In 2023, a total of 408,214 tonnes of lithium carbonate equivalent (LCE) were deployed globally in new passenger electric vehicle (EV) batteries, marking a 40% increase from the year before. Europe and the Americas accounted for 40% of this global deployment, with a total of 163,423 tons of LCE deployed in these regions in 2023. Among the three continents, Tesla led the way with 44,757 tonnes of LCE deployed across its S, 3, X, and Y model lineup, representing a 34% increase from the previous year.
Following Tesla in the Americas and Europe was Volkswagen, deploying 11,750 tonnes of LCE in 2023, a 39% increase compared to 2022. Mercedes and BMW were the third and fourth largest lithium consumers, deploying 10,051 tonnes and 10,016 tonnes of LCE, respectively. Volvo rounded out the top five with 1,168 tonnes of LCE deployed across Europe and the Americas, showing a 36% increase from the previous year. The top five brands accounted for a significant portion of overall lithium consumption in these regions, representing 53% of the total in 2023.
The concentration of lithium deployment among the top five brands highlights the dominance of these companies in the EV market and their significant impact on overall lithium consumption. This concentration also indicates the importance of these leading brands in driving the adoption of electric vehicles and the growth of the EV market worldwide. As these companies continue to expand their EV offerings and increase their deployment of lithium in batteries, they are likely to further shape the future of the EV industry and influence the demand for lithium and other key battery materials.
The data from Adamas Intelligence underscores the ongoing shift towards electric mobility globally and the increasing role of lithium in powering the transition to electric vehicles. As governments, automakers, and consumers prioritize sustainability and decarbonization, the demand for lithium and other critical minerals used in EV batteries is expected to continue rising. This trend not only reflects the growing importance of clean transportation solutions in combating climate change but also presents significant opportunities for companies involved in the production and supply of lithium and related materials.
Looking ahead, the continued growth of the electric vehicle market is expected to drive further demand for lithium and other key battery materials, leading to an expansion of the global battery supply chain and the development of new technologies and solutions. As more countries and industries commit to reducing their carbon footprint and transitioning to cleaner energy sources, the role of lithium in enabling this transition is likely to become even more crucial. By tracking deployment trends and consumption patterns in the EV sector, stakeholders can better understand the evolving landscape of the lithium market and position themselves to capitalize on the opportunities presented by the electrification of transportation.
