The global lithium iron phosphate battery market size was USD 8.37 billion in 2020 and is projected to grow from USD 10.12 billion in 2021 to USD 49.96 billion by 2028 at a CAGR of 25.6% during the forecast period 2021-2028. The global impact of COVID-19 has been unprecedented and staggering, with LifePO 4 batteries witnessing a negative demandJuly 2021 saw the launch of LME Lithium Hydroxide CIF (Fast Markets MB), the latest in our line of electric vehicle (EV) and minor metals futures.. We partnered with price reporting agency Fastmarkets to bring greater transparency to pricing for the lithium market and l ike all our EV trading tools, the lithium hydroxide contract was designed in close consultation with the EV and battery A total of 345,000 tonnes of processed lithium were produced in 2020, dominated by resources from the lithium triangle and Australia. Lithium production must quadruple between 2020 and 2030 to meet growing demand, from 345,000 tonnes in 2020 to 2 million tonnes in 2030. Additional supply will come from multiple sources including investment in Concurrently, raw materials such as cobalt and lithium experienced price surges, leading suppliers to adopt more aggressive pricing strategies. This resulted in increased cost pressures for LCO cells, which in turn decelerated the downward trend of battery prices. The ASP of LCO cells fell 1.8% in June, hitting 7.42/Ah. Published by. Mathilde Carlier , Mar 23, 2023. In 2021, the cost of a lithium-ion battery pack in the United States amounted to about 157 U.S. dollars per kilowatt of usable energy for electric Declining Trend in Battery Prices Amplifies Demand Growth Li-ion Battery Price Outlook: Prices in $/kWh for the Years 2010, 2015, 2020, and 2025
price 7.1 BMS 22.5 Other material cost 5.4 28% 26% 21% 19% 70.0 11% Pack price 30.0 15.0 98.1 4.2 54% 45.0 17% Battery assembly Note: •No costs included to manage supply chain risks •Reflecting traded raw material prices incl. price discount assumptions for high volumes without price fluctuations without VAT •Sourcing all materials from China
The sensitivity of battery pack prices to commodity prices is much lower than commonly understood. A 50% increase in lithium prices would for instance increase the battery pack price of a nickel-manganese-cobalt (NMC) 811 battery by less than 4%. Similarly, a doubling of cobalt prices would result in a 3% increase in the overall pack price. Key takeaways. Sharp rise in Li-ion battery raw material prices pushes nickel-based CAM costs up by 180-200% and LFP by 330% between May 2021 and 2022. This has amplified the cost difference between nickel-based CAMs and LFP on a kWh basis. Sustained high raw material prices will lead to a resurgence in interest in LFP-powered electric vehicles The price of lithium surged 91.4% from Jan. 1 to July this year, the prices of cobalt, copper and aluminium jumped 63.1 %, 30.3 % and 25.5 % respectively which were all core materials used in battery systems.Amid fierce EV demand for lithium-ion phosphate batteries, London-based, S&P Global-owned IHS has predicted a battery module price increase of 5% this year will drive up the overall cost of5 Global Small Li-Ion Battery Sales Volume, Revenue, Price Trend by Type 5.1 Global Small Li-Ion Battery Sales Volume and Market Share by Type (2018-2023) 5.2 Global Small Li-Ion Battery Revenue eF7Ux.