Cost parity for storing this cheap energy is the tipping point of the energy revolution—with the input battery metals and their respective “power ores” analogous to the Saudi Arabian oil fields.
Battery costs have also declined consistently over the past decade. Since 2014, battery costs have declined 124%.
We are expecting to see tremendous growth in EV sales—especially after price parity with traditional ICE vehicles in 2022. By 2040, Bloomberg New Energy Finance estimates that EVs will account for 35% of all new vehicle sales—while today, EVs only account for 1% of the same.
Moving forward, not only is electric car demand set to increase, but also commercial vehicles such as busses and trucks. The electrification of commercial vehicles is being driven by China. China replaces the equivalent of London’s entire bus fleet with electric buses, every 5 weeks.
Supply & Demand
Data Source: BMI Research – Industry Trend Analysis
Cobalt Supply & Demand
Nickel Supply & Demand
Nickel is a much deeper market, but one that has not experienced the hockey stick price growth of cobalt and lithium. Nickel’s time is coming.
We are also currently experiencing a nickel supply deficit, consistently drawing down on warehouse inventory. Hence, nickel prices have slowly been increasing since 2015.