Battery Electric Vehicle (BEV) To Be Largest and Fastest-Growing Category during Forecast PeriodīEV is expected to remain the largest and fastest-growing category in the cathode material for automotive lithium-ion battery market over the forecast period, when segmented on the basis of vehicle technology. This would primarily be due to the strong push by the governments of major automobile markets, such as China and the U.S., for producing new-energy cars and the rising demand for fully electric passenger cars with high-range-per-charge features. The fastest growth during the forecast period is expected from the passenger car category, when the cathode material for automotive lithium-ion battery market is segmented based on vehicle type. Passenger Car Category To Exhibit Fastest Growth during Forecast Period The dominance of the category is attributed to the higher energy density, as well as the lower self-heating rate of this material as compared to others. Furthermore, the category is projected to continue holding a significant share in the industry in the forecast period. In 2019, the cathode material for automotive lithium-ion battery market was led by LFP, when segmented on the basis of type. Lithium Ferrophosphate (LFP) Category Held Largest Market Share in 2019 Furthermore, there has been a reduced production of electric vehicles as a consequence of the low demand for non-essential goods.
Moreover, the pandemic negatively impacted the supply chain across numerous industry verticals during the first two quarters of 2020. The growth of the industry is expected to be propelled by the increasing adoption of electric vehicles, continuous reduction in the prices of cathode materials, and expansion of the energy storage battery market.ĭue to COVID-19, suppliers in the cathode material for automotive lithium-ion battery market across the world are facing challenges, due to the lower demand for lithium-ion batteries and restrictions in manufacturing and trading activities, which are leading to low supply. Valued at $1,744.9 million in 2019, the global cathode material for automotive lithium-ion battery market is projected to advance with a CAGR of 6.9% during the forecast period (2020–2030). Cathode Material for Automotive Lithium-Ion Battery Market Overview
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