The demand for electric vehicles will grow rapidly in the near future. According to most estimates, the number of electric vehicles sold will grow by about 20–30% annually until 2030. Only lithium ion battery cell manufacturing market alone is estimated to grow to $94 billion by 2025.
The increasing demand is challenging the battery production industry. Most of the electric vehicle batteries are currently manufactured in Asia. European car manufacturers have expressed their interest to build local battery manufacturing capabilities. However, the already planned new European battery facilities to be established will not be enough to meet the demand in Europe.