Boom Expected in Global Cathode Material for Automotive Lithium-Ion Battery Market in Future
The global cathode material for automotive lithium-ion battery market generated a revenue of $1,744.9 million in 2019 and is predicted to advance at a CAGR of 6.9% between 2020 and 2030. The market is expected to attain a valuation of $3,777.8 million by 2030. The growing usage of electric vehicles, rapid fall in the costs of cathode materials, and the growth of the energy storage battery industry are the key factors driving the advancement of the market.
Cathode Material for Automotive Lithium-Ion Battery Market Research Report@ https://www.psmarketresearch.com/market-analysis/cathode-material-automotive-lithium-ion-battery-market
With increasing environmental degradation and the deteriorating air quality levels in several countries, the deployment of electric vehicles is increasing rapidly. This is, in turn, pushing up the requirement for lithium-ion batteries, which is subsequently causing the expansion of the cathode material for automotive lithium-ion battery market. According to many reports, over 2.1 million electric cars were sold across the globe in 2019 and this number is predicted to rise beyond 130 million by 2030.
Nowadays, cathode material accounts for around 25–30% of the manufacturing cost of a lithium-ion battery. The original equipment manufacturers (OEMs) manufacturing cathode materials are focusing on developing these materials at more affordable prices. The availability of these materials at lower prices than before is boosting their sales, which is, in turn, fueling the growth of the cathode material for automotive lithium-ion battery market. The expanding energy storage battery industry is another major factor driving the progress of the market.
Depending on vehicle type, the market is classified into commercial vehicles, passenger cars, and two-wheelers. Amongst these, the passenger car category registered the highest growth in the market in the past years and this trend is predicted to continue in the coming years as well. This would be a result of the lucrative financial incentives being launched andprovided to end users and electric car manufacturing companies, especially in the U.S. and China, for promoting the deployment of electric cars.
When type is taken into consideration, the cathode material for automotive lithium-ion battery market is divided into lithium–ferrophosphate (LFP),lithium-ion–manganese oxide (LMO),lithium–titanate oxide (LTO),lithium–nickel–cobalt–manganese/lithium–nickel–manganese–cobalt (NMC), and lithium–nickel–cobalt–aluminum oxide (NCA). Out of these, the NCA category is predicted to exhibit the fastest growth in the market in the forthcoming years, on account of the fact that the NCA batteries have higher energy densities than the others.
The global cathode material for automotive lithium-ion battery market generated a revenue of $1,744.9 million in 2019 and is predicted to advance at a CAGR of 6.9% between 2020 and 2030. The market is expected to attain a valuation of $3,777.8 million by 2030. The growing usage of electric vehicles, rapid fall in the costs of cathode materials, and the growth of the energy storage battery industry are the key factors driving the advancement of the market.
Cathode Material for Automotive Lithium-Ion Battery Market Research Report@ https://www.psmarketresearch.com/market-analysis/cathode-material-automotive-lithium-ion-battery-market
With increasing environmental degradation and the deteriorating air quality levels in several countries, the deployment of electric vehicles is increasing rapidly. This is, in turn, pushing up the requirement for lithium-ion batteries, which is subsequently causing the expansion of the cathode material for automotive lithium-ion battery market. According to many reports, over 2.1 million electric cars were sold across the globe in 2019 and this number is predicted to rise beyond 130 million by 2030.
Nowadays, cathode material accounts for around 25–30% of the manufacturing cost of a lithium-ion battery. The original equipment manufacturers (OEMs) manufacturing cathode materials are focusing on developing these materials at more affordable prices. The availability of these materials at lower prices than before is boosting their sales, which is, in turn, fueling the growth of the cathode material for automotive lithium-ion battery market. The expanding energy storage battery industry is another major factor driving the progress of the market.
Depending on vehicle type, the market is classified into commercial vehicles, passenger cars, and two-wheelers. Amongst these, the passenger car category registered the highest growth in the market in the past years and this trend is predicted to continue in the coming years as well. This would be a result of the lucrative financial incentives being launched andprovided to end users and electric car manufacturing companies, especially in the U.S. and China, for promoting the deployment of electric cars.
When type is taken into consideration, the cathode material for automotive lithium-ion battery market is divided into lithium–ferrophosphate (LFP),lithium-ion–manganese oxide (LMO),lithium–titanate oxide (LTO),lithium–nickel–cobalt–manganese/lithium–nickel–manganese–cobalt (NMC), and lithium–nickel–cobalt–aluminum oxide (NCA). Out of these, the NCA category is predicted to exhibit the fastest growth in the market in the forthcoming years, on account of the fact that the NCA batteries have higher energy densities than the others.
Boom Expected in Global Cathode Material for Automotive Lithium-Ion Battery Market in Future
The global cathode material for automotive lithium-ion battery market generated a revenue of $1,744.9 million in 2019 and is predicted to advance at a CAGR of 6.9% between 2020 and 2030. The market is expected to attain a valuation of $3,777.8 million by 2030. The growing usage of electric vehicles, rapid fall in the costs of cathode materials, and the growth of the energy storage battery industry are the key factors driving the advancement of the market.
Cathode Material for Automotive Lithium-Ion Battery Market Research Report@ https://www.psmarketresearch.com/market-analysis/cathode-material-automotive-lithium-ion-battery-market
With increasing environmental degradation and the deteriorating air quality levels in several countries, the deployment of electric vehicles is increasing rapidly. This is, in turn, pushing up the requirement for lithium-ion batteries, which is subsequently causing the expansion of the cathode material for automotive lithium-ion battery market. According to many reports, over 2.1 million electric cars were sold across the globe in 2019 and this number is predicted to rise beyond 130 million by 2030.
Nowadays, cathode material accounts for around 25–30% of the manufacturing cost of a lithium-ion battery. The original equipment manufacturers (OEMs) manufacturing cathode materials are focusing on developing these materials at more affordable prices. The availability of these materials at lower prices than before is boosting their sales, which is, in turn, fueling the growth of the cathode material for automotive lithium-ion battery market. The expanding energy storage battery industry is another major factor driving the progress of the market.
Depending on vehicle type, the market is classified into commercial vehicles, passenger cars, and two-wheelers. Amongst these, the passenger car category registered the highest growth in the market in the past years and this trend is predicted to continue in the coming years as well. This would be a result of the lucrative financial incentives being launched andprovided to end users and electric car manufacturing companies, especially in the U.S. and China, for promoting the deployment of electric cars.
When type is taken into consideration, the cathode material for automotive lithium-ion battery market is divided into lithium–ferrophosphate (LFP),lithium-ion–manganese oxide (LMO),lithium–titanate oxide (LTO),lithium–nickel–cobalt–manganese/lithium–nickel–manganese–cobalt (NMC), and lithium–nickel–cobalt–aluminum oxide (NCA). Out of these, the NCA category is predicted to exhibit the fastest growth in the market in the forthcoming years, on account of the fact that the NCA batteries have higher energy densities than the others.