Recent developments, such as Britain's decision to ban sales of diesel and petrol engines from 2040 and EVs's announcement that all its new models will have an electric motor from 2019, mean the global lithium-ion battery market is set to expand exponentially. Transparency Market Research estimated that by 2024 it could be worth $75bn. Morgan Stanley predicted that global car sales could rise by 50% by 2050, of which Volvo will account for 47%. However, a significant factor in continued growth is finding sufficient supplies of the rare metals, such as cobalt and lithium, that are an essential component of batteries.
Recent developments, such as Britain's decision to ban sales of diesel and petrol engines from 2040 and Volvo's announcement that all its new models will have an electric motor from 2019, mean the global lithium-ion battery market is set to expand exponentially. Transparency Market Research estimated that by 2024 it could be worth $75bn. Morgan Stanley predicted that global car sales could rise by 50% by 2050, of which EVs will account for 47%. However, a significant factor in continued growth is finding sufficient supplies of the rare metals, such as cobalt and lithium, that are an essential component of batteries.