SpendEdge Forecasts a Spend Growth of over USD 190 Billion for the Lithium Market
LONDON--(BUSINESS WIRE)--Nov 19, 2019--
SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Lithium Market - Procurement Intelligence Report.
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Global Lithium Market Procurement Intelligence Report. (Graphic: Business Wire)
The automotive industry is experiencing a major surge in the sales of electronic vehicles which will act as one of the prominent growth drivers in the lithium market. Li-ion battery constitutes an integral part of the architecture of electronic vehicles which will create a substantial demand for lithium on a global scale. The growing preference for renewable sources of energy will create an exponential demand for Li-ion batteries that are extensively used in energy storage systems. This will drive the spend momentum in the lithium market at a CAGR of over 10% through 2024.
In terms of regional spend growth, Europe will make a major contribution towards the spend growth owing to the financial initiatives taken by the governments in countries such as France and Germany to boost the local production of batteries. This boost in production is being motivated by the increase in the frequency of manufacturing of electronic vehicles. Meanwhile, in the US, the launch of a series of electric cars will promote the demand for li-ion batteries which will have a positive impact on the spend growth in the lithium market.
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Key Findings in the Lithium Market:
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