Electric vehicle (EV) sales are expected to reach 7% of all new vehicles sold worldwide in 2021, exceeding five million units sold. Research and Markets estimates that by 2030 that number will ratchet up to 48%.
The EV market, one of the fastest growing markets today, is projected to continue its fast track at a compound annual growth rate (CAGR) of 22.6% for at least the next 6 years. At that rate, it would increase the total global EV market value from what was $162 billion in 2019 to over $800 billion by 2027.
Shortages in lithium will lead to an emphasis on production
The rapid explosion of the EV market in just its early stages is leading to a shortage in lithium, and the need for producers to invest on growing. The shortage is resulting in higher prices, which could last into the mid-2020s. That shortage will lead to higher battery prices, which could impact the price of electric vehicles. However, experts believe that lithium ion batteries will remain the dominant technology platform over the next 10 years.
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