Lithium Iron Phosphate Batteries Market Forecast, Developments & Future Scope To 2027

[Mayur Yewale]

The Global Lithium Iron Phosphate Batteries Market Size is projected to be valued at USD 11.11 Billion by 2025, with 4.97% CAGR during the forecast period, 2019–2025. Lithium iron phosphate batteries are rechargeable batteries that feature LiFePO4 as a cathode. These batteries are one of the types of lithium-ion batteries, which is capable of charging as well as discharging at a higher rate when compared to other types of batteries.  These batteries are also known as lithium ferrophosphate batteries. These lithium iron phosphate batteries are used in various applications, such as electric vehicles, portable instruments, power tools, electronic devices, and small medical equipment.

In 2018, Asia-Pacific dominated the lithium iron phosphate batteries market in terms of share: MRFR

The lithium iron phosphate batteries market has been segmented into five regions, namely, Asia-Pacific, the Middle East & Africa, Europe, North America, and South America. Asia-Pacific is expected to hold the share of the lithium iron phosphate batteries market and is also expected to grow at the fastest rate during the forecast period, primarily due to the growing demand for electric vehicles in the region. In the region, China held the largest market share in 2018 and is expected to grow at the fastest rate during the forecast period due to the increasing demand for Chinese electrical equipment globally. In North America, the US held the largest share in 2018 and is expected to grow at the fastest rate during the forecast period, primarily due to the rising demand for electric vehicles in the country. In Europe, the UK held the largest market share in 2018 due to the increasing demand for batteries in the power generation sector. Norway is expected to grow at the fastest rate during the forecast period due to the increasing focus on adopting electric vehicles in the country. In the Middle East & Africa, Saudi Arabia held the largest market share in 2018, primarily due to the need for energy storage, which is being harnessed from renewable energy sources. The UAE is expected to grow at the fastest CAGR in the region due to the growing adoption of electric vehicles in the country. In South America, Brazil held the largest market share in 2018 and is expected to grow at the fastest CAGR during the forecast period, primarily due to the growing use of renewable energy for energy generation in the country.

The Global Lithium Iron Phosphate Batteries Market has been segmented based on power capacity, industry, voltage, and application. On the basis of power capacity, the global market includes Up to 16,250 mAh, 16,251–50,000 mAh, 50,001–100,000 mAh, and 100,001–540,000 mAh. The 16,251–50,000 mAh segment is expected to hold the largest Lithium Iron Phosphate Batteries Market Share and grow at the fastest rate during the forecast period due to its extensive applications in the automotive industry. On the basis of industry, the global market is segmented into automotive, power, industrial, and others. The automotive segment is expected to grow with the highest CAGR during the forecast period as government bodies across the globe are focusing on the adoption of electric vehicles. On the basis of voltage, the global lithium iron phosphate batteries market is segmented into Up to 3.2 KV, 3.2–12 KV, 12–20 KV, and above 20 KV.  The 12–20 KV segment is expected to hold the largest market share during the forecast period and is also expected to grow at the fastest rate during the forecast period. Based on the application, the global market is segmented into portable, stationary, and others. The portable segment is expected to hold the highest market share during the forecast period due to the widespread adoption of portable lithium iron phosphate batteries in the automotive industry.

Scope of the Report

This report provides an in-depth analysis of the global lithium iron phosphate batteries market, tracking four market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights the market size and shares for North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global lithium iron phosphate batteries market by power capacity, industry, voltage, application, and region.

Key Players

The Key Players operating in the Global Lithium Iron Phosphate Batteries Market are Victron Energy (Netherlands), Contemporary Amperex Technology (China), Lithium Werks (Netherlands), Bharat Power Solution (India) Power Sonic Corporation (US), RELiON Batteries (US), K2 Energy (US), A123 Systems (US), Electric Vehicle Power System Technology Co., Ltd. (China), BYD (China), Shenzhen Bak Technology (China), and Greensun Solar Energy Tech Co., Limited (China).

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