Overview and Scope
Lithium iron phosphate battery refers to a particular type of lithium-ion battery that has a graphitic carbon electrode with metallic support for the anode and employs lithium iron phosphate as the cathode material to produce high current ratings and good thermal stability.
Sizing and Forecast
The lithium iron phosphate battery market size has grown strongly in recent years. It will grow from $8.24 billion in 2023 to $8.87 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to electric vehicle adoption, renewable energy storage, consumer electronics, government incentives, grid energy storage.
The lithium iron phosphate battery market size is expected to see strong growth in the next few years. It will grow to $11.82 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to electric aviation, medical implants, agricultural electrification, electric vessels, electrification of rail transport. Major trends in the forecast period include fast-charging capabilities, integration with internet of things (iot), medical device proliferation, compact and lightweight solutions, hybrid energy solutions.
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Segmentation & Regional Insights
The lithium iron phosphate battery market covered in this report is segmented –
1) By Type: Portable, Stationary
2) By Power Capacity: 0–16,250 mAh, 16,251–50,000 mAh, 50,001–100,000 mAh, 100,001–540,000 mAh
3) By Industry: Automotive, Power, Industrial
Asia-Pacific was the largest region in the lithium iron phosphate batteries market in 2023. The regions covered in the lithium iron phosphate battery market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
Increasing demand for electrical vehicles will propel the expansion of the lithium iron phosphate batteries market. Lithium iron phosphate (LFP) batteries are preferred in electric vehicles as they have a longer life and do not contain cobalt, reducing the cost of the battery, which allows manufacturers to lower the price of their electric vehicles. According to the International Energy Agency (IEA) report in 2021, a France-based autonomous intergovernmental organization for energy, two-thirds of new electric car registrations and two-thirds of the stock in 2020 were battery electric vehicles (BEVs). Additionally, China has the greatest fleet size of electric vehicles with 4.5 million units and Europe experienced the largest annual growth, rising to 3.2 million in the year 2020. Hence, the increasing demand for electric vehicles is expected to drive the lithium iron phosphate batteries market in the forecast period.
Key Industry Players
Major companies operating in the lithium iron phosphate battery market include BYD Company Limited, A123 Systems LLC, OptimumNano Energy Co. Ltd., K2 Energy Solutions Inc., Victron Energy B.V., CALB USA Inc., Contemporary Amperex Technology Co. Limited, EnerDel Inc., Eve Energy Co. Ltd., Farasis Energy Inc., Freedom Won (Pty) Ltd., Gotion High-Tech Co. Ltd., Green Energy Storage, Headway Battery Co. Ltd., Hefei Guoxuan High-Tech Power Energy Co. Ltd., Hi-Power New Energy Group Co. Ltd., Huanyu Power Source Co. Ltd., JALIANG (LFP) Battery Co. Ltd., LFP Industrial Co. Ltd., LG Energy Solution Ltd., Lishen Battery Joint-Stock Co. Ltd., Narada Power Source Co. Ltd., Optimum Battery Co. Ltd., Samsung SDI Co. Ltd., Shenzhen Kayo Battery Co. Ltd., Sinopoly Battery Limited, Thunder Sky Winston Group Co. Ltd., Valence Technology Inc. (Now part of Lithion), WinaTech Co. Ltd., Winston Battery Limited, WinWinD Power Energy Technology Co. Ltd.
The lithium iron phosphate battery market report table of contents includes:
1. Executive Summary
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List Of Tables :
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Lithium Iron Phosphate Battery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Lithium Iron Phosphate Battery Market, Segmentation By Power Capacity, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Lithium Iron Phosphate Battery Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: BYD Company Limited Financial Performance
Table 75: A123 Systems LLC Financial Performance
Table 76: OptimumNano Energy Co. Ltd. Financial Performance
Table 77: K2 Energy Solutions Inc. Financial Performance
Table 78: Victron Energy B.V Financial Performance
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