Electric vehicle battery storage
Rising demand for electric vehicles (EVs) has driven new developments in energy storage technology. In 2018, demand for nickel-manganese-cobalt (NMC) batteries, used in both EVs and energy storage, outstripped supply.
Demand for EV batteries is set to skyrocket over the next 10 years, with global planned capacity expansions expected to grow by more than 200% by 2026.
2018 was a record-breaking year for energy storage
Last year saw global energy storage expand to record levels, with 147% year-on-year growth in gigawatt-hour (GWh) terms. This pales in comparison to what is to come. By 2024, we forecast that the market will expand 13-fold.
Storage is starting to show signs of becoming a truly global market, with major development taking place across five continents as countries strive to integrate energy storage into grid operations and market structures.
Electric vehicle battery demand's jump-start from lithium-ion
Lithium-ion is a stalwart in rechargeable battery technology. Future demand from global EV sales is expected to grow nearly 40 times by 2040, with EV sales expected to increase to about 300 million vehicles. With this in mind, any discussion of the emerging EV sector requires that we consider lithium and the critical role it will play in influencing the electric vision down the road.
As lithium demand grows around the world, a corporate strategy to understand policy and deployment drivers within the EV space will be paramount. The coming sea change in the automotive sector will depend on EVs achieving price parity with internal combustion engine vehicles. Read more >>