The adoption of battery electric vehicles (BEV) is poised to grow rapidly with several major automakers due to launch ‘mass-market’ models this year.

Already, British Prime Minister Boris Johnson has moved forward the UK ban on the sale of new petrol and diesel vehicles from 2040 to 2035 while Norway, the current leader in EV adoption, is looking to stop the sales of fossil fuelled vehicles by 2025.

READ: The UK will have phased out petrol and diesel cars by 2035; here’s why that matters Down Under

Other European countries are also looking at similar phase-outs.

Consultancy Wood Mackenzie believes that the 2020s will be the decade of BEV growth with global market share expected to grow from 3 per cent in 2019 to 14 per cent by the end of the decade in its base case scenario.

Meanwhile, hybrid vehicle market share could climb from 4 per cent to 9 per cent, while the penetration of conventional gasoline internal combustion vehicles is expected to fall from 79 per cent to 66 per cent.

“This will have a ripple effect on many other industries,” Woodmac principal analyst Ram Chandrasekaran said.

“According to our projections, demand for global petroleum products will fall by 1 million barrels a day from the impact of BEV growth alone.”

Automotive batteries are expected to form the bulk of global battery metals demand, while the need for charging infrastructure could create new industries for installing and maintaining charging stations.

Here’s a table of ASX battery metal stocks >>>

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop:

Code Name Price - 11/02/2020 1Y Total Return % 1M Total Return % Market Cap:
GLN GALAN LITHIUM LTD 0.225 -27 70 $ 37,178,964.00
ANW AUS TIN MINING LTD 0.001 -89 50 $ 3,994,661.00
CFE CAPE LAMBERT RESOURCES LTD 0.007 -63 50 $ 6,698,844.00
ARE ARGONAUT RESOURCES NL 0.005 -78 50 $ 9,470,284.00
BAT BATTERY MINERALS LTD 0.008 -61 50 $ 11,862,824.00
AXE ARCHER MATERIALS LTD 0.24 207 48 $ 48,856,500.00
AVZ AVZ MINERALS LTD 0.069 63 44 $ 142,978,112.00
LI3 LITHIUM CONSOLIDATED LTD 0.031 -51 41 $ 4,565,269.50
RML RESOLUTION MINERALS LTD 0.069 26 38 $ 7,856,819.50
SVM SOVEREIGN METALS LTD 0.14 82 36 $ 51,608,820.00
CRL COMET RESOURCES LTD 0.022 -22 32 $ 7,400,000.00
CHN CHALICE GOLD MINES LTD 0.305 146 31 $ 87,701,800.00
AVL AUSTRALIAN VANADIUM LTD 0.012 -46 30 $ 33,186,426.00
NZC NZURI COPPER LTD 0.36 73 27 $ 107,265,744.00
MCT METALICITY LTD 0.005 -62 25 $ 3,616,049.75
PNN PEPINNINI LITHIUM LTD 0.003 -42 25 $ 3,583,995.25
FGR FIRST GRAPHENE LTD 0.165 14 22 $ 78,386,560.00
PGM PLATINA RESOURCES LTD 0.0205 -71 21 $ 6,688,658.50
LTR LIONTOWN RESOURCES LTD 0.1 303 20 $ 169,398,528.00
PM1 PURE MINERALS LTD 0.0195 27 19 $ 11,327,264.00
MTC METALSTECH LTD 0.047 57 18 $ 5,496,832.50
TAR TARUGA MINERALS LTD 0.014 -71 17 $ 4,473,487.50
IEC INTRA ENERGY CORP LTD 0.007 -56 17 $ 2,714,068.25
RIE RIEDEL RESOURCES LTD 0.015 25 15 $ 6,271,045.50
SRK STRIKE RESOURCES LTD 0.053 15 15 $ 8,858,116.00
SVD SCANDIVANADIUM LTD 0.008 -38 14 $ 2,814,928.75
HRZ HORIZON MINERALS LTD 0.11 -19 14 $ 44,937,396.00
NMT NEOMETALS LTD 0.23 20 13 $ 119,793,720.00
BPL BROKEN HILL PROSPECTING LTD 0.016 -11 13 $ 3,897,232.75
JRV JERVOIS MINING LTD 0.25 20 11 $ 157,200,000.00
KOR KORAB RESOURCES LTD 0.011 -59 10 $ 4,820,492.50
MLL MALI LITHIUM LTD 0.079 -48 10 $ 24,753,152.00
ASN ANSON RESOURCES LTD 0.033 -61 10 $ 20,398,700.00
KSN KINGSTON RESOURCES LTD 0.175 -7 9 $ 30,903,656.00
VRC VOLT RESOURCES LTD 0.012 -40 9 $ 20,866,042.00
BYH BRYAH RESOURCES LTD 0.048 -40 9 $ 4,841,944.50
EGR ECOGRAF LTD 0.082 -10 9 $ 25,847,954.00
GED GOLDEN DEEPS LTD 0.025 -36 9 $ 7,015,214.00
BKT BLACK ROCK MINING LTD 0.047 -38 4 $ 29,560,354.00
BOA BOADICEA RESOURCES LTD 0.24 55 4 $ 13,342,979.00
MZZ MATADOR MINING LIMITED 0.24 26 4 $ 23,738,114.00
TMT TECHNOLOGY METALS AUSTRALIA 0.125 -60 4 $ 13,363,339.00
CLQ CLEAN TEQ HOLDINGS LTD 0.26 -27 4 $ 201,544,256.00
LPI LITHIUM POWER INTERNATIONAL 0.3 5 4 $ 76,129,032.00
TLG TALGA RESOURCES LTD 0.44 30 1 $ 110,860,352.00
ORE OROCOBRE LTD 3.55 5 1 $ 895,735,232.00
TON TRITON MINERALS LTD 0.038 -21 0 $ 41,974,844.00
CXO CORE LITHIUM LTD 0.035 -40 0 $ 27,738,358.00
SI6 SIX SIGMA METALS LTD 0.003 -25 0 $ 1,935,009.50
LML LINCOLN MINERALS LTD 0.005 -17 0 $ 2,874,918.50
CZR COZIRON RESOURCES LTD 0.01 -9 0 $ 23,863,522.00
VMC VENUS METALS CORP LTD 0.195 38 0 $ 27,949,556.00
SBR SABRE RESOURCES LTD 0.0025 -60 0 $ 1,703,434.00
RLC REEDY LAGOON CORP LTD 0.003 -50 0 $ 1,206,815.13
BDI BLINA MINERALS NL 0.001 0 0 $ 5,454,882.50
AJM ALTURA MINING LTD 0.062 -52 0 $ 153,638,976.00
POW PROTEAN ENERGY LTD 0.005 -64 0 $ 1,557,186.25
SRN SUREFIRE RESOURCES NL 0.002 -67 0 $ 1,256,307.25
PUR PURSUIT MINERALS LTD 0.008 -88 0 $ 1,651,098.88
XTC XANTIPPE RESOURCES LTD 0.002 -50 0 $ 6,649,129.00
MLS METALS AUSTRALIA LTD 0.001 -67 0 $ 3,207,352.75
HWK HAWKSTONE MINING LTD 0.005 -71 0 $ 4,076,590.00
4CE FORCE COMMODITIES LTD 0.012 20 0 $ 6,691,857.00
CNJ CONICO LTD 0.008 -52 0 $ 3,075,185.75
CZN CORAZON MINING LTD 0.004 -20 0 $ 8,353,255.50
JRL JINDALEE RESOURCES LTD 0.285 8 0 $ 10,970,862.00
MLM METALLICA MINERALS LTD 0.014 -50 0 $ 4,536,663.50
MIN MINERAL RESOURCES LTD 17.01 1 -1 $ 3,174,223,616.00
LIT LITHIUM AUSTRALIA NL 0.062 -24 -2 $ 34,811,960.00
SYR SYRAH RESOURCES LTD 0.53 -61 -2 $ 221,314,096.00
WKT WALKABOUT RESOURCES LTD 0.185 76 -3 $ 64,589,724.00
INR IONEER LTD 0.18 20 -3 $ 302,378,976.00
TNG TNG LTD 0.085 -19 -3 $ 95,024,064.00
E25 ELEMENT 25 LTD 0.16 -3 -3 $ 14,725,164.00
COB COBALT BLUE HOLDINGS LTD 0.13 -23 -4 $ 19,622,344.00
IDA INDIANA RESOURCES LTD 0.025 -49 -4 $ 4,587,367.50
BEM BLACKEARTH MINERALS NL 0.046 -42 -4 $ 5,341,809.50
CAZ CAZALY RESOURCES LTD 0.022 95 -4 $ 7,614,492.00
PLS PILBARA MINERALS LTD 0.3275 -50 -4 $ 722,703,872.00
AUZ AUSTRALIAN MINES LTD 0.015 -63 -6 $ 51,671,136.00
GXY GALAXY RESOURCES LTD 1.1175 -45 -7 $ 442,237,696.00
EMH EUROPEAN METALS HLDS LT-CDI 0.27 -23 -7 $ 40,960,072.00
LCD LATITUDE CONSOLIDATED LTD 0.012 -25 -8 $ 3,302,148.00
PIO PIONEER RESOURCES LTD 0.012 -29 -8 $ 18,105,106.00
DGR DGR GLOBAL LTD 0.065 -45 -8 $ 42,309,548.00
CUL CULLEN RESOURCES LTD 0.011 -35 -8 $ 2,084,113.13
BSX BLACKSTONE MINERALS LTD 0.1625 67 -9 $ 28,759,720.00
MTH MITHRIL RESOURCES LTD 0.009 100 -9 $ 4,903,892.00
RMX RED MOUNTAIN MINING LTD 0.005 -17 -9 $ 4,390,184.00
ARL ARDEA RESOURCES LTD 0.525 16 -9 $ 58,063,716.00
INF INFINITY LITHIUM CORP LTD 0.059 -12 -9 $ 12,595,497.00
JMS JUPITER MINES LTD 0.2775 16 -10 $ 538,722,560.00
KAI KAIROS MINERALS LTD 0.01 -57 -10 $ 9,177,057.00
EUC EUROPEAN COBALT LTD 0.015 -41 -11 $ 12,187,157.00
HNR HANNANS LTD 0.008 0 -11 $ 15,903,636.00
PLL PIEDMONT LITHIUM LTD 0.125 14 -11 $ 98,918,424.00
MQR MARQUEE RESOURCES LIMITED 0.055 -4 -11 $ 3,498,555.50
BUX BUXTON RESOURCES LTD 0.076 -33 -12 $ 11,428,656.00
GBE GLOBE METALS AND MINING LTD 0.016 -6 -12 $ 6,988,835.50
AGY ARGOSY MINERALS LTD 0.0745 -46 -12 $ 74,423,656.00
SYA SAYONA MINING LTD 0.013 -30 -13 $ 29,983,166.00
AMD ARROW MINERALS LTD 0.008 -50 -13 $ 6,351,768.00
AZI ALTA ZINC LTD 0.008 28 -13 $ 15,415,041.00
FEL FE LTD 0.013 -28 -13 $ 6,353,121.00
FFR FIREFLY RESOURCES LTD 0.045 -82 -13 $ 3,597,518.50
BAR BARRA RESOURCES LTD 0.019 -42 -14 $ 11,333,799.00
BSM BASS METALS LTD 0.006 -57 -14 $ 16,859,248.00
NWC NEW WORLD RESOURCES LTD 0.012 -3 -14 $ 10,478,249.00
CLA CELSIUS RESOURCES LTD 0.013 -78 -14 $ 9,086,617.00
DEV DEVEX RESOURCES LTD 0.061 34 -15 $ 11,992,874.00
WML WOOMERA MINING LTD 0.015 -65 -15 $ 3,112,298.25
OMH OM HOLDINGS LTD 0.42 -69 -15 $ 310,221,792.00
SO4 SALT LAKE POTASH LTD 0.63 42 -16 $ 185,785,472.00
RNU RENASCOR RESOURCES LTD 0.01 -52 -17 $ 13,181,516.00
LKE LAKE RESOURCES NL 0.04 -22 -17 $ 20,651,752.00
NVA NOVA MINERALS LTD 0.039 129 -17 $ 39,923,020.00
EUR EUROPEAN LITHIUM LTD 0.082 -9 -17 $ 51,459,724.00
HXG HEXAGON ENERGY MATERIALS LTD 0.049 -61 -18 $ 14,914,103.00
ZNC ZENITH MINERALS LTD 0.052 -22 -19 $ 12,168,002.00
LRS LATIN RESOURCES LTD 0.004 -91 -20 $ 1,389,463.13
WCN WHITE CLIFF MINERALS LTD 0.004 -47 -20 $ 1,881,399.50
HIP HIPO RESOURCES LTD 0.016 23 -20 $ 6,184,167.50
GNM GREAT NORTHERN MINERALS LTD 0.008 -73 -20 $ 2,775,486.75
POS POSEIDON NICKEL LTD 0.037 -21 -21 $ 87,209,160.00
TKL TRAKA RESOURCES LTD 0.007 -53 -22 $ 2,803,240.75
GPX GRAPHEX MINING LTD 0.105 -40 -23 $ 12,114,925.00
HAV HAVILAH RESOURCES LTD 0.096 -44 -23 $ 24,561,186.00
GME GME RESOURCES LTD 0.046 -47 -23 $ 23,287,174.00
PAN PANORAMIC RESOURCES LTD 0.22 -51 -23 $ 175,519,984.00
LPD LEPIDICO LTD 0.013 -18 -24 $ 60,237,688.00
SEI SPECIALITY METALS INTERNATIO 0.035 108 -24 $ 41,379,644.00
PSC PROSPECT RESOURCES LTD 0.175 -20 -24 $ 42,978,556.00
AML AEON METALS LTD 0.135 -52 -24 $ 94,859,760.00
THR THOR MINING PLC-CDI 0.006 -71 -25 $ 6,459,881.00
ADV ARDIDEN LTD 0.003 -25 -25 $ 5,365,560.50
AYR ALLOY RESOURCES LTD 0.0015 -50 -25 $ 3,133,016.00
VML VITAL METALS LTD 0.009 13 -25 $ 19,283,502.00
DTM DART MINING NL 0.067 -33 -26 $ 3,947,580.25
VR8 VANADIUM RESOURCES LTD 0.023 -79 -27 $ 8,234,103.50
DHR DARK HORSE RESOURCES LTD 0.0025 -38 -29 $ 6,160,990.50
AEE AURA ENERGY LTD 0.005 -69 -29 $ 7,646,786.00
CHK COHIBA MINERALS LTD 0.01 -23 -29 $ 6,646,142.50
KTA KRAKATOA RESOURCES LTD 0.03 12 -30 $ 6,125,000.00
NXE NEW ENERGY MINERALS LTD 0.009 -73 -31 $ 1,500,247.25
MRR MINREX RESOURCES LTD 0.008 -58 -33 $ 767,021.81
MTB MOUNT BURGESS MINING NL 0.002 -60 -33 $ 1,064,258.75
MEI METEORIC RESOURCES NL 0.025 213 -34 $ 28,041,996.00
SUH SOUTHERN HEMISPHERE MINING 0.015 -52 -44 $ 1,417,042.13
MNS MAGNIS ENERGY TECHNOLOGIES L 0.1 -69 -45 $ 66,312,192.00

 

Battery development

Chandrasekaran also noted that the coming decade would see the focus for battery development shift from cost and range to energy density and charging capacity.

“With one of the most advanced battery packs in the automotive industry, the Tesla Model 3 pack has an energy density of 160Wh/kg [watt-hours per kilogram],” he said.

“The 75kWh [kilowatt-hour] pack weighs approximately 480kg, representing about a quarter of the vehicle’s weight.

“An increase in energy density reduces the weight of the battery and thus the vehicle. This reduces the total pack size needed to achieve the target range, in turn reducing the weight of the battery further.”

Woodmac expects the energy density of lithium-ion batteries to rise by 25 per cent to 35 per cent over the next decade, though this does not account for next-generation technologies, such as solid state and lithium-sulphur batteries.

Increasing vehicle efficiency along with the expected reduction in battery costs is likely to reduce BEV prices.

Charging capacity is also on the cusp of similar changes.

Chandrasekaran says that while current 50kW fast chargers can provide about 40 miles of range in 10 minutes, it does not solve the problem of taking longer trips, as it would take between 30 to 40 minutes of charging to store enough energy for a 200 mile trip.

“An effective charge rate of 300kW can provide 200 miles of range in 10 minutes for an average car. A strong network of chargers with this capacity along major highways would mitigate fears of not being able to take a long trip,” said Chandrasekaran.

Woodmac noted that a combination of higher energy density batteries and a network of high-capacity fast chargers could propel BEV adoption from 14 per cent to 30 to 40 per cent.

Another fledgling technology that could boost BEV adoption is dynamic electric vehicle charging (DEVC), which can charge a car that is moving at highway speeds.

“This technology is a game changer,” Chandrasekaran explained.

“It will encourage manufacturers to make – and customers to buy – vehicles with much smaller battery packs. This will trigger a snowballing effect on cost, weight and range.

“In fact, a breakthrough in DEVC technology has the potential to propel BEV market penetration to 70-80 per cent. However, there is a long way to go before the technology can be considered commercially viable and scalable.”

He added that to achieve a high market penetration, BEVs had to appeal to masses by being cheap, reliable and convenient to charge.