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As many as 130 million electric cars are expected to circulate worldwide in 2030, compared to 3.2 million in 2017.
Demand for cobalt (a crucial element for the most common types of lithium-ion batteries used in EVs) could potentially increase threefold within the next decade.
Substituting cobalt with other metals is technically possible and could reduce the 2030 EV market demand by 29 %. Substitution could reduce EV battery recycling and additional mining activities could increase endogenous supply, which could then cover about 15% of the European electric-vehicle sector demand in 2030.
