Lithium Iron Phosphate Batteries Market Research Report - Global Forecast till 2030

Lithium Iron Phosphate Batteries Market Research Report: Information by Power Capacity (Up to 16,250 mAh, 16,251–50,000 mAh, 50,001–100,000 mAh and 100,001–540,000 mAh), Industry (Automotive, Power, Industrial, and Others), Voltage (Up to 3.2 KV, 3.2–12 KV, 12–20 KV and Above 20 KV), Application (Portable, Stationary, and others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) - Forecast till 2030

ID: MRFR/E&P/7260-HCR | February 2021 | Region: Global | 111 pages         

Lithium Iron Phosphate Batteries Market

Lithium Iron Phosphate Batteries Market share is projected to reach USD 11.11 Billion by 2025, with 4.97% CAGR during the forecast period.

Segmentation

By Power Capacity Up to 16 250 mAh 16 251–50 000 mAh 50 001–100 000 mAh 100 001–540 000 mAh
By Industry Automotive Power Industrial Others
By Voltage Up to 3.2 KV 3.2–12 KV 12–20 KV Above 20 KV
By Application Portable Stationary Others

Key Players

  • Lithium Werks (Netherlands)
  • Shenzhen Bak Technology (China)
  • Bharat Power Solution (India)
  • Power Sonic Corporation (US)
  • RELiON Batteries (US)
  • Contemporary Amperex Technology (China)
  • A123 Systems (US)
  • Electric Vehicle Power System Technology Co. Ltd. (China)
  • K2 Energy (US)
  • Victron Energy (Netherlands)
  • BYD (China)
  • Greensun Solar Energy Tech Co. Limited (China)

Drivers

  • Increasing demand for lithium iron phosphate batteries in electric and hybrid electric vehicles
  • High requirement of lithium iron phosphate batteries in energy storage devices
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Lithium Iron Phosphate Batteries Market size is projected to reach USD 11.11 Billion by 2025, with 4.97% CAGR during the forecast period. 


Lithium Iron Phosphate Batteries Market Scenario


The Lithium Iron Phosphate Batteries Market is expected to reach a significant value and CAGR during the forecast period. Because of the increasing demand for lithium iron phosphate batteries in electric and hybrid electric vehicles, as well as the high demand for lithium iron phosphate batteries in energy storage devices, the Global Lithium Iron Phosphate Batteries Market is expected to grow at a high rate during the forecast period. The increasing need for lithium iron phosphate batteries in electric and hybrid electric vehicles is driving the worldwide lithium iron phosphate batteries industry forward.


A lithium iron phosphate battery, or LiFePO4 battery, is a rechargeable battery using LiFePO4 as its cathode. This battery is one of the varieties of lithium-ion batteries that can charge and discharge at a faster pace than other lithium-ion batteries. Lithium ferrophosphate batteries are another name for these batteries. Various applications for lithium iron phosphate batteries include electric cars, portable instruments, power tools, electronic devices, and compact medical equipment.


Lithium Iron Phosphate Batteries Market Key Players


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


Industry News



  • BYD (China) is a major player in the market for batteries with capacities ranging from 16,251 to 50,000 mAh. To grow its global market share, the corporation employs both organic and inorganic techniques. For example, in July 2019, the business announced that it would collaborate with Toyota Motor on the development of battery electric vehicles. Under the terms of the agreement, the two businesses will work together to create electric vehicles and batteries employing advanced battery chemistries such as lithium iron phosphate. BYD unveiled a next-generation lithium iron phosphate battery technology for forklifts and warehouse equipment in February 2019. Advanced lithium iron phosphate batteries are low-cost and require little maintenance.

  • RELiON introduced the Insight Family, a next-generation series of lithium iron phosphate batteries, in January 2019. Deep-cycle applications, including maritime, renewable energy systems, floor machines, and leisure vehicles, are ideal for batteries.


