New York, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cathode Material for Automotive Lithium-Ion Battery Market" - https://www.reportlinker.com/p05996761/?utm_source=GNW
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.
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.
Geographically, the cathode material for automotive lithium-ion battery market would demonstrate the fastest growth in the Latin America, Middle East, and Africa (LAMEA) region in the upcoming years, as per the forecast of P&S Intelligence, a market research company based in India. This is credited to the fact that the total usage of the automotive lithium-ion batteries is predicted to rise from nearly 1.6 GWh in 2019to 7.6 GWh in 2024.
Read the full report: https://www.reportlinker.com/p05996761/?utm_source=GNW

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