January 8, 2024

Cobalt utilized in batteries has grown from virtually nil in 2010 to over 80,000 tonnes in 2022. Incorrys is forecasting accelerating growth with global demand reaching over 350,000 tonnes by 2030. The amount of cobalt used in battery electric vehicles (BEVs) outpaced those in plug-in hybrid electric vehicles (PHEVs) across all vehicle categories. The adoption of BEVs increased significantly, with a substantial rise in cobalt usage from 67 tonnes in 2010 to 294,000 tonnes in 2030. The amount of cobalt used in PHEVs remained relatively low compared to BEVs, with a gradual increase from 1 tonne in 2010 to 22,000 tonnes in 2030. Cobalt usage in vans, buses, and trucks, both BEV and PHEV, experienced fluctuations but generally showed an upward trend over the years. The total cobalt usage in cars consistently increased, driven by the growing popularity of EVs and the ongoing electrification of the automotive industry. These trends indicate the growing importance of cobalt in the production of electric vehicles, reflecting the industry’s shift towards more sustainable and environmentally friendly transportation solutions.

Source: International Energy Agency
Source: EV-volumes