As the electric vehicle (EV) transition gathers pace—from 5% of all new car sales in 2020 to 14% in 2022, according to the International Energy Agency—so too does the lithium market. Data from Statista suggests that 130,000 tons of lithium were mined in 2022, a 363% increase on the 28,100 tons mined in 2010. Fortune Business Insights projects that the global lithium mining market’s value will reach US$516.22m by 2028, up from US$343.22m in 2021—a CAGR of 6%.
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