1K GWh battery manufacturing capacity
need for global EV target by 2025
The world needs battery manufacturing capacity of 1,000 Gigawatt hour (GWh) per year by 2025 to meet the global EV target for electric vehicles transition.
1K GWh battery manufacturing capacity for EV target by 2025
The International Energy Agency (IEA) said in a note, “If the global auto industry’s announced targets for electric vehicle production are met despite the Covid-19 crisis, around 1,000 GWh of battery manufacturing capacity would be needed in 2025.”
The world’s battery capacity to manufacture battery cells has been expanded rapidly in recent years. At current manufacturing operations globally can produce around 320 GWh of batteries per year to use in electric cars.
For eco-friendly transitions all around the world, the two most important technologies like batteries and hydrogen-producing electrolysers stand out as they have the ability to convert the electricity into the chemical energy.
Nowadays the price of the lithium-ion batteries for electrifying transport has been reduced compared to earlier. Several government companies have also adopted the policies for the development of electric vehicles and also to reduce battery prices.
Recently, lithium’s news came up that India’s first lithium refinery is forging ahead after Neometals Ltd. and Manikaran Power Ltd approved a feasibility study. The study aims and focuses to supply a nation set to become the fourth-largest electric-vehicle market by 2040. This refinery will have a capacity of 20,000 tons a year of lithium hydroxide, Australia’s Neometals said in a statement.
The investment decisions for a potential 50:50 joint venture to develop the project will be supported by this study. India aims to become a global hub for EVs but facing a lot of issues such as lack of access to raw materials like lithium which is used in the production of the batteries. The project is a part of by the country to establish battery factories and secure supplies for the burgeoning EV industry.
In India, the lithium-ion batteries market is expected to grow significantly in the next five years. The annual lithium-ion battery market in India to increase from 2.9 GWh in 2018 to reach 132 GWh in 2030 at a CAGR of 37.5%.
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