Lithium Iron Phosphate Battery Market Size Will Reach USD 49.96 Billion By 2028 | Present a CAGR of 25.6%

Pune, India, September 07, 2022 (GLOBE NEWSWIRE) — Lithium iron phosphate battery market size is expected to reach USD 49.96 billion in 2028, at a CAGR of 25.6%. The global luxury car rental market size was USD 8.37 billion in 2020. According to the study, strong demand for LifePO4 batteries for passenger cars and electric vehicles will drive the growth of the industry. Lithium Iron Phosphate (LFP) batteries have grown in popularity for offering high voltage, power density, long cycle life, less heating, and increased safety. The growing demand for electric vehicles (EV) will drive the popularity of LFP battery components.

Key Players Profiled in the Market Report

  • BYD Company (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 Works (USA)
  • Greensun Solar Energy Tech Co., Ltd (China)
  • Britishvolt (UK)
  • Morrow Batteries (Norway)

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Key Industry Developments

  • April 2021 – The International Center for Advanced Research in 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 build lithium-ion batteries for hybrid cars in western Japan from 2022. They believe this could help them meet growing demand for electric vehicles.


Report Scope and Segmentation:

Report cover Details
Forecast period 2021-2028
Forecast Period 2021 To 2028 CAGR 25.6%
2028 value projection $49.96 billion
Year of reference 2020
Market size in 2020 $8.37 billion
Historical data for 2017-2019
Number of pages 190
Segments Covered Type, application and region
Growth engines Increased adoption of batteries in power grids and energy storage systems to play critical role
Falling lithium-ion battery prices have catalyzed adoption in various industries

Market factors

Rising power grid footfall and lower battery prices drive growth potential

As the need to reduce pollution increases, end users have shown a strong interest in injecting funds into LFP batteries. Manufacturers of grids and energy storage devices have shown a battery trend for minimal installation space, low self-discharge rate and low cost solutions. Additionally, falling lithium-ion battery prices have led to the adoption of advanced technologies. Industry participants are likely to inject funds into components following the increase in demand from end-use applications.

Meanwhile, the increasing penetration of lead-acid batteries and lithium-air batteries in electric vehicles, consumer electronics and energy storage systems could tarnish business prospects. Moreover, the flywheel battery trend is also likely to challenge LFP battery manufacturers.

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Report Highlights:

The report is rigorously prepared using quantitative and qualitative analyses. The report also includes secondary sources, including SEC filings, annual reports, and studies published by leading organizations. Additionally, the use of primary sources, such as interviews with stakeholders and vendors, furthered the integrity of the report. The report also includes both top-down and bottom-up approaches to provide product mapping and augment estimates.

Impact of COVID-19

End users are rethinking their strategies to prevail in the face of the COVID-19 pandemic

The consequences of the COVID-19 pandemic have had a decisive impact on the automotive industry. The supply chain for major components has been disrupted across Asia-Pacific, with China and India being the recipients, due to the lockdowns. Additionally, the closure or temporary halt of manufacturing plants did not bode well for the growth of the lithium iron phosphate battery market.

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Regional outlook:

Asia-Pacific will see a flurry of investment following the growth of electric vehicles

  • The size of the lithium iron phosphate battery market in Asia-Pacific stood at USD 4.05 billion in 2020 and will grow thanks to the growing penetration of electric vehicles. Automakers in China, India, Japan and Australia will likely pour funds into LFP batteries. Given the surge in demand for laptops, smartphones and other electronic devices, Asia-Pacific could offer promising growth opportunities for battery manufacturers.
  • Industry players see Europe as a happy hunting ground in the face of escalating environmental concerns. Lithium-ion battery suppliers have increased investment in France, Germany and the UK to meet the goal of zero emissions by 2050. Watchdogs, such as the European Battery Partnership Associations and the European Commission, should deploy public-private partnerships. partnerships to strengthen research activities in the region.
  • Stakeholders are likely to increase the lithium iron phosphate battery market share in North America amid the presence of prominent manufacturers. Notably, bullish government policies including incentives will bode well for regional growth. Rising electric vehicle sales are expected to boost LFP battery production.

Competitive landscape

Industry participants will invest in product portfolio expansion to gain competitive advantage

The competitive scenario of the market indicates that major companies will emphasize both organic and inorganic strategies, including mergers and acquisitions, technological advancements, product launches, and R&D activities.

segments:

Genre, Application, and Region are studied for the Market

In terms of type, the market is separated into stationary battery and portable battery.

Regarding application, the market is segmented into energy storage system, automotive, consumer electronics, industrial and others.

Based on geography, the report includes North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.

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Contents:

  • Introduction
    • Search scope
    • Market segmentation
    • Research Methodology
    • Definitions and assumptions
  • Summary
  • Market dynamics
    • Market factors
    • Market constraints
    • Market opportunities
  • key ideas
    • Main emerging trends
    • Main developments: mergers, acquisitions, partnerships, etc.
    • Latest technological advancement
    • Regulatory landscape
    • Analysis of the five forces of carriers
  • Qualitative Analysis – Impact of COVID-19
    • Impact of COVID-19 on the Lithium Iron Phosphate Battery Market
    • Measures taken by the government to overcome the impact
    • 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 (USD Billion), Outlook and Forecast, 2017-2028
    • Main results/summary
    • Market Analysis, Outlook and Forecast – By Type
      • portable battery
      • stationary battery
    • Market Analysis, Outlook and Forecast – By Application
      • Automotive
      • Industrial
      • Energy storage system
      • Consumer electronics
      • Others
    • Market Analysis, Outlook and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East and Africa
  • North America Lithium Iron Phosphate Battery Market Analysis (USD Billion), Outlook and Forecast, 2017-2028

Continued…

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