The global cathode material for automotive lithium-ion battery industry is projected to be valued at $3,777.8 million by 2030.
Due to the strong concerns regarding the degradation of the environment by carbon emissions, the demand for electric vehicles (EV) is skyrocketing around the world. As per the International Energy Agency (IEA), in 2010, there were merely 17,000 electric cars on the roads, and by 2019, their number had swollen massively to 7.2 million! As these vehicles either do not have an internal combustion engine (ICE) or have one, which is supplemented by another power source to cut down on the emissions, the battery becomes really important.
Thus, as per P&S Intelligence, the burgeoning EV sales will propel the cathode material for automotive lithium-ion battery market size from $1,744.9 million in 2019 to $3,777.8 million by 2030, at a 6.9% CAGR during 2020–2030 (forecast period). Every battery, be it for transportation purposes or any other, has three components: the negatively charged cathode, positively charged anode, and the electrolyte, which is the medium for the ion exchange. The power output of the battery depends on the cathode; thus, more the electrons the cathode has, the stronger will be the current.
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Therefore, with the increasing demand for EVs, the requirement for batteries is rising,...
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