Global Li-ion Batteries Demand To Reach Over $380 Billion By 2034

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  • Battery electric cars’ contribution will be 80% for Li-ion batteries by 2030
  • NMC 811 li-ion batteries provide high energy density

The demand for electric vehicles in the global market has increased the need for Li-ion batteries. According to a report by IDtechEx, Li-ion batteries in electric vehicles has predicted to reach over US$380 billion by 2034.  The Li-ion battery is the key technology that underpins and enables the deployment of EVs.

In order to maximize energy density battery electric cars have deployed NMC 811 li-ion batteries. The most important feature of the NMC 811 battery is its high energy density. This comes from the nickel in the cathode which can increase the material activity and thus the energy density. Whereas, in commercial vehicles, cycle life is quite important. Users will adopt different types of chemistries according to their requirements. The most crucial aspects are duty-cycles, cost, and availability.

The developments in battery pack designs are as important as Cell technology and chemistry. Thermal management has also a big role in maintaining the safe operation of Li-ion batteries. Cell-to-pack designs are becoming increasingly popular for electric cars as a means to optimize energy density and are being developed by players such as BYD, CATL, and Tesla, amongst others.

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Battery electric cars have played a significant role in driving the demand for lithium-ion (Li-ion) batteries over the past decade, and they are expected to continue doing so. According to the forecast, its contribution will be 80% of the demand for Li-ion batteries by 2030.

For trucks, battery requirements can be more challenging and some low-volume segments may continue to rely on 3rd party pack manufacturers. Nevertheless, OEMs such as Tesla, Daimler, VW and Volvo are all investing heavily in long-haul battery electric trucks.

The electrification of vehicles has become the latest trend in the automotive industry. This trend is going to extend to various vehicle segments in the coming years.

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Nitisha Dubey
Nitisha Dubey
Nitisha Dubey is a journalist at EFY. She focuses on startups and innovations with a deep interest in new technologies and business models.

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