Electric vehicles (EVs) have been garnering wide attention over conventional fossil fuel-based vehicles due to the serious concerns of environmental pollution and crude oil depletion. In this article, we have conducted a systematic literature survey to explore the battery raw material supply chain, material processing, and the economy behind the commodity price appreciation. We present significant areas of concern, including resource reserves, supply, demand, geographical distribution, battery reuse, and recycling industries. Furthermore, details of the battery supply chain and its associated steps are illustrated. The authors believe the presented study will be an information cornerstone in boosting manufacturing and understanding the key components and materials required to facilitate EV battery production. Further, this study discusses the major industries, and their policies and global market share in each material category.