New research from global technology intelligence firm ABI Research finds that global EV battery output production could increase by nearly six times to 2,585 GWh by 2030.
This EV battery surge will strain raw material supply. ABI predicts that lithium and cobalt consumption for EV batteries will grow by 5.3 times and 3.2 times, respectively, from 2022 to 2030, but average EV battery cobalt content will drop 44% by 2030 owing to its volatile and controversial supply chain. The energy density of cobalt-free lithium-iron-phosphate (LFP) batteries will grow with improved pack assembly methods like cell-to-pack (C2P) technology, allowing new applications. Nickel manganese cobalt (NMC) cathodes with high nickel content will also increase energy density and reduce cobalt content.
“There are EVs with long ranges and EVs that can charge quickly, but there are no EVs that cost the same as their fossil fuel counterparts. Evolutionary improvements over current lithium-ion battery technology will be essential to reduce the cost of EVs and achieve industry wide electrification targets,” concludes Dylan Khoo, EV Industry Analyst at ABI Research.
Source: ABI Research