The key factors driving the growth of the global lithium iron phosphate batteries industry include increasing demand for lithium iron phosphate batteries in electric and hybrid electric vehicles and high requirement of lithium iron phosphate batteries in energy storage devices. Many countries around the world, such as China, India, Italy, and Denmark, are focusing on banning the use of internal combustion (IC) engines and increasing the adoption of electric vehicles. For instance, the Chinese government aims to sell 60% of the world's electric vehicle sales by 2035. Additionally, the Indian government aims to have 100% electric-vehicle throughout the country by 2030. Moreover, in Italy, the Italian government plans to ban diesel cars by 2024. Such initiatives lead to a rise in the demand for electric and hybrid vehicles.  This, in turn, would increase the demand for lithium iron phosphate batteries in the automotive sector in the global market.


Lithium Iron Phosphate Batteries Market Segmentation


The Global Lithium Iron Phosphate Batteries Market has been segmented based on Power Capacity, Industry, Voltage, and Application. Based on power capacity, the global market is segmented into 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 grow with the highest CAGR during the forecast period owing to the increasing applications in various sectors such as automotive, industrial, and power generation. By industry, the global lithium iron phosphate batteries market has been segmented into automotive, power, industrial, and others. The automotive segment is expected to hold the largest share within the global lithium iron phosphate batteries market owing to the rising demand for lithium iron phosphate batteries in hybrid electric vehicles, plug-in electric vehicles, e-bikes, and automated guided 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 owing to the increasing adoption as energy storage for renewable energy sources, communication base energy storage stations, marine, and others. 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 global market.


  Lithium Iron Phosphate Batteries Market


Lithium Iron Phosphate Batteries Market Analysis


The Global Lithium Iron Phosphate Batteries Market is expected to witness a high growth rate during the forecast period owing to the increasing demand for lithium iron phosphate batteries in electric and hybrid electric vehicles and high requirement of lithium iron phosphate batteries in energy storage devices.


A lithium iron phosphate battery is a rechargeable battery that uses LiFePO4 as its cathode. This battery is one of the types of lithium-ion batteries that is capable of charging and discharging at a higher rate compared to other types of batteries.  These batteries are also known as lithium ferrophosphate batteries. Lithium iron phosphate batteries are used in various applications, such as electric vehicles, portable instruments, power tools, electronic devices, and small medical equipment.


Based on region, the global lithium iron phosphate batteries market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific holds the largest market share due to the increasing focus on the adoption of electric vehicles in countries such as India and China. It is expected that Asia-Pacific would be the fastest-growing region in the market during the forecast period, followed by North America, owing to the increasing demand for lithium iron phosphate batteries in the region. All these factors are expected to boost the demand for lithium iron phosphate batteries in the global market.


Intended Audience



  • Lithium iron phosphate battery manufacturers and suppliers

  • Service providers of lithium iron phosphate batteries

  • Energy and environment associations

  • Government and research organizations

  • State and national regulatory authorities

  • Investment banks

  • Manufacturers’ associations

  • Institutional investors

  • Environmental research institutes



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2025: USD 11.11 Billion
  • 2030: Significant Value
  •   CAGR   4.97% CAGR (2022-2030)
      Base Year   2021
      Forecast Period   2022-2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Billion)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Power Capacity, Industry, Voltage and Application
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   Lithium Werks (Netherlands), Shenzhen Bak Technology (China), Bharat Power Solution (India) Power Sonic Corporation (US), RELiON Batteries (US), Contemporary Amperex Technology (China), A123 Systems (US), Electric Vehicle Power System Technology Co., Ltd. (China), K2 Energy (US), Victron Energy (The Netherlands), BYD (China), and Greensun Solar Energy Tech Co., Limited (China)
      Key Market Opportunities   New product launches and R&D Amongst major key players
      Key Market Drivers

  • Increasing demand for lithium iron phosphate batteries in electric and hybrid electric vehicles
  • High requirement of lithium iron phosphate batteries in energy storage devices


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    Frequently Asked Questions (FAQ) :

    The global Lithium iron phosphate batteries is expected to record a significant market valuation of 11.11 billion by 2025.

    The expected global Lithium iron phosphate batteries would register a moderate 4.97% CAGR in the forecast period.

    Some of the significant market players identified in the global Lithium iron phosphate batteries market are RELiON Batteries (US), BYD (China), and Lithium Werks (Netherlands) and others.

    The major strategies adopted by key players to increase the profitability of the market is growing R&D investment towards product enhancement.