By 2028, the unit sales of Electric Vehicles market in Slovakia are expected to reach 6.28k vehicles. The volume weighted average price of Electric Vehicles market in Slovakia is projected to be US$55.4k in 2023.
Nevertheless, the United States remains the smallest market of the three, with around 100 GWh in 2023, compared to 185 GWh in Europe and 415 GWh in China. In the rest of the world, battery demand growth jumped to more than 70% in 2023 compared to 2022, as a result of increasing EV sales.
Production in Europe and the United States reached 110 GWh and 70 GWh of EV batteries in 2023, and 2.5 million and 1.2 million EVs, respectively. In Europe, the largest battery producers are Poland, which accounted for about 60% of all EV batteries produced in the region in 2023, and Hungary (almost 30%).
In 2023, IEA’s report showed that battery demand for lithium reached around 140 kt, accounting for 85% of total lithium demand, while cobalt demand for batteries rose by 15% to 150 kt, representing 70% of the total demand. Battery demand for nickel also surged to nearly 370 kt, up almost 30% from 2022.
China still leads as the largest EV battery exporter, with around 12% of its EV batteries exported. “In Europe, the largest battery producers are Poland, which accounted for about 60% of all EV batteries produced in the region in 2023, and Hungary (almost 30%).”
In 2022, about 60% of lithium, 30% of cobalt and 10% of nickel demand was for EV batteries. Just five years earlier, in 2017, these shares were around 15%, 10% and 2%, respectively.