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Global Lithium Iron Phosphate Batteries Market: 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; By Industry: Automotive, Power, Industrial; By Application; Regional Analysis; Historical Market and Forecast (2018-2028); Competitive Landscape; Industry Events and Developments
Global Lithium Iron Phosphate Batteries Market Outlook
The global lithium iron phosphate batteries market attained a volue of USD 19.67 billion in 2022. The market is further expected to grow at a CAGR of 30.6% in the forecast period of 2023-2028.
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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 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.
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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 | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| 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 |
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| 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 (2018-2022)
8.3 Global Lithium Iron Phosphate Batteries Market Forecast (2023-2028)
8.4 Global Lithium Iron Phosphate Batteries Market by Voltage
8.4.1 Up to 12 V
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Above 12 V to 24 V
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Above 24 V to 36 V
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Above 36 V to 48 V
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2022)
8.4.4.3 Forecast Trend (2023-2028)
8.4.5 Above 48 V
8.4.5.1 Market Share
8.4.5.2 Historical Trend (2018-2022)
8.4.5.3 Forecast Trend (2023-2028)
8.5 Global Lithium Iron Phosphate Batteries Market by Capacity
8.5.1 0-128 Wh
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 128 Wh – 640 Wh
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 640 Wh – 1280 Wh
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 1280 Wh and Above
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2022)
8.5.4.3 Forecast Trend (2023-2028)
8.6 Global Lithium Iron Phosphate Batteries Market by Industry
8.6.1 Automotive
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Power
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Industrial
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Others
8.7 Global Lithium Iron Phosphate Batteries Market by Application
8.7.1 Portable
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Stationary
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.8 Global Lithium Iron Phosphate Batteries Market by Region
8.8.1 North America
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2022)
8.8.1.3 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2022)
8.8.2.3 Forecast Trend (2023-2028)
8.8.3 China
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2018-2022)
8.8.3.3 Forecast Trend (2023-2028)
8.8.4 Asia Pacific (excl. China)
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2018-2022)
8.8.3.3 Forecast Trend (2023-2028)
8.8.5 LAMEA
8.8.5.1 Market Share
8.8.5.2 Historical Trend (2018-2022)
8.8.5.3 Forecast Trend (2023-2028)
9 North America Lithium Iron Phosphate Batteries Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Lithium Iron Phosphate Batteries Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia-Pacific (excl. China) Lithium Iron Phosphate Batteries Market Analysis
11.1 Japan
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 India
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 ASEAN
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 Australia
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Others
12 LAMEA Lithium Iron Phosphate Batteries Market Analysis
12.1 South Africa
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
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), 2018-2022
3. Global Lithium Iron Phosphate Batteries Market Forecast: Breakup by Voltage (USD Million), 2023-2028
4. Global Lithium Iron Phosphate Batteries Historical Market: Breakup by Capacity (USD Million), 2018-2022
5. Global Lithium Iron Phosphate Batteries Market Forecast: Breakup by Capacity (USD Million), 2023-2028
6. Global Lithium Iron Phosphate Batteries Historical Market: Breakup by Application (USD Million), 2018-2022
7. Global Lithium Iron Phosphate Batteries Market Forecast: Breakup by Application (USD Million), 2023-2028
8. Global Lithium Iron Phosphate Batteries Historical Market: Breakup by Industry (USD Million), 2018-2022
9. Global Lithium Iron Phosphate Batteries Market Forecast: Breakup by Industry (USD Million), 2023-2028
10. Global Lithium Iron Phosphate Batteries Historical Market: Breakup by Region (USD Million), 2018-2022
11. Global Lithium Iron Phosphate Batteries Market Forecast: Breakup by Region (USD Million), 2023-2028
12. North America Lithium Iron Phosphate Batteries Historical Market: Breakup by Country (USD Million), 2018-2022
13. North America Lithium Iron Phosphate Batteries Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Europe Lithium Iron Phosphate Batteries Historical Market: Breakup by Country (USD Million), 2018-2022
15. Europe Lithium Iron Phosphate Batteries Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Asia Pacific (excl. China) Lithium Iron Phosphate Batteries Historical Market: Breakup by Country (USD Million), 2018-2022
17. Asia Pacific (excl. China) Lithium Iron Phosphate Batteries Market Forecast: Breakup by Country (USD Million), 2023-2028
18. LAMEA Lithium Iron Phosphate Batteries Historical Market: Breakup by Country (USD Million), 2018-2022
19. LAMEA Lithium Iron Phosphate Batteries Market Forecast: Breakup by Country (USD Million), 2023-2028
20. 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 30.6% between 2023 and 2028.
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.
The key trends guiding the growth of the market include the growing R&D activities and the advancement in energy storage technologies.
The major regions in the industry are North America, LAMEA, Europe, China, and the Asia Pacific (excl. China).
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;
The major industries in the market are automotive, power, and industrial, among others.
The significant application segments in the market are portable and stationary.
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 2023-2028, 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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