Lithium Iron Phosphate Battery Global Market Report 2023: Sector to Reach $12.45 Billion by 2027 at a CAGR of 13.5%

Global Lithium Iron Phosphate Batteries Market

Dublin, March 22, 2023 (GLOBE NEWSWIRE) -- The "Lithium Iron Phosphate Battery Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global lithium iron phosphate batteries market grew from $6.69 billion in 2022 to $7.5 billion in 2023 at a compound annual growth rate (CAGR) of 12.2%. The lithium iron phosphate batteries market is expected to grow to $12.45 billion in 2027 at a CAGR of 13.5%.

Major players in the lithium iron phosphate batteries market are BYD Company Ltd., A123 Systems LLC, K2 Energy, Electric Vehicle Power System Technology Co., Ltd., OptimumNano Energy, LiFeBATT, Inc., Lithium Werks, CENS Energy Tech Co. Ltd., RELiON Batteries, Victron Energy B.V, China Sun Group, Valence Technology, Lithium Technology Corporation, Formosa Energy & Material Technology and Bharat Power Solutions.

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The lithium iron phosphate batteries market consists of sales of portable and stationary lithium iron phosphate batteries. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Lithium iron phosphate battery refers to a particular type of lithium-ion battery that has a graphitic carbon electrode with metallic support for the anode and employs lithium iron phosphate as the cathode material to produce high current ratings and good thermal stability.

Asia-Pacific was the largest region in the lithium iron phosphate batteries market in 2022. The regions covered in the lithium iron phosphate batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main lithium iron phosphate batteries power capacities include 0-16,250 mAh, 16,251-50,000 mAh, 50,001-100,000 mAh and 100,001-540,000 mAh. The 0-16,250 mAh batteries have a capacity of 0- 16,250 mAh and are used in lighter applications. The different types of lithium iron phosphate batteries include portable and stationary for different industries including automotive, power, and industrial.

Increasing demand for electrical vehicles will propel the expansion of the lithium iron phosphate batteries market. Lithium iron phosphate (LFP) batteries are preferred in electric vehicles as they have a longer life and do not contain cobalt, reducing the cost of the battery, which allows manufacturers to lower the price of their electric vehicles. According to the International Energy Agency (IEA) report in 2021, a France-based autonomous intergovernmental organization for energy, two-thirds of new electric car registrations and two-thirds of the stock in 2020 were battery electric vehicles (BEVs).

Additionally, China has the greatest fleet size of electric vehicles with 4.5 million units and Europe experienced the largest annual growth, rising to 3.2 million in the year 2020. Hence, the increasing demand for electric vehicles is expected to drive the lithium iron phosphate batteries market in the forecast period.

Product innovation are shaping the lithium iron phosphate batteries market. Companies are creating new and innovative products to satisfy market needs. For instance, in 2021, Chinese battery manufacturer, Guoxuan High-Tech Co Ltd., introduced a new high-energy-density lithium iron phosphate (LFP) lithium-ion battery cell rated at 210 Wh/kg, which is on par with NCM523 lithium-ion cells. The company used silicon anode materials and an in-house developed high-performance LFP cathode to enhance battery efficiency.

In March 2022, Reliance New Energy Limited, an Indian-based technology Company, acquired Lithium Werks, for $61 Million. The deal would help Reliance further strengthen its cell chemistry technology leadership and accelerate the setting up of multi-gigawatt-hour scale battery manufacturing in India. Lithium Werks is a UK-based company that involved cobalt-free lithium battery technology.

The countries covered in the lithium iron phosphate batteries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Key Attributes:

Key Topics Covered:

1. Executive Summary

2. Lithium Iron Phosphate Battery Market Characteristics

3. Lithium Iron Phosphate Battery Market Trends And Strategies

4. Lithium Iