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Mexico boosts imports of lithium-ion electric accumulators

Mexico increased its imports of lithium-ion electric accumulators by 40% in 2023, to US$3.751 billion.Lithium-ion batteries are found in many products, from electric vehicles to smaller consumer products such as cell phones, laptops and headphones.Imports of lithium-ion electric accumulators to Mexico have grown year-over-year, as follows:

  • 505 million dollars in 2019.
  • 816 million dollars in 2020.
  • 1,803 million dollars in 2021.
  • 2,684 million dollars in 2022.
  • 3,751 million dollars in 2023.

According to Expion360, the trend toward vehicle electrification is expected to be a major catalyst for lithium composites growth over the next decade and beyond. Research And Markets projects global electric vehicle market demand to reach $1.66 trillion by 2030, expanding at a compound annual growth rate of 14.5% during the forecast period. 

Electric accumulators

Globally, the market is driven by initiatives taken by governments of various countries to promote electric vehicle manufacturing. Who were the leading external suppliers of lithium-ion electric accumulators in Mexico in 2023?

  • Poland: US$1.698 billion (+15 percent year-over-year).
  • China: US$687 million (+26 percent).
  • United States: US$629 million (+531 percent).
  • Malaysia (US$265 million (+87 percent).
  • Japan ($164 million (-3 percent).
  • Germany: $108 million (+108 percent).

Prices

Flux Power refers that lithium-ion battery solutions could not compete with lead-acid and propane-based solutions in industrial applications in terms of cost before. However, the supply of lithium-ion batteries has expanded rapidly, leading to price drops of 85% since 2010, according to BloombergNEF. BloombergNEF also estimates that lithium-ion battery prices, which averaged $1,160 per kilowatt-hour in 2010, were $156 per kWh in 2019 and could fall below $100 per kWh by 2024.