The cathode material for automotive lithium-ion battery market will power at a rate of 6.9% in the years to come, and reach to a value of USD 3,777.8 million by 2030, as said by a market research institution P&S Intelligence.

The growth of the industry will be powered by the increasing acceptance of EVs, nonstop drop in the prices of cathode materials, and development of the energy storage battery market.

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BEV will be the largest and fastest-growing category in the years to come. This leading share has a lot to do with the fact that the integration rate of lithium-ion batteries is considerably higher in these automobiles, as the average capacity of the battery of a BEV has to be much advanced than HEV and PHEV.

The increasing acceptance of EV globally is the most significant factor contributing toward the high requirement for lithium-ion batteries, which is powering the growth of the market.

Therefore, with such a massive growth in EV sales, the requirement for their raw materials and components will also increase. The rise in EV acceptance is itself driven by two main factors, specifically the increasing environmental concerns and support of the government for their acceptance.

The fastest growth will be observed by the passenger car category. This would chiefly be as a result of the robust push by the governments of main automobile markets, for example the U.S and China, for producing novel energy cars and the increasing requirement for fully electric passenger cars with high-range-per-charge features.

APAC dominated the cathode material for automotive lithium-ion battery market, and it will remain the dominant in the years to come. This is mostly credited to the high production and sales of EVs in China, which accounts for over 50% of the market share; it will dominate the market in the years to come as well.

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The sale of lithium-ion-battery-based E-buses and trucks in China are the highest, which makes the Chinese industry the biggest, with regards to the need for automotive lithium-ion batteries.

LAMEA will advance with the highest rate in the future. This is because of the fact that the total consumption of automotive lithium- ion batteries was about 1.6 GWh in 2019, with regards to the capacity, which will reach 7.6 GWh in 2024.