Cobalt Free Cathode Market - Regional Analysis
APAC Market Insights
Asia Pacific industry is expected to hold largest revenue share by 2035. The market’s growth can be attributed majorly to the presence of major automobile manufacturers in the region. Moreover, increasing sales of electric vehicle, backed by increasing disposable income in the region, and growing environmental awareness among the people are anticipated to encourage regional market growth. According to the data from the IEA, 47% of the total EVs running across the globe, were in China, in 2019. The rising adoption of people and concern of the government on eco-friendly products is estimated to drive market growth in this region.
Europe Market Insights
On the other hand, the increasing replacement of cobalt with lithium-ion batteries is also expected to propel the growth of the market in the coming years in Europe. The rising digitalization in the region with growing demand for software is driving the market growth as per the market analysis. The increasing economic standards and spending capacity of people to buy consumer electronics including smartphones and other electronic devices are also driving the market growth in this region.
North American Market Insights
The market in the North American region is anticipated to gain the largest market share throughout the forecast period owing to the increasing adoption of electric vehicles in developed countries, such as the U.S. and Canada. According to the report by IEA, over 231,088 battery-powered electric cars were sold in the US in 2020.
