The lithium iron phosphate battery market volume will reach US$

PUNE, India, Sept. 07, 2022 (GLOBE NEWSWIRE) — Lithium Iron Phosphate Battery Market Size is forecast to reach US$ 49.96 billion in 2028 at a CAGR of 25.6%. The global luxury car rental market was valued at $8.37 billion in 2020. According to the study, high demand for LifePO4 batteries for passenger cars and electric vehicles will drive the growth of the industry. Lithium iron phosphate (LFP) batteries have gained popularity by offering high voltage, power density, long life cycle, less heat and increased safety. The rapid demand for electric vehicles (EVs) will increase the popularity of LFP battery components.

Major players profiled in the market report

  • BYD (China)
  • A123 system (South Korea)
  • Contemporary Amperex Technology Co. Ltd (CATL) (China)
  • Bharat Power Solutions (India)
  • Power-Sonic Corporation (USA)
  • RELion batteries (USA)
  • Electric Vehicle Power System Technology Co. Ltd. (China)
  • K2 Energy (USA)
  • Lithium Werks (USA)
  • Greensun Solar Energy Tech Co., Ltd (China)
  • British Volt (UK)
  • Batteries Morrow (Norway)

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Key industry events

  • April 2021 – The International Center for Prospective Research of Powder Metallurgy and New Materials has developed a technology for the production of lithium-iron-phosphate cathode materials for lithium-ion batteries.
  • October 2020 – Toyota and Panasonic have announced a joint venture to produce lithium-ion batteries for hybrid vehicles in western Japan starting in 2022. They believe this could help them meet the growing demand for electric vehicles.

Report Scope and Segmentation:

Report coverage Details
Forecast period 2021-2028
Forecast period 2021 to 2028 CAGR 25.6%
Cost projection for 2028 49.96 billion dollars
Base year 2020 year
Market size in 2020 8.37 billion US dollars
Historical data for 2017-2019
Number of pages 190
Covered segments Type, application and region
Growth drivers Increasing application of batteries in power grids and energy storage systems to play a critical role
Falling prices for lithium-ion batteries have catalyzed adoption across sectors

Market drivers

Expanding grid presence and lower battery prices increase growth potential

With the need for pollution control on the rise, end users have shown great interest in infusing funds into LFP batteries. It should be noted that manufacturers of grids and energy storage have shown a preference for batteries for minimal installation space, low self-discharge rate and low-cost solutions. In addition, lower prices for lithium-ion batteries have led to the adoption of advanced technologies. Industry players are likely to pour funds into components following a surge in demand from end applications.

Meanwhile, the growing penetration of lead-acid batteries and lithium-air batteries in electric vehicles, consumer electronics and energy storage systems could spoil the business outlook. Moreover, the trend towards flywheel batteries may also challenge LFP battery manufacturers.

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Highlights of the report:

The report is prepared strictly using quantitative and qualitative analysis. The report also includes secondary sources, including SEC filings, annual reports, and studies published by prominent organizations. Moreover, the use of primary sources, such as interviews with stakeholders and suppliers, contributed to the integrity of the report. The report also includes top-down and bottom-up approaches to provide product mapping and enhancement evaluation.

Impact of COVID-19

End users are rethinking strategies to get a foothold amid the COVID-19 pandemic

The impact of the COVID-19 pandemic has had a profound impact on the automotive industry. The supply chain for key components has been disrupted in the Asia-Pacific region, with China and India at the receiving end of the blockade. In addition, shutdowns or temporary shutdowns of manufacturing plants have not contributed to the growth of the lithium iron phosphate battery market.

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Regional information:

Asia Pacific to see significant investment following rise in electric vehicles

  • The lithium iron phosphate battery market in Asia Pacific is valued at USD 4.05 billion in 2020 and will grow due to the increasing penetration of electric vehicles. Automakers in China, India, Japan and Australia are likely to invest in LFP batteries. Given the surge in demand for laptops, smartphones and other electronic devices, the Asia Pacific region could provide promising growth opportunities for battery manufacturers.
  • Businesses in the industry see Europe as a happy hunting ground due to escalating environmental problems. Lithium-ion battery suppliers have stepped up investment in France, Germany and the UK to keep up with the zero-emission target by 2050. Watchdogs such as the European Battery Partnership Association and the European Commission are likely to launch public-private partnerships to boost research activities in the region.
  • Stakeholders are likely to increase the North America lithium iron phosphate battery market share amid the presence of leading manufacturers. It is noteworthy that the government’s optimistic policy, including incentives, will bode well for regional growth. Increasing sales of electric vehicles will likely increase production of LFP batteries.

The competitive landscape

Industry players will invest in expanding their product portfolio to gain competitive advantage

The competitive scenario in the market shows that leading companies will emphasize organic and inorganic strategies including mergers and acquisitions, technological advancements, product launches and research and development activities.


type, application, and region are explored for the market

In terms of type, the market is segmented into stationary batteries and portable batteries.

In terms of application, the market is segmented into energy storage systems, automotive, consumer electronics, industrial, and others.

On the basis of geography, the report includes North America, Asia Pacific, Europe, Latin America, Middle East and Africa.

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  • Introduction
    • Scope of research
    • Market segmentation
    • Research methodology
    • Definitions and assumptions
  • Summary
  • Market dynamics
    • Market drivers
    • Market restrictions
    • Market opportunities
  • Key ideas
    • Major new trends
    • Key developments: mergers, acquisitions, partnerships, etc.
    • Recent technological advances
    • The regulatory landscape
    • Porter’s Five Forces Analysis
  • Qualitative analysis – Impact of COVID-19
    • Impact of COVID-19 on the Lithium Iron Phosphate Battery Market
    • Steps taken by the government to overcome the consequences
    • Key industry developments in response to COVID-19
    • Potential Opportunities and Challenges Due to the COVID-19 Outbreak
  • Global Lithium Iron Phosphate Battery Market Analysis (US$ Billion), Information and Forecast, 2017-2028.
    • Main results / Summary
    • Market Analysis, Insights and Forecast – By Type
      • Portable battery
      • Stationary battery
    • Market analysis, insight and forecast – by request
      • Automotive
      • Industrial
      • Energy storage system
      • Household electronics
      • Others
    • Market analysis, insight and forecast – by region
      • North America
      • Europe
      • Asia-Pacific region
      • Latin America
      • Middle East and Africa
  • North America Lithium Iron Phosphate Battery Market Analysis (US$ Billion), Information and Forecast, 2017-2028.


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