Currently, there are around 10 million electric vehicles on the road but with predictions of up to 100 million by 2030, and 400 million by 2040, demand for batteries and battery technology is going to be huge. Batteries for electric cars are being developed at a rapid rate as the demand for zero-emission vehicles continues to rise globally.
Technologies that make batteries lighter for greater efficiency, longer-lasting to offer longer ranges and those that can be charged quickly are all evolving quickly. Hopefully, batteries with high energy densities that offer greater ranges and faster charging capabilities will help to quash any consumer anxieties.
As these technologies progress battery prices are falling and will continue to do so. This will help electric car manufactures lower car prices and speed up the adoption of zero-emission vehicles. The cost of batteries, which is a huge factor in the electric car world, have fallen by over 50 percent over the last five years to below $150/kWh.
Over the coming four years battery prices are expected to hit $100/kWh. The figure of $100/kWh is seen as the magical point when battery cars are competing with internal combustion engine cars on an equally competitive playing field. This will likely be the point when zero-emission vehicle sales start to outnumber those of internal combustion engine vehicles.
According to Gavin Montgomery, research director of battery raw materials at Wood Mackenzie, up to 90 percent of battery demand over the next 20 years will come from electric cars and vehicles. As a result of all of the raw materials being used in batteries, including cobalt, lithium and nickel are all seeing rising prices.