Lithium-iron Phosphate Battery Market is valued at 12.02 USD Billion in 2019 and expected to reach USD 25 Billion by 2026 with the CAGR of 12.17% over the forecast period.
Scope of the report
This report analyses the global market for Lithium-iron Phosphate Battery. The report will enable the user to understand and gain insights into the current and forecast market situation. The market is comprehensively analyzed by geography to provide complete information on the global scenario. The qualitative and quantitative data provided in this study can help user understand which market segments are expected to grow at higher rates, factors affecting the market and key opportunity areas. The report also includes competitive landscape of key players in the industry along with emerging trends in the market.
Nowadays, electric vehicles are typically powered by lithium-ion batteries due to their distinctive characteristics in terms of high energy and power density, long life, as well as little maintenance requirements, when compared to other battery technologies. However, current Li-ion batteries, with a specific energy in the range of 100–150 Wh kg−1, cannot provide an average electric vehicle with a driving range comparable to that of conventional vehicles. Lithium iron phosphate battery is known for its superiority of safety and the cost of manufacturing. The lithium-iron phosphate battery has a slight edge over safety as it has superior chemical and thermal stability, high energy density and low cobalt usage. Growing adoption of lithium iron phosphate batteries in electric vehicle and stationary storage has augmented the growth of global lithium iron phosphate batteries market.
BYD, K2 Energy, A123 Systems, Electric Vehicle Power System Technology, Bharat Power Solutions, Optimum Nano Energy, Lithium werks, Power Sonic and others
Above mentioned companies were scrutinized to assess competitive landscape of global Lithium-iron Phosphate Battery market. Report provides company profiles of each player. Each profile include company business overview, company governance, company product portfolio, company financials, business strategies, manufacturing locations and production facilities, company sale, production capacity, recent developments and strategic collaborations and partnerships, product launch, company segments, application diversification and company strength and weakness analysis.
Historic Period: 2016 to 2019
Forecast Period: 2020 to 2026
This Lithium-iron Phosphate Battery market report provides insights on new trade regulations, import export analysis, industry value chain analysis, market size, consumption, production analysis, capacity analysis, regional and segment market share, product launches, product pipeline analysis, impact of Covid-19 on supply chain, key regions, untapped markets, patent analysis, product approvals, continuous innovations and developments in the market.
• North America: U.S., Canada and Rest of North America
• Europe: UK, France, Germany, Italy, Spain and Rest of Europe
• Asia Pacific: China, Japan, India, Australia and Southeast Asia and Rest of Asia Pacific
• Latin America: Brazil, Argentina and Rest of Latin America
• Middle East and Africa: Gulf Countries, Israel, Africa and Rest of Middle East and Africa
By Raw Material Segment
• Lithium iron phosphate
• Lithium fluoride
• Ethylene Carbonate
By Application Segment
• Power Sector
Asia pacific dominates the global Lithium Iron Phosphate batteries Market. The growth is attributed to the rapidly growing economies such as India, China, Taiwan, Australia and other southeast countries. The region is the leading producer of Electric vehicles and lithium iron phosphate batteries. China is the largest producer of electric vehicles accounting for more than 50% all electric cars made and sold in the world in 2018. China also makes 99% of the world’s electric buses. World consumption of lithium-ion battery energy is expected to increase from 70 Gigawatt hours (GWh) in 2015 to approximately 535GWh by 2023. In addition, battery use in energy storage will rise to 50GWh per annum by 2025. The increased use of lithium iron phosphate batteries across a range of applications and technological advancements are expected to drive lower battery unit costs. Moreover, growing population and awareness regarding global warming and adoption of green solution will drive the global lithium iron phosphate market.
Factors Affecting the Market
Growing demand of Lithium Iron Phosphate batteries in electric vehicles is expected to drive the growth of Lithium Iron Phosphate Battery market. The light duty vehicle market passenger cars and light trucks has been in the lead in adoption of hybrid and battery electric technology for the past 20 years. Within the heavy duty category, buses have been the major segment with electric drivetrain adoption. The bus landscape has changed significantly since then, with hybrids in North America capturing as much as 40% of new transit bus purchases. In 2018, the global electric car number exceeded 5.1 million, up 2 million from the preceding year and almost doubling the number of new electric car sales. China remains the largest electric car market, followed by Europe and the United States. Norway is the leader in terms of electric car market share in the world. Many battery manufacturers are enhancing battery efficiency and focusing on low cost manufacturing developments in battery chemistry and expansion of battery production. In 2020, the growing production of lithium iron phosphate batteries accounted for 51.6% of total production of power batteries in China according to the China Automotive Power Battery Industry Innovation Alliance Power Battery Branch.
Important Questions Answered by Global Lithium-iron Phosphate Battery Market Report
• Which is the largest and fastest-growing region?
• What are the factors affecting growth of market?
• What are Key trends and opportunity areas?
• Which are the major end-use industries of market?
• What are the major strategies adopted by leading market companies?