December 25, 2023

The amount of nickel used in batteries for various types of vehicles has increased from essentially nothing in 2010 to over 100,000 tonnes in 2022. This increase reveals the significant increase in the adoption of electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs). In the case of EVs, the number of battery electric cars (BEVs) has seen the most growth growing from just 90  tonnes in 2010 to 25,000 tonnes by 2022. BEV vans and buses have also shown a substantial increase in numbers over the years. Incorrys expects the amount of nickel required for EV batteries to increase from 100,000 tonnes in 2022 to almost 500,000 tonnes by 2030 with BEVs accounting for over 80%. PHEVs, although not as prevalent as BEVs, will also experience notable growth in car, van, bus, and truck categories. Overall, the data illustrates a shift towards greener transportation options, with a significant rise in the number of electric vehicles. This trend also highlights the increasing demand for nickel, a crucial component in the batteries used in EVs.

Source: International Energy Agency

Source: EV-volumes