LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Lithium Market - Procurement Intelligence Report.
The automotive industry is experiencing a major surge in the sales of electronic vehicles which will act as one of the prominent growth drivers in the lithium market. Li-ion battery constitutes an integral part of the architecture of electronic vehicles which will create a substantial demand for lithium on a global scale. The growing preference for renewable sources of energy will create an exponential demand for Li-ion batteries that are extensively used in energy storage systems. This will drive the spend momentum in the lithium market at a CAGR of over 10% through 2024.
In terms of regional spend growth, Europe will make a major contribution towards the spend growth owing to the financial initiatives taken by the governments in countries such as France and Germany to boost the local production of batteries. This boost in production is being motivated by the increase in the frequency of manufacturing of electronic vehicles. Meanwhile, in the US, the launch of a series of electric cars will promote the demand for li-ion batteries which will have a positive impact on the spend growth in the lithium market.
Subscribe to our procurement platform and get regular and real-time updates on thousands of markets without any additional costs or commitment.
Key Findings in the Lithium Market:
- While suppliers are ramping up their production capacities of lithium in response to the exponential demand for Li-ion batteries, this is eventually resulting in an oversupply. During the forecast period, this oversupply will bring down the lithium market price.
- Buyers are advised to expect minimal transparency in pricing from lithium suppliers as most of the lithium products are traded using long-term contracts owing to the presence of a very few leading players.
Uncontrolled procurement spend and the lack of visibility of the same is hitting the buyer’s business where it hurts the most. Subscribe to our free web-based platform to get instant and real-time insights on the price trends and procurement strategies that will change your procurement outlook.
- Maintaining an effective supplier relationship will be the key to survive in the lithium market that has no internationally recognized pricing mechanism which will create instabilities in pricing strategies. On this note, buyers are advised to collaborate with lithium suppliers to establish a mutually beneficial pricing mechanism. This will help both the buyers and the suppliers to set up contract prices at which lithium will be procured during the contract period and threshold price which refers to the price after which any increment in cost is passed on to the buyer.
Other key topics covered in this report are:
- Lithium market spend segmentation by region
- Total cost of ownership analysis in the lithium market
- Regional spend opportunity for lithium suppliers
- Lithium suppliers cost structure
- Lithium suppliers selection criteria
- Lithium suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the lithium market
Now buy one report and get a 50% discount on the second or, download the free sample of this lithium industry procurement intelligence report.
Free sample of reports you may also like:
- Global Iron Ore Market - Procurement Intelligence Report
- Global Stainless Steel Market - Procurement Intelligence Report
About SpendEdge:
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more, https://www.spendedge.com/request-free-proposal
