- Global rechargeable battery market to grow 7% during 2019-2024
- Market for cathode expected to reach $58.8 billion by 2024
Supplies of lithium and other minerals used in rechargeable batteries are highly concentrated in just a few countries, leaving the raw materials vulnerable to disruption as a boom in electric cars bolsters demand, according to the United Nations.
“The rise in demand for the strategic raw materials used to manufacture electric batteries will open more trade opportunities for the countries that supply these materials,” Pamela Coke-Hamilton, UNCTAD’s director of international trade, said in a statement. “It’s important for these countries to develop their capacity to move up the value chain.”
The rechargeable battery market is expected to grow at a compound annual growth rate of about 7% during 2019-2024. The market in cathode for lithium-ion batteries, the most common rechargeable car battery, is expected to jump to $58.8 billion by 2024 from $7 billion in 2018, according to the report.