Increasing Demand for EVs & Shift Toward Clean Energy Driving Lithium Billion Dollar Market Growth

FinancialNewsMedia.com News Commentary

PALM BEACH, FL, Oct. 17, 2023 /PRNewswire/ — The automobile industry is currently dominated by fossil fuel consumption but is increasingly moving toward becoming an alternate source of energy, such as lithium-ion-backed battery technology. The increasing demand for EVs and the shift toward clean energy will drive the product demand in the coming years. A report from Fortune Business Insights projected that the Global Lithium market size is expected to grow to $516.22 million in 2028, growing at a CAGR of 6% during forecast period from 2021-2028.  The report said: “Electric vehicle companies and carmakers are changing their preferences depending on the cathode characteristics regarding safety, stability, life, cost, and energy density. EVs are promoted as a sustainable transportation choice on a life-cycle basis, as they emit less GHG than conventional vehicles. For instance, Tesla is planning for next-generation EV batteries that would focus on introducing Li-iron phosphate batteries to the market. This will cut the vehicle costs, extend the vehicle range up to 400 miles or more, and enable the batteries to last as long as 1 million miles. Additionally, the company plans to implement a high-speed, heavily automated battery manufacturing process designed to increase mass production and reduce labor costs.”  Active mining companies in markets include:  Usha Resources Ltd. (OTCQB: USHAF) (TSX-V: USHA), Lithium Americas Corp. (NYSE: LAC) (TSX:LAC), Piedmont Lithium Inc. (NASDAQ: PLL), Standard Lithium Ltd. (NYSE American: SLI) (TSX-V: SLI), American Lithium Corp. (NASDAQ: AMLI) (TSX-V: LI).

Read more at prnewswire.com