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.
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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 cathode material for automotive lithium-ion battery market.
Depending on vehicle type, the cathode material for automotive lithium-ion battery 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 and provided to end users and electric car manufacturing companies, especially in the U.S. and China, for promoting the deployment of electric cars.
Thus, it is clear that the market would exhibit huge expansion all over the globe in the years to come, primarily because of the growing deployment of electric vehicles and the rapid fall in the prices of cathode materials throughout the world.
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