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Global Lithium Iron Phosphate Batteries Market to Reach USD 90.59 Billion by 2028, Aided by the Rising Environmental Concern and Growing Adoption of EVs

Lithium Iron Phosphate Batteries Market

Global Lithium Iron Phosphate Batteries Market Size, Growth: By Voltage: Up to 12 V, Above 12 V to 24 V, Above 24 V to 36 V, Above 36 V to 48 V, Above 48 V; By Capacity: 0-128 Wh, 128 Wh – 640 Wh, 640 Wh – 1280 Wh, 1280 Wh and Above; By Industry: Automotive, Power, Others; By Application; Regional Analysis; Competitive Landscape; 2024-2032

Global Lithium Iron Phosphate Batteries Market Outlook

The global lithium iron phosphate batteries market attained a volue of USD 25.69 billion in 2023. The market is further expected to grow at a CAGR of 30.6% in the forecast period of 2024-2032.

 

Global Lithium Iron Phosphate Batteries Market

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Growing Demand for Electric Vehicles to Boost the Demand for Lithium Iron Phosphate Batteries

The growing shift towards hybrid electric vehicles and electric vehicles is expected to significantly drive the demand for lithium iron phosphate batteries in the forecast period. Thus, the automotive industry is expected to be a major end use sector, contributing to the growth of the lithium iron phosphate batteries industry. Further, these batteries can be used in a wide range of applications, including RV, marine, and renewable energy, which will also aid the industry growth in the coming years.

 

The Asia Pacific to Provide Enhanced Growth Opportunities for the Expansion of Lithium Iron Phosphate Batteries Industry

The Asia Pacific accounted for a significant share in the lithium iron phosphate batteries industry in 2020 and is expected to provide enhanced growth opportunities to the market over the forecast period as well. This can be attributed to the growth of the automotive sector in the region and the rising disposable incomes. With the increasing pollution levels in countries like China and India, there is expected to be a considerable growth in demand for electric vehicles over the forecast period, which will aid the market. Europe is the other significant region for the industry due to the rising environmental concern and the favourable government policies encouraging the adoption of EVs in the region.

 

Lithium Iron Phosphate Batteries: Market Segmentation

Lithium iron phosphate (LiFePO4) battery, often abbreviated as LFP battery, is a kind of lithium-ion battery, wherein LiFePO4 is utilised as the cathode material while a graphitic carbon electrode with a metallic backing is used as the anode. These batteries are known for their several distinctive features, which include better power density, good consistency, low self-discharge rate, lightweight and small size, long cycle life, and environmental protection.

 

Global Lithium Iron Phosphate Batteries Market By Segments

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By voltage, the market is divided into:

  • Up to 12 V
  • Above 12 V to 24 V
  • Above 24 V to 36 V
  • Above 36 V to 48 V
  • Above 48 V

By capacity, the market is categorised into:

  • 0-128 Wh
  • 128 Wh – 640 Wh
  • 640 Wh – 1280 Wh
  • 1280 Wh and Above

Based on industries, the industry can be segmented into:

  • Automotive
  • Power
  • Industrial
  • Others

On the basis of application, the industry has been categorised into:

  • Portable
  • Stationary

The regional markets for the product include North America, Europe, China, Asia Pacific (excl. China), and LAMEA.

 

Global Lithium Iron Phosphate Batteries Market By Region

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Rising Environmental Concern and the Favourable Government Initiatives to Boost the Industry Growth

With rising environmental concern and the depletion of fossil fuel reserves, there has been a significant rise in demand for electric vehicles. Lithium iron phosphate (LiFePO4) batteries are being increasingly preferred in battery energy storage systems owing to their high energy density and long cycle time, which is driving the market growth. The market is further supported by the favourable government initiatives towards environment protection, which is expected to enhance the investments across renewable energy storage projects across the globe and boost the sales of electric vehicles over the forecast period. Other factors aiding the industry growth include the growing population, expanding automotive sector, and escalating disposable incomes. Over the forecast period, the growing focus on energy storage technologies, coupled with the increasing R&D activities, is expected to further boost the market growth.

