Electrek headline: Soaring EV demand pushes lithium market to double by 2030, according to new report
- Aug. 11th 2022 4:18 pm PT
Mercedes-Benz plans to go all-electric by 2030.
General Motors (GM) says the automaker is hitting an EV inflection point.
Hyundai is aiming for 7% of the global BEV share, while Genesis will launch all EV models from 2025.
And this is just the start. Volkswagen, Toyota, and all major automakers have big plans for the EV industry while trying to catch current EV leader Tesla.
Global automakers plan to invest over half a trillion in EVs and battery tech. For this reason, lithium prices are up over 400% compared to 2021 and remain near record high prices.
Meanwhile, new clean energy incentives are expected to push the market even higher. The senate just approved the largest climate bill ever, with over $400 billion in funding for clean energy over the next 10 years.
With this in mind, Grand View Research forecasts lithium market revenue to reach $18.99 billion, representing a 153% jump compared to this year ($7.49 billion).