Contemporary Amperex Technology Co., Limited. (CATL), BYD Company Ltd., Gotion High tech Co Ltd, CALB, EVE Energy Co., Ltd., LG Energy Solution, Panasonic Corporation, Tianjin Lishen Battery Joint-Stock Co., Ltd., and SAMSUNG SDI CO., LTD. among others, are the major players in the global market for lithium iron phosphate batteries.
As per the analysis by Expert Market Research, the global lithium iron phosphate batteries market is expected to grow at a CAGR of 30.6% in the forecast period of 2024-2032, driven by the increasing demand for electric vehicles.
In light of the rising environmental awareness and the depletion of fossil fuel reserves, the demand for electric vehicles has grown significantly. Due to their high energy density and long cycle time, lithium iron phosphate (LiFePO4) batteries are favoured in battery energy storage systems.
Favourable government initiatives in environmental protection are further expected to result in an increase in investment in renewable energy storage systems worldwide, leading to the increased sales of electric vehicles. This is expected to aid the global lithium iron phosphate batteries market growth. Other factors propelling the market growth include growing populations, rapid development in the automotive sector and rising disposable incomes.
Manufacturers are making concentrated efforts to develop better solutions for certain problems and new technological improvements to lower operating costs and increase the productivity of lithium-iron phosphate batteries. These improved specifications have supplemented the market prospects for lithium-iron phosphate batteries for a number of end-use industries, including the automotive, industrial, and power generation sectors.
During the forecast period, the Asia Pacific region is projected to provide substantial growth opportunities for the lithium iron phosphate batteries market. The growth of the automotive sector in the region and the rising disposable incomes are partly responsible for this increase. In addition, based on the increasing pollution levels in China and India, the demand for electric vehicles is expected to rise further, which will aid the market demand. In Europe, rising environmental concerns and favourable government policies that encourage the adoption of electric vehicles (EVs) have made Europe a key market for the industry.
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Global innovator CATL is dedicated to offering the best products and services for new energy applications all over the world. With its corporate headquarters in Ningde, China, it is one of the top lithium battery manufacturers worldwide.
BYD, a leading high-tech company in China with specialties in IT, automobiles, and new energy, was founded in 1995. BYD is among the biggest manufacturers of rechargeable batteries in the world, and it also dominates the markets for keypads, handset Li-ion batteries, and nickel-cadmium batteries.
|Headquarters:||California, United States|
Gotion, Inc. has offices in Ohio, China, Japan, Singapore, and Europe in addition to its Silicon Valley, California, headquarters. With a goal of accelerating electrified transportation along with achieving sustainable development, Gotion innovates in next-generation electric car and energy storage technologies, including lithium batteries and associated systems. Gotion, the first mass-market commercial electric bus route in the world, is powered by a significant power battery technology company that provides solutions for cars.
A state-owned company called CALB (China Aviation Lithium Battery Co., Ltd.) specialises in the design and production of lithium-ion batteries and power systems for a variety of uses, including those for electric vehicles, renewable energy storage, telecommunications markets, mining equipment, and rail transportation. Among other markets, the United States, European Union, Japan, Korea, and Taiwan now sell lithium-ion batteries produced by CALB.
EVE is a technologically advanced business with a focus on lithium battery development. The IoT, EV, and ESS all make extensive use of its products. EVE is a company that creates, produces, and sells battery-related goods. Lithium-ion batteries, lithium primary batteries, and electronic cigarettes are a few of the company's top sellers.
|Headquarters:||Seoul, South Korea|
By creating premium materials and next-generation batteries, LG Energy Solutions is a market leader in the environmentally-friendly energy sector. The company, a leading manufacturer of chemical-based batteries in the world. It is also one of the leading lithium-ion battery manufacturers, owing to the superior materials technology which the company uses. The company has eventually grown to be a major player on the world stage in the energy storage system (ESS) and battery industries.
Panasonic Corporation is engaged in the development, production, and marketing of electrical devices, heating and air conditioning systems, food distribution, and electronic products. For use in gadgets like laptop computers and mobile phones, certain Panasonic technologies have made batteries lighter and thinner. Additionally, they are utilised in electric vehicles (EV), mobile phone backup base stations, solar-powered electricity storage systems, and a number of other industrial applications.
High-tech corporation Tianjin Lishen Battery Joint-Stock Co., Ltd. (Lishen Battery) is run by a state-owned organisation and individual owners. The business manufactures and markets lithium-ion batteries, prismatic batteries, cylindrical batteries, and other goods.
|Headquarters:||Gyeonggi-Do, South Korea|
Samsung SDI has been working towards an inventive and creative future ever since it was founded in 1970. Lithium Ion Battery (LIB) technology development is its area of expertise. The business also produces cathode ray tubes (CRTs) for computer and television monitors. Rechargeable batteries and liquid crystal display (LCD) parts are additional products made by Samsung SDI for solar panels, PDAs, energy storage systems, and mobile devices.
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.