According to a report by IDTechEx, Nickel is an essential part of the cathode in the Li-ion batteries enabling electrification. Most automakers utilize Nickel-based batteries for their balance of energy and power density. For example, BMW, Hyundai, and Renault use variants of the Lithium Nickel Manganese Cobalt Oxide (NMC) chemistry, while Tesla uses a Lithium Nickel Cobalt Aluminium Oxide (NCA) chemistry. Demand for Nickel is further improved as manufacturers switch chemistries to improve energy density further and reduce dependence on Cobalt.
Major changes have been introduced into the EV batteries market. The average energy density of batteries is predicted to increase at 4-5% each year. Some of the electric vehicles come with an additional Internal Combustion Engine (ICE). Such vehicles are called Hybrid Electric Vehicles (HEVs). When a hybrid electric vehicle also has a plug-in function for directly recharging the battery, it is known as a Plug-in Hybrid Vehicle (PHEV). The difference between a HEV and a PHEV is their battery capacity and the ability to charge the battery via a direct power source. According to data by Valuates Reports the global Electric Vehicle Market Size was expected to reach USD 802.81bn by 2027 while at a CAGR of 22.6%.
