The automotive industry already consumes 60% of global lithium-ion batteries.
According to the latest report about the lithium-ion battery market from Roskill, the demand for li-ion batteries will increase more than ten-fold by 2029.
In 2019, the total demand was reportedly 180 GWh, while in 2029 it will be 1,800 GWh, according to the forecast. The pipeline capacity of battery gigafactories (145 existing or upcoming projects) already exceeds 2,000 GWh in 2029.
Of course, not all lithium-ion batteries were used in the automotive market. Roskill estimates that about 60% is for vehicles (about 108 GWh), while the remaining 40% is for all the other applications combined (including consumer electronics, energy storage systems).
We already know from the Adamas Intelligence report that in 2019 passenger xEVs (BEVs, PHEVs, HEVs) needed 95.6 GWh of batteries (although here it includes all types of batteries).
The share of xEV in the lithium-ion battery market is expected to further expand.
The other trends are a gradual switch to low-cobalt chemistries (NCM 811, NCM 721, NCA, and even LFP in the cell-to-pack CTP approach).
"Driven by demand from the automotive and energy storage markets, NCM/NCA type cathode materials are expected to remain dominant though other cathode types will take market share in niche environments or applications. In the late 2020s, Li-ion technologies could see increasing competition from other battery technologies, though Li-ion cells are expected to maintain their dominant position."