Global Electric Battery Market Projected to Reach USD 1,298.32 Billion by 2027
The global electric battery market is projected to reach a staggering $1,298.32 billion by 2027. This substantial figure has captured the attention of nations such as the Democratic Republic of Congo (DRC), the Republic of Zambia, and various other African countries, which possess valuable minerals essential for electric battery production.
These statistics were unveiled by Professor Jean-Baptiste Ngagoma Kushinganine, a faculty member at the Catholic University of Bukavu, during the inaugural day of the DRC-Africa Forum on battery metals held in Kinshasa from September 20 to 21, 2023.
Professor Jean-Baptiste Ngagoma highlighted that electric vehicles represent a remarkable $700 billion market opportunity by 2030. He further predicted that this market is anticipated to grow to $46 billion by 2050.
Regarding the implications for the Democratic Republic of Congo and Africa, Professor Ngagoma emphasized that the electric vehicle market presents a substantial opportunity for the African continent.
Particularly, the DRC, recognized as the world’s leading producer of cobalt, stands to play a pivotal role in the dynamic battery value chain and the transformative impact driven by electric vehicle development.
Currently, the Democratic Republic of Congo predominantly functions as an exporter of raw materials, positioning itself at the lower end of the global cobalt value chain, where it captures merely 3% of a value that is expected to reach $300 billion annually by 2030.
The inaugural DRC-Africa forum on battery metals revolves around the theme of “creating wealth in the value chain of the battery metals industry in the DRC and Africa.”
It has attracted various prominent figures from diverse sectors, including political representatives and officials from the mining sector.
The forum saw the participation of the Minister of Mines of the Republic of Zambia, along with representatives from Congolese Government bodies responsible for the mining sector, ambassadors, and industry leaders.
During this event, both Congolese and Zambian officials reiterated their commitment to collaborate closely in the pursuit of electric battery manufacturing, emphasizing the importance of regional cooperation in this transformative industry.
