The lithium-ion battery and the growth in EV and energy storage
While some analysts question the Li-ion battery’s long-term market position, its dominance over the next decade is assured due to significant recent progress on price and performance.
The cost of a lithium-ion battery pack has plummeted from $1300pKh in 2011 to between $250pKh and a low of $139/ kWh today while mass market producers are securing lithium-ion batteries at an even lower rate1
This price drop has been matched by a major technological breakthrough with the new range of lithium-ion batteries finally allowing electric cars to reach the symbolic mark of 200 miles (320km) per charge. Major producers such as Volvo have announced that by 2019 all new vehicles will be at least part electrified2.
Overall, it is predicted that there will be 140 million electric cars on our roads by 20303 with the wider Li-ion battery market expected to more than double by 20254 due to EV demand complemented by the growth of the residential and utility scale battery storage market. The development this year of the world’s largest lithium-ion battery in South Australia marks the first of several utility and residential storage projects currently in progress globally.Lithium ion battery demand expectations by 2025 (GWh)
