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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 (2017-2027); 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 2022-2027 to reach a value of USD 19.98 billion by 2026.
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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.
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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, and LAMEA.
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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 market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2021 |
| Historical Period | 2017-2021 |
| Forecast Period | 2022-2027 |
| 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 3.2 V, Between 3.2V to 12 V, Between 12V to 19 V, Above 20V |
| Breakup by Industry | Automotive, Power, Industrial, Others |
| Breakup by Application | Portable, Stationary |
| Breakup by Region | North America, Europe, LAMEA, Asia Pacific |
| 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 | Victron Energy B.V., Lithium Werks, A123 Systems, LLC, K2 Energy Solutions, Inc., RELiON Battery, LLC, Power Sonic Corporation, 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. |
*We at Expert Market Research always strive 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 (2017-2021)
8.3 Global Lithium Iron Phosphate Batteries Market Forecast (2022-2027)
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 (2017-2021)
8.4.1.3 Forecast Trend (2022-2027)
8.4.2 Between 3.2V to 12 V
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2017-2021)
8.4.2.3 Forecast Trend (2022-2027)
8.4.3 Between 12V to 19 V
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2017-2021)
8.4.3.3 Forecast Trend (2022-2027)
8.4.4 Above 20V
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2017-2021)
8.4.4.3 Forecast Trend (2022-2027)
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 (2017-2021)
8.5.1.3 Forecast Trend (2022-2027)
8.5.2 Power
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2017-2021)
8.5.2.3 Forecast Trend (2022-2027)
8.5.3 Industrial
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2017-2021)
8.5.3.3 Forecast Trend (2022-2027)
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 (2017-2021)
8.6.1.3 Forecast Trend (2022-2027)
8.6.2 Stationary
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2017-2021)
8.6.2.3 Forecast Trend (2022-2027)
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 LAMEA
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2017-2021)
9.1.2 Forecast Trend (2022-2027)
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 (2017-2021)
9.2.2 Forecast Trend (2022-2027)
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 (2017-2021)
9.3.2 Forecast Trend (2022-2027)
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 LAMEA
9.4.1 Historical Trend (2017-2021)
9.4.2 Forecast Trend (2022-2027)
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 Key Indicators for Demand
10.4 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 Key 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), 2017-2021
3. Global Lithium Iron Phosphate Batteries Market Forecast: Breakup by Voltage (USD Billion), 2022-2027
4. Global Lithium Iron Phosphate Batteries Historical Market: Breakup by Application (USD Billion), 2017-2021
5. Global Lithium Iron Phosphate Batteries Market Forecast: Breakup by Application (USD Billion), 2022-2027
6. Global Lithium Iron Phosphate Batteries Historical Market: Breakup by End Use (USD Billion), 2017-2021
7. Global Lithium Iron Phosphate Batteries Market Forecast: Breakup by End Use (USD Billion), 2022-2027
8. Global Lithium Iron Phosphate Batteries Historical Market: Breakup by Region (USD Billion), 2017-2021
9. Global Lithium Iron Phosphate Batteries Market Forecast: Breakup by Region (USD Billion), 2022-2027
10. North America Lithium Iron Phosphate Batteries Historical Market: Breakup by Country (USD Billion), 2017-2021
11. North America Lithium Iron Phosphate Batteries Market Forecast: Breakup by Country (USD Billion), 2022-2027
12. Europe Lithium Iron Phosphate Batteries Historical Market: Breakup by Country (USD Billion), 2017-2021
13. Europe Lithium Iron Phosphate Batteries Market Forecast: Breakup by Country (USD Billion), 2022-2027
14. Asia Pacific Lithium Iron Phosphate Batteries Historical Market: Breakup by Country (USD Billion), 2017-2021
15. Asia Pacific Lithium Iron Phosphate Batteries Market Forecast: Breakup by Country (USD Billion), 2022-2027
16. LAMEA Lithium Iron Phosphate Batteries Historical Market: Breakup by Country (USD Billion), 2017-2021
17. LAMEA Lithium Iron Phosphate Batteries Market Forecast: Breakup by Country (USD Billion), 2022-2027
18. Global Lithium Iron Phosphate Batteries Market Structure
Key Questions Answered in the Report
The global lithium iron phosphate batteries market is projected to grow at a CAGR of 14.8% between 2021 and 2026.
The market is estimated to witness a healthy growth in the forecast period of 2022-2027 to reach about USD 19.98 billion by 2026.
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.
The key market trends guiding the growth of the industry include the growing R&D activities and the advancement in energy storage technologies.
The major regions in the industry are North America, LAMEA, Europe, and the Asia Pacific.
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.
The major industries in the market are automotive, power, and industrial, among others.
The significant application segments in the industry are portable and stationary.
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 2022-2027, 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, and LAMEA. 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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