EV Market potential
Global electric car deployment has been growing rapidly over the past few years. In 2020, the sales of new electric cars in Europe surged past China for the first time. The International Energy Agency (IEA) estimates that last year’s sales of different types of electric passenger cars amounted to 1.4 million in Europe and 1.2 million in China. Overall, the number of electric cars in the world exceeded 10 million, compared to 7.2 million the year before.
In addition to early adopters and technophile purchasers, more and more people are interested in acquiring an electric car thanks to significant technological improvements and a wider variety of car models.
Electrification of traffic requires battery production
According to most estimates, the number of electric vehicles sold will grow by about 20–30% annually until 2030. The growth challenges battery manufacturers. A significant amount of cathode material is needed for battery and cell production. However, investment activity in cathode material production is still limited in Europe.