DUBLIN, Oct. 20, 2022 /PRNewswire/ — The “Lithium Iron Phosphate Battery Global Market Report 2022” report has been added to ResearchAndMarkets.com’s offering.
The global lithium iron phosphate battery market is expected to grow from $6.90 billion in 2021 to $7.60 billion in 2022 at a compound annual growth rate (CAGR) of 10.12%. The lithium iron phosphate battery market is expected to reach $10.61 billion in 2026 at a CAGR of 8.70%.
The lithium iron phosphate battery market consists of sales are lithium iron phosphate batteries by entities (organizations, sole traders, and partnerships) that refers to rechargeable batteries based on lithium-ion technology that uses a lithium iron phosphate (LiFePO4) cathode. This battery is capable of discharging and charging at high speeds and offers less heating, a higher number of charge cycles, and increased safety over other existing battery technologies.
The main types of lithium iron phosphate batteries include stationary and portable lithium iron phosphate batteries. The portable lithium iron phosphate battery refers to the lithium iron phosphate battery pack, which is sealed and can be carried without any difficulty and the design of the battery changes with end-use requirements.
The power capacities of lithium iron phosphate batteries vary from 0-16,250 mAh, 16,350mAh-50,000 mAh, 50,0001 mAh-100,000 mAh, and 100,001 mAh-500,000 mAh. They are used in a wide range of applications ranging from automotive, power, and industrial applications.
Asia-Pacific was the largest region in the lithium iron phosphate battery market in 2021, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the lithium iron phosphate battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing demand for electric vehicles is expected to propel the growth of the lithium iron phosphate battery market. The rapid growth in petrol and diesel prices, changes in customer preferences toward environmental-friendly transportation, and increasing government policies to boost the adoption of electric transportation have contributed to growth in sales of electric vehicles across the globe.
Furthermore, an increase in sales of electric vehicles is expected to boost demand for lithium iron phosphate batteries, as they are widely used as the main battery in electric vehicles over other batteries due to their exceptional operational and technical capabilities. Increasing demand for electric vehicles is expected to boost demand for lithium iron phosphate batteries during the forecast period.
An increase in the adoption of advanced technologies to increase battery capacity is a key trend gaining popularity in the lithium iron phosphate battery market. The key companies operating in lithium iron phosphate batteries are focusing on adopting new technologies to increase the safety of batteries, meet fast-growing consumer demands, and strengthen their business presence across the globe.
The countries covered in the lithium iron phosphate battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Major players in the lithium iron phosphate battery market are
- BYD
- A123 Systems
- OptimumNano Energy
- K2Energy
- Victron Energy B.V
- Electric Vehicle Power System Technology
- Lithium Werks
- Power Sonic
- Benergy Technology Company.
- Bharat Power Solutions
- LiFeBATT Inc.
- RELiON Batteries.
Key Topics Covered:
1. Executive Summary
2. Lithium Iron Phosphate Battery Market Characteristics
3. Lithium Iron Phosphate Battery Market Trends And Strategies
4. Impact Of COVID-19 On Lithium Iron Phosphate Battery
5. Lithium Iron Phosphate Battery Market Size And Growth
5.1. Global Lithium Iron Phosphate Battery Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Lithium Iron Phosphate Battery Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Lithium Iron Phosphate Battery Market Segmentation
6.1. Global Lithium Iron Phosphate Battery Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Portable
- Stationary
6.2. Global Lithium Iron Phosphate Battery Market, Segmentation By Power Capacity, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- 0-16,250 mAh
- 16,251-50,000 mAh
- 50,001-100,000 mAh
- 100,001-540,000 mAh
6.3. Global Lithium Iron Phosphate Battery Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Automotive
- Power
- Industrial
7. Lithium Iron Phosphate Battery Market Regional And Country Analysis
7.1. Global Lithium Iron Phosphate Battery Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Lithium Iron Phosphate Battery Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/41mjgk
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SOURCE Research and Markets