 

Key Industry Players in the Global Lithium Iron Phosphate Batteries Market

The report gives a detailed analysis of the following key players in the global lithium iron phosphate batteries market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Bioenno Power
  • K2 Energy Solutions, Inc.
  • AA Portable Power Corp. 
  • Revolution Power Australia Pty Ltd
  • Dometic Power & Control (Enerdrive) Pty Ltd
  • Invicta Lithium Batteries
  • Contemporary Amperex Technology Co., Limited
  • Automotive Cells Company SE
  • SVOLT Energy Technology (Europe) GmbH 
  • Enertec Batteries Pty Ltd
  • Freedom Won (Pty) Ltd
  • Sinetech (Pty) Ltd
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Voltage, Industry, Application, Region
Breakup by Voltage  Up to 12 V, Above 12 V to 24 V, Above 24 V to 36 V, Above 36 V to 48 V, Above 48 V
Breakup by Industry Automotive, Power, Industrial, Others
Breakup by Application Portable, Stationary
Breakup by Region North America, Europe, China, LAMEA, Asia Pacific (excl.China)
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered Bioenno Power, K2 Energy Solutions, Inc., AA Portable Power Corp., Revolution Power Australia Pty Ltd, Dometic Power & Control (Enerdrive) Pty Ltd, Invicta Lithium Batteries, Contemporary Amperex Technology Co., Limited, Automotive Cells Company SE, SVOLT Energy Technology (Europe) GmbH, Enertec Batteries Pty Ltd, Freedom Won (Pty) Ltd, Sinetech (Pty) Ltd., Others 
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*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.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description
    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary
    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Lithium Iron Phosphate Batteries Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Lithium Iron Phosphate Batteries Historical Market (2018-2023) 
    8.3    Global Lithium Iron Phosphate Batteries Market Forecast (2024-2032)
    8.4    Global Lithium Iron Phosphate Batteries Market by Voltage
        8.4.1    Up to 12 V
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Above 12 V to 24 V
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Above 24 V to 36 V
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
        8.4.4    Above 36 V to 48 V
            8.4.4.1    Historical Trend (2018-2023)
            8.4.4.2    Forecast Trend (2024-2032)        
        8.4.5    Above 48 V
            8.4.5.1    Historical Trend (2018-2023)
            8.4.5.2    Forecast Trend (2024-2032) 
    8.5    Global Lithium Iron Phosphate Batteries Market by Capacity
        8.5.1    0-128 Wh
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    128 Wh – 640 Wh
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    640 Wh – 1280 Wh
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
        8.5.4    1280 Wh and Above
            8.5.4.1    Historical Trend (2018-2023)
            8.5.4.2    Forecast Trend (2024-2032)
    8.6    Global Lithium Iron Phosphate Batteries Market by Industry
        8.6.1    Automotive
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Power
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Industrial
            8.6.3.1    Historical Trend (2018-2023)
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Others
    8.7    Global Lithium Iron Phosphate Batteries Market by Application
        8.7.1    Portable
            8.7.1.1    Historical Trend (2018-2023)
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Stationary
            8.7.2.1    Historical Trend (2018-2023)
            8.7.2.2    Forecast Trend (2024-2032)    
    8.8    Global Lithium Iron Phosphate Batteries Market by Region
        8.8.1    North America
            8.8.1.1    Historical Trend (2018-2023) 
            8.8.1.2    Forecast Trend (2024-2032)
        8.8.2    Europe
            8.8.2.1    Historical Trend (2018-2023) 
            8.8.2.2    Forecast Trend (2024-2032)
        8.8.3    China
            8.8.3.1    Historical Trend (2018-2023) 
            8.8.3.2    Forecast Trend (2024-2032)
        8.8.4    Asia Pacific (excl. China)
            8.8.3.1    Historical Trend (2018-2023) 
            8.8.3.2    Forecast Trend (2024-2032)
        8.8.5    LAMEA
            8.8.5.1    Historical Trend (2018-2023) 
            8.8.5.2    Forecast Trend (2024-2032)
9    North America Lithium Iron Phosphate Batteries Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Lithium Iron Phosphate Batteries Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia-Pacific (excl. China) Lithium Iron Phosphate Batteries Market Analysis
    11.1    Japan
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    India
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    ASEAN
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    Australia
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)        
    11.5    Others
12    LAMEA Lithium Iron Phosphate Batteries Market Analysis
    12.1    South Africa
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Others
13    Market Dynamics
    13.1    SWOT Analysis
        13.1.1    Strengths
        13.1.2    Weaknesses
        13.1.3    Opportunities
        13.1.4    Threats
    13.2    Porter’s Five Forces Analysis
        13.2.1    Supplier’s Power
        13.2.2    Buyer’s Power
        13.2.3    Threat of New Entrants
        13.2.4    Degree of Rivalry
        13.2.5    Threat of Substitutes
    13.3    Key Indicators for Demand
    13.4    Key Indicators for Price
14    Competitive Landscape
    14.1    Market Structure
    14.2    Company Profiles
        14.2.1    Bioenno Power
            14.2.1.1    Company Overview
            14.2.1.2    Product Portfolio
            14.2.1.3    Demographic Reach and Achievements
            14.2.1.4    Certifications
        14.2.2    K2 Energy Solutions, Inc.
            14.2.2.1    Company Overview
            14.2.2.2    Product Portfolio
            14.2.2.3    Demographic Reach and Achievements
            14.2.2.4    Certifications
        14.2.3    AA Portable Power Corp. 
            14.2.3.1    Company Overview
            14.2.3.2    Product Portfolio
            14.2.3.3    Demographic Reach and Achievements
            14.2.3.4    Certifications
        14.2.4    Revolution Power Australia Pty Ltd
            14.2.4.1    Company Overview
            14.2.4.2    Product Portfolio
            14.2.4.3    Demographic Reach and Achievements
            14.2.4.4    Certifications
        14.2.5    Dometic Power & Control (Enerdrive) Pty Ltd
            14.2.5.1    Company Overview
            14.2.5.2    Product Portfolio
            14.2.5.3    Demographic Reach and Achievements
            14.2.5.4    Certifications
        14.2.6    Invicta Lithium Batteries
            14.2.6.1    Company Overview
            14.2.6.2    Product Portfolio
            14.2.6.3    Demographic Reach and Achievements
            14.2.6.4    Certifications
        14.2.7    Contemporary Amperex Technology Co., Limited
            14.2.7.1    Company Overview
            14.2.7.2    Product Portfolio
            14.2.7.3    Demographic Reach and Achievements
            14.2.7.4    Certifications
        14.2.8    Automotive Cells Company SE
            14.2.8.1    Company Overview
            14.2.8.2    Product Portfolio
            14.2.8.3    Demographic Reach and Achievements
            14.2.8.4    Certifications
        14.2.9    SVOLT Energy Technology (Europe) GmbH 
            14.2.9.1    Company Overview
            14.2.9.2    Product Portfolio
            14.2.9.3    Demographic Reach and Achievements
            14.2.9.4    Certifications
        14.2.10    Enertec Batteries Pty Ltd
            14.2.10.1    Company Overview
            14.2.10.2    Product Portfolio
            14.2.10.3    Demographic Reach and Achievements
            14.2.10.4    Certifications
        14.2.11    Freedom Won (Pty) Ltd
            14.2.11.1    Company Overview
            14.2.11.2    Product Portfolio
            14.2.11.3    Demographic Reach and Achievements
            14.2.11.4    Certifications
        14.2.12    Sinetech (Pty) Ltd
            14.2.12.1    Company Overview
            14.2.12.2    Product Portfolio
            14.2.12.3    Demographic Reach and Achievements
            14.2.12.4    Certifications
        14.2.13    Others
16    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Lithium Iron Phosphate Batteries Market: Key Industry Highlights, 2017 and 2027
2.    Global Lithium Iron Phosphate Batteries Historical Market: Breakup by Voltage (USD Million), 2018-2023
3.    Global Lithium Iron Phosphate Batteries Market Forecast: Breakup by Voltage (USD Million), 2024-2032
4.    Global Lithium Iron Phosphate Batteries Historical Market: Breakup by Capacity (USD Million), 2018-2023
5.    Global Lithium Iron Phosphate Batteries Market Forecast: Breakup by Capacity (USD Million), 2024-2032
6.    Global Lithium Iron Phosphate Batteries Historical Market: Breakup by Application (USD Million), 2018-2023
7.    Global Lithium Iron Phosphate Batteries Market Forecast: Breakup by Application (USD Million), 2024-2032
8.    Global Lithium Iron Phosphate Batteries Historical Market: Breakup by Industry (USD Million), 2018-2023
9.    Global Lithium Iron Phosphate Batteries Market Forecast: Breakup by Industry (USD Million), 2024-2032
10.    Global Lithium Iron Phosphate Batteries Historical Market: Breakup by Region (USD Million), 2018-2023
11.    Global Lithium Iron Phosphate Batteries Market Forecast: Breakup by Region (USD Million), 2024-2032
12.    North America Lithium Iron Phosphate Batteries Historical Market: Breakup by Country (USD Million), 2018-2023
13.    North America Lithium Iron Phosphate Batteries Market Forecast: Breakup by Country (USD Million), 2024-2032
14.    Europe Lithium Iron Phosphate Batteries Historical Market: Breakup by Country (USD Million), 2018-2023
15.    Europe Lithium Iron Phosphate Batteries Market Forecast: Breakup by Country (USD Million), 2024-2032
16.    Asia Pacific (excl. China) Lithium Iron Phosphate Batteries Historical Market: Breakup by Country (USD Million), 2018-2023
17.    Asia Pacific (excl. China) Lithium Iron Phosphate Batteries Market Forecast: Breakup by Country (USD Million), 2024-2032
18.    LAMEA Lithium Iron Phosphate Batteries Historical Market: Breakup by Country (USD Million), 2018-2023
19.    LAMEA Lithium Iron Phosphate Batteries Market Forecast: Breakup by Country (USD Million), 2024-2032
20.    Global Lithium Iron Phosphate Batteries Market Structure

Key Questions Answered in the Report

What is the growth rate of the global lithium iron phosphate batteries market?

The global lithium iron phosphate batteries market is projected to grow at a CAGR of 30.6% between 2023 and 2032.

What are the major market drivers?

The major drivers of the market, such as the rising disposable incomes, increasing population, increasing awareness regarding environment, growing adoption of EVs, growing automotive sector, and favourable government initiatives, are expected to aid the market growth.

What are the key market trends of the global lithium iron phosphate batteries market?

The key trends guiding the growth of the market include the growing R&D activities and the advancement in energy storage technologies.

What are the major regional markets of lithium iron phosphate batteries, according to the EMR report?

The major regions in the industry are North America, LAMEA, Europe, China, and the Asia Pacific (excl. China).

What are the leading voltage segments of lithium iron phosphate batteries in the market?

The leading voltage segments of lithium iron phosphate batteries in the market are up to 12 V, above 12 V to 24 V, above 24 V to 36 V, above 36 V to 48 V, and above 48 V;

What are the major industries in the market?

The major industries in the market are automotive, power, and industrial, among others.

What are the significant application segments in the market?

The significant application segments in the market are portable and stationary.

Who are the key market players, according to the report?

The major players in the market are Bioenno Power, K2 Energy Solutions, Inc., AA Portable Power Corp., Revolution Power Australia Pty Ltd, Dometic Power & Control (Enerdrive) Pty Ltd, Invicta Lithium Batteries, Contemporary Amperex Technology Co., Limited, Automotive Cells Company SE, SVOLT Energy Technology (Europe) GmbH, Enertec Batteries Pty Ltd, Freedom Won (Pty) Ltd, Sinetech (Pty) Ltd., among others.

Analyst Review

The global lithium iron phosphate batteries market is being driven by the rising  adoption of EVs. Aided by technological advancements, the market is expected to witness a robust growth in the forecast period of 2024-2032, growing at a CAGR of 30.6%. 

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on voltage, the market is segmented into up to 12 V, above 12 V to 24 V, above 24 V to 36 V, above 36 V to 48 V, and above 48 V. Based on capacity, the division is 0-128 Wh, 128 Wh – 640 Wh, 640 Wh – 1280 Wh, and 1280 Wh and above. By industry, the market is divided into automotive, power, and industrial, among others. On the basis of application, the market is categorised into portable and stationary. The major regional markets for lithium iron phosphate batteries are North America, Europe, the Asia Pacific, and LAMEA. The key players in the above market include Bioenno Power, K2 Energy Solutions, Inc., AA Portable Power Corp., Revolution Power Australia Pty Ltd, Dometic Power & Control (Enerdrive) Pty Ltd, Invicta Lithium Batteries, Contemporary Amperex Technology Co., Limited, Automotive Cells Company SE, SVOLT Energy Technology (Europe) GmbH, Enertec Batteries Pty Ltd, Freedom Won (Pty) Ltd, Sinetech (Pty) Ltd., among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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