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Global Lithium Iron Phosphate Batteries Market to Reach USD 19.98 Billion by 2026, Aided by the Rising Environmental Concern and Growing Adoption of EVs

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Global Lithium Iron Phosphate Batteries Market: By Voltage: Up to 3.2 V, Between 3.2V to 12 V, Between 12V to 19 V, Above 20V; By Industry: Automotive, Power, Industrial, Others; By Application: Portable, Stationary; Regional Analysis; Historical Market and Forecast (2016-2026); Competitive Landscape; Industry Events and Developments

Global Lithium Iron Phosphate Batteries Market Outlook

The global lithium iron phosphate batteries market is expected to grow at a CAGR of 14.8% in the forecast period of 2021-2026 to reach a value of USD 19.98 billion by 2026.

 

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: Industry Definition and 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 Application

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By voltage, the market is divided into:

  • Up to 3.2 V
  • Between 3.2V to 12 V
  • Between 12V to 19 V
  • Above 20V

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, the Asia Pacific, Latin America, and the Middle East and Africa.

 

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:

  • Victron Energy B.V.
  • Lithium Werks
  • A123 Systems, LLC
  • K2 Energy Solutions, Inc.
  • RELiON Batteries, LLC
  • Power Sonic Corporation
  • Others

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

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual 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    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Lithium Iron Phosphate Batteries Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Lithium Iron Phosphate Batteries Historical Market (2016-2020) 
    8.3    Global Lithium Iron Phosphate Batteries Market Forecast (2021-2026)
    8.4    Global Lithium Iron Phosphate Batteries Market by Voltage
        8.4.1    Up to 3.2 V
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2016-2020)
            8.4.1.3    Forecast Trend (2021-2026)
        8.4.2    Between 3.2V to 12 V
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2016-2020)
            8.4.2.3    Forecast Trend (2021-2026)
        8.4.3    Between 12V to 19 V
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2016-2020)
            8.4.3.3    Forecast Trend (2021-2026)
        8.4.4    Above 20V
            8.4.4.1    Market Share
            8.4.4.2    Historical Trend (2016-2020)
            8.4.4.3    Forecast Trend (2021-2026)
    8.5    Global Lithium Iron Phosphate Batteries Market by Industry
        8.5.1    Automotive
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2016-2020)
            8.5.1.3    Forecast Trend (2021-2026)
        8.5.2    Power
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2016-2020)
            8.5.2.3    Forecast Trend (2021-2026)
        8.5.3    Industrial
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2016-2020)
            8.5.3.3    Forecast Trend (2021-2026)
        8.5.4    Others
    8.6    Global Lithium Iron Phosphate Batteries Market by Application
        8.6.1    Portable
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2016-2020)
            8.6.1.3    Forecast Trend (2021-2026)
        8.6.2    Stationary
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2016-2020)
            8.6.2.3    Forecast Trend (2021-2026)
    8.7    Global Lithium Iron Phosphate Batteries Market by Region
        8.7.1    Market Share
            8.7.1.1    North America
            8.7.1.2    Europe
            8.7.1.3    Asia Pacific
            8.7.1.4    Latin America
            8.7.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2016-2020)
        9.1.2    Forecast Trend (2021-2026)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2016-2020)
        9.2.2    Forecast Trend (2021-2026)
        9.2.3    Breakup by Country
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2016-2020)
        9.3.2    Forecast Trend (2021-2026)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2016-2020)
        9.4.2    Forecast Trend (2021-2026)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2016-2020)
        9.5.2    Forecast Trend (2021-2026)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    EMR’s Key Indicators for Demand
    10.4    EMR’s Key Indicators for Price
11    Value Chain Analysis
12    Competitive Landscape
    12.1    Market Structure
    12.2    Company Profiles
        12.2.1    Victron Energy B.V.
            12.2.1.1    Company Overview
            12.2.1.2    Product Portfolio
            12.2.1.3    Demographic Reach and Achievements
            12.2.1.4    Certifications
            12.2.1.5    Certifications
        12.2.2    Lithium Werks
            12.2.2.1    Company Overview
            12.2.2.2    Product Portfolio
            12.2.2.3    Demographic Reach and Achievements
            12.2.2.4    Certifications
        12.2.3    A123 Systems, LLC
            12.2.3.1    Company Overview
            12.2.3.2    Product Portfolio
            12.2.3.3    Demographic Reach and Achievements
            12.2.3.4    Certifications
        12.2.4    K2 Energy Solutions, Inc.
            12.2.4.1    Company Overview
            12.2.4.2    Product Portfolio
            12.2.4.3    Demographic Reach and Achievements
            12.2.4.4    Certifications
        12.2.5    RELiON Battery, LLC
            12.2.5.1    Company Overview
            12.2.5.2    Product Portfolio
            12.2.5.3    Demographic Reach and Achievements
            12.2.5.4    Certifications
        12.2.6    Power Sonic Corporation
            12.2.6.1    Company Overview
            12.2.6.2    Product Portfolio
            12.2.6.3    Demographic Reach and Achievements
            12.2.6.4    Certifications
        12.2.7    Others
13    Industry Events and Developments

 

List of Figures and Tables

1.    Global Lithium Iron Phosphate Batteries Market: Key Industry Highlights, 2016 and 2026
2.    Global Lithium Iron Phosphate Batteries Historical Market: Breakup by Voltage (USD Billion), 2016-2020
3.    Global Lithium Iron Phosphate Batteries Market Forecast: Breakup by Voltage (USD Billion), 2021-2026
4.    Global Lithium Iron Phosphate Batteries Historical Market: Breakup by Application (USD Billion), 2016-2020
5.    Global Lithium Iron Phosphate Batteries Market Forecast: Breakup by Application (USD Billion), 2021-2026
6.    Global Lithium Iron Phosphate Batteries Historical Market: Breakup by End Use (USD Billion), 2016-2020
7.    Global Lithium Iron Phosphate Batteries Market Forecast: Breakup by End Use (USD Billion), 2021-2026
8.    Global Lithium Iron Phosphate Batteries Historical Market: Breakup by Region (USD Billion), 2016-2020
9.    Global Lithium Iron Phosphate Batteries Market Forecast: Breakup by Region (USD Billion), 2021-2026
10.    North America Lithium Iron Phosphate Batteries Historical Market: Breakup by Country (USD Billion), 2016-2020
11.    North America Lithium Iron Phosphate Batteries Market Forecast: Breakup by Country (USD Billion), 2021-2026
12.    Europe Lithium Iron Phosphate Batteries Historical Market: Breakup by Country (USD Billion), 2016-2020
13.    Europe Lithium Iron Phosphate Batteries Market Forecast: Breakup by Country (USD Billion), 2021-2026
14.    Asia Pacific Lithium Iron Phosphate Batteries Historical Market: Breakup by Country (USD Billion), 2016-2020
15.    Asia Pacific Lithium Iron Phosphate Batteries Market Forecast: Breakup by Country (USD Billion), 2021-2026
16.    Latin America Lithium Iron Phosphate Batteries Historical Market: Breakup by Country (USD Billion), 2016-2020
17.    Latin America Lithium Iron Phosphate Batteries Market Forecast: Breakup by Country (USD Billion), 2021-2026
18.    Middle East and Africa Lithium Iron Phosphate Batteries Historical Market: Breakup by Country (USD Billion), 2016-2020
19.    Middle East and Africa Lithium Iron Phosphate Batteries Market Forecast: Breakup by Country (USD Billion), 2021-2026
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 14.8% between 2021 and 2026.

What is the forecast outlook of the market for 2021-2026?

The market is estimated to witness a healthy growth in the forecast period of 2021-2026 to reach about USD 19.98 billion by 2026.

What are the major industry drivers?

The major drivers of the industry, 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 industry trends of the global lithium iron phosphate batteries market?

The key market trends guiding the growth of the industry 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, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

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 3.2 V, between 3.2V to 12 V, between 12V to 19 V, and above 20V.

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 industry?

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

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

The major players in the industry are Victron Energy B.V., Lithium Werks, A123 Systems, LLC, K2 Energy Solutions, Inc., RELiON Batteries, LLC, and Power Sonic Corporation, 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 2021-2026, growing at a CAGR of 14.8%. The market is projected to reach USD 19.98 billion by 2026.

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 3.2 V, between 3.2V to 12 V, between 12V to 19 V, and above 20V. By industries, the industry 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, Latin America, and the Middle East and Africa. The key players in the above market include Victron Energy B.V., Lithium Werks, A123 Systems, LLC, K2 Energy Solutions, Inc., RELiON Batteries, LLC, and Power Sonic Corporation, 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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