Lithium demand growth by end market

In May 2021 JP Morgan noted that lithium demand would increase 545% over 2020. Demand growth from Electric vehicles would be nearly 1000%.

Pan Asia Metals_lithium forecast graph 03

Global EV Growth forecasts

In May 2021 JP Morgan estimated that EV penetration into total vehicle sales would increase from 3% in 2020 to 27% in 2030, while ICE sales would surrender over 50% its market share.

Global LIB demand forecast: exponential growth

Compared to today, global battery demand is expected to grow by a factor of ~19 to reach ~3,600 GWh in a 2030 target case.