AI and Machine Learning are adding an unprecedented level of intelligence to everything through capabilities such as speech processing and image & facial recognition. An essential event for design engineers and AI professionals, Engineering AI sessions during Fierce AI Week explore some of the most innovative real-world applications today, the technological advances that are accelerating adoption of AI and Machine Learning, and what the future holds for this game-changing technology.

 

The increasing demand for both lithium and cobalt is attributable to portable consumer electronic devices such as phones or laptops. But as EVs become more accessible and auto manufacturers shift to more environmentally friendly options, it is forecasted for EVs to be the largest contributor to both the lithium and cobalt markets. A report by Business Insider quoted a commodity-focused fund manager who explained, "Future demand for cobalt from the EV (electric vehicle) sector is looking tangible and is more positive than originally expected… China has some aggressive plans in terms of electric vehicles. It will be a major driver behind cobalt consumption growth."

 

For further information, catch a Financial Buzz, email at [email protected], or call 877-601-1879.

Suggested Articles

HP leads the pack, but Apple sees 36% surge in notebooks, desktops compared to a year ago

New York City residents moving upstate will give hundreds of towns extra tax revenue to invest in new streetlights with IoT sensors, NYPA foresees

With about one-fifth the revenues of Intel, Nvidia’s market capitalization exceeds Intel’s as Nvidia stock hits record high