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The electric vehicle market is expected to witness exponential growth by 2030, with President Joe Biden's Inflation Reduction Act supporting North American companies that mine critical minerals and metals used in EV batteries. Among these crucial resources, lithium has drawn significant attention.
According to the Edison Electric Institute, a forecast suggests that the number of electric vehicles on U.S. roads will surge to 26.4 million by 2030, showing a notable increase from the previously projected figure of 18.7 million stated in the 2018 report. Globally, the EV market is anticipated to be valued at $951.9 billion by 2030.
As per the figures from the U.S. Department of Energy Science and Engineering, approximately 25 pounds of lithium are required for each EV battery, making this metal highly sought after in the clean energy transition.
Sprott Lithium Miners ETF (NYSE:LITP) tracks 48 lithium mining companies and corresponds to the total return performance of the Nasdaq-listed Sprott Lithium Miners Index. LITP is the only pure-play U.S.-listed ETF focusing on lithium miners, who will be critical in supplying the mineral, which is essential to EV batteries.
The three largest holdings within LITP are Pilbara Minerals Ltd., weighted at 11.07%, Sociedad Quimica y Minera de Chile SA, weighted at 10.55% and Albemarle Corp. (NYSE:ALB), which is weighted at 10.01%.
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The LITP Chart: LITP was trading flat on Friday after dropping about 2.7% on Thursday, which came following a 3% bounce between Tuesday and Wednesday. Over the last 5 trading days, the ETF has been holding support near the $17 range.
Read More: Best Lithium Stocks Right Now