Increasing Electric Vehicle Adoption To Take Cathode Material for Automotive Lithium-Ion Battery Market to $3,777.8 Million by 2030

In 2019, 2.1 million electric vehicle (EV) sales were registered worldwide, and by 2030, the number of EVs in operation will reach 130 million. The demand for these automobiles is increasing on account of the surging environmental concerns and strong government support. As a result, the global cathode material for automotive lithium-ion battery market will grow from $1,744.9 million in 2019 to $3,777.8 million by 2030, at a 6.9% CAGR during 2020-2030.

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Since all EVs have a battery, the demand for the latter is surging owing to the adoption of the former. This is helping the cathode material for automotive lithium-ion battery market advance, as, with the increasing requirement for batteries, the consumption of materials that make up its various chemical components, such as the cathode, anode, and electrolyte, is rising as well. The voltage and capacity of a lithium-ion battery are determined by the cathode, which is why cathode materials remain in high demand.

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The lithium-ferrophosphate (LFP) category held the largest share in the cathode material for automotive lithium-ion battery market in the past, on the basis of type. The biggest advantage of LFP batteries is their higher energy density, which allows for a longer driving range per charge. Moreover, these batteries also take longer to self-heat than those with other cathode materials, therefore do not deteriorate that quickly.

In the years to come, the highest revenue CAGR, of 7.8%, in the cathode material for automotive lithium-ion battery market is projected to be seen by the passenger car division, based on vehicle type. The government in countries such as China and the U.S. is giving a strong push to the adoption of electric cars. This is impelling battery manufacturers and automakers to come up with fully electric cars that offer higher driving range on a full charge.

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