Global Lithium-Ion Battery Market Size Could Exceed $115 Billion By 2030 as Demand is Booming

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Jul 27, 2021, 08:30 ET

PALM BEACH, Fla., July 27, 2021 /PRNewswire/ -- Lithium-ion batteries are a source of power for electric vehicles. The widespread use of electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) has inevitably boosted the adoption of lithium-ion batteries, which is expected to increase further in the future. The growing adoption of EVs among consumers has helped boost the market for these energy-saving, pollution-reducing vehicles. The number of electric vehicles is constantly increasing, owing to advantages aligned with them such as less need to maintain the vehicle engine, reduced use of hazardous oil waste, and reduction in pollution caused by fuel combustion engines, along with the development of improved battery technologies. Electric vehicles are perceived as the future of the automobile industry and transportation systems; their increased adoption will eventually increase the demand for lithium-ion batteries. A report from MarketsAndMarkets said that the global lithium-ion battery market size is projected to grow from USD 41.1 billion in 2021 to USD 116.6 billion by 2030; it is expected to grow at a CAGR of 12.3% from 2021 to 2030. The growth of the lithium-ion battery market is majorly driven by surging requirement for continuous power supply from critical infrastructures in wake of COVID-19, increasing demand for plug-in vehicles, growing need for battery-operated material-handling equipment in industries due to automation, continued development of smart devices, and growing adoption of lithium-ion batteries in renewable energy sector. Active stocks in the markets this week include XPeng Inc. (NYSE: XPEV), Spey Resources Corp. (CSE: SPEY) (OTCPK: SPEYF), Tesla, Inc. (NASDAQ: TSLA), NIO Inc. (NYSE: NIO), Li Auto Inc. (NASDAQ: LI).

The MarketsAndMarkets report continued: "The price of lithium-ion batteries has been a major factor hindering adoption since their introduction in the 1990s. A lithium-ion battery consists of many components. The primary component of any lithium-ion battery is the cell, which accounts for almost 50% of its cost; electronics, assembly, and packaging account for the rest. However, recent developments and claims made by lithium-ion battery manufacturing companies and automobile companies suggest that the price of these batteries is expected to decline substantially. According to General Motors Company (US), the cost of a cell is expected to drop to USD 100 per kWh by 2021. Developments such as manufacturing on a large scale, declining price of components, and adoption of advanced technologies to boost battery capacity are some of the factors leading to a decline in price. A reduction in the price would catalyze the adoption of these batteries across various new applications."

Spey Resources Corp. (CSE: SPEY) (OTCPK: SPEYF) BREAKING NEWS: Spey Resources Lithium Brines Samples From Incahuasi Salar Argentina Arrives at University of Melbourne Australia for Processing - Spey Resources Corp. (CSE: SPEY) (OTCPK: SPEYF) ("Spey" or the "Company") is pleased to announce that the lithium brine samples from the Incahuasi Salar, Argentina have been received by the University of Melbourne. There are three grades of brine to be processed.

Nader Vatanchi CEO commented, "we are excited that the brines are in Melbourne as we can now process the brines from Incahuasi using the Ekosolve™️ Lithium Solvent Exchange Direct Lithium Extraction process with the aim of producing a battery grade Lithium sample from our brine. Phillip Thomas, Project Director is in discussion with several battery producers and having a sample of lithium carbonate will assist greatly with the objective of attaining an off-take agreement".

Spey Resources is a Canadian mineral exploration company which holds an option to acquire 100% interest in the Candela II lithium brine project located in the Incahuasi Salar, Salta Province, through its wholly owned subsidiary Tech One Lithium Resources Corp and Pocitos Salar lithium project in Argentina. Spey also holds an option to acquire a 100% undivided interest in the Silver Basin Project located in the Revelstoke Mining Division of British Columbia as well as an option to acquire a 100% interest in the Kaslo Silver project, west of Kaslo, British Columbia. CONTINUED…. Read this release for the Spey Resources Corp. news at: https://www.financialnewsmedia.com/news-spey/

Other recent developments in the lithium/battery, EV markets include:

Tesla, Inc. (NASDAQ: TSLA) recently announced that in the second quarter, it produced and delivered over 200,000 vehicles. Our teams have done an outstanding job navigating through global supply chain and logistics challenges.

Our net income and cash flow results will be announced along with the rest of our financial performance when we announce Q2 earnings. Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5% or more. Tesla vehicle deliveries represent only one measure of the company's financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.

NIO Inc. (NYSE: NIO), a pioneer and a leading manufacturer of premium smart electric vehicles in China, recently announced its June and second quarter 2021 delivery results.

NIO delivered 8,083 vehicles in June 2021, a new monthly record representing a robust 116.1% year-over-year growth. The deliveries consisted of 1,498 ES8s, the Company's six-seater or seven-seater flagship premium smart electric SUV, 3,755 ES6s, the Company's five-seater high-performance premium smart electric SUV, and 2,830 EC6s, the Company's five-seater premium smart electric coupe SUV. NIO delivered 21,896 vehicles in the three months ended June 2021, a new quarterly record representing a strong increase of 111.9% year-over-year. As of June 30, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 117,597 vehicles.

XPeng Inc. (NYSE: XPEV) The XPeng G3 ranks top in quality in the compact BEV (battery-powered electric vehicle) segment based on owner experience, according to J.D. Power in its 2021 China New Energy Vehicle Initial Quality Study recently released.

The XPeng G3 is the first model to obtain the top rating in this segment for a new car manufacturer in China, surpassing other models in its customer satisfaction rating in specific areas, including driving experience, infotainment systems and seating.

The G3's rating reflects consumer recognition of its quality and intelligence. It obtained the highest total score of 92.2% among electric vehicles in China's New Car Assessment Program (C-NCAP) safety test; and top G (good) scores in occupant safety, pedestrian safety, and vehicle auxiliary safety in the Chinese Insurance Automotive Safety Index (CIASI) crash test. Equipped with XPILOT 2.5, the G3 has the strongest autonomous driving assistance system in its class, with its auto parking feature ranked top by i-VISTA in 2020. Supported by XPeng's in-house developed intelligent in-car operating system Xmart OS, the utilization rate of the AI-powered voice assistant exceeds 99%. The G3 has received 15 major firmware OTA upgrades since its launch, adding 55 new functions as of March 31, 2021.

Li Auto Inc. (NASDAQ: LI), an innovator in China's new energy vehicle market, recently announced that the Company delivered 7,713 Li ONEs in June 2021, representing a 320.6% year-over-year increase, a 78.4% quarter-over-quarter increase, and a new monthly high. As the 2021 Li ONE continues to gain traction rapidly and drive a surge in orders, the Company's new orders in June, which surpassed 10,000, also hit a record high. Total deliveries for the second quarter increased 166.1% year-over-year and 39.7% quarter-over-quarter to reach an all-time high of 17,575, exceeding the top end of the Company's guidance range.

"On the day that marks Li Auto's sixth anniversary, I'm pleased to share with you that thanks to strong user endorsement for the 2021 Li ONE, we set records in deliveries and new orders in June, the first full month of sales for the 2021 Li ONE after its launch," said Yanan Shen, co-founder and president of Li Auto.

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