The most common batteries are high-nickel ones (based on the cathode material), which accounted for 54% of the global EV market in 2023. According to the IEA, another 40% and 6% of demand were met by lithium-iron phosphate (LFP) and low-nickel batteries, respectively. Their competitors include lithium manganese iron phosphate (LMFP) batteries, which have a higher energy density (by 10–20%), and lithium nickel manganese cobalt oxide (NMC) batteries, which make it possible to reduce the amount of expensive cobalt in the cathode. Efficiency improvements will also be achieved thanks to the use of silicon and metallic lithium as anode materials: the capacity of these materials is more than ten times higher than that of the graphite used today.
Another area of innovation is the implementation of batteries with solid-state electrolyte, which eliminate the risk of leaks and combustion and can be used in a wide range of temperatures (from minus 50 to plus 120 degrees Celsius). Solid-state batteries have a high energy density and can last for a large number of charge-discharge cycles. However, they are prone to the formation of dendrites, which can cause short circuits. This, along with the high cost of materials, hinders their commercialization.
Sodium-ion batteries, which can withstand up to 6,000 charge-discharge cycles (versus 3,000 for lithium-ion batteries), could also find a niche in the market. Lithium-ion batteries are made from copper, whereas sodium-ion batteries use aluminum, which is more affordable. The advantages of sodium-ion batteries also include quicker charge and lower combustibility. Lithium-sulfur batteries also have their advantages, such as the absence of cobalt in the cathode and a higher energy density (250–500 Wh/kg) compared to lithium-ion batteries (150–260 Wh/kg).
McKinsey predicts that sodium-ion, lithium-sulfur and solid-state lithium-ion batteries will account for a combined 13% of the EV market by 2030. Nevertheless, the market will be dominated by high-nickel and lithium-iron phosphate lithium-ion batteries (87%).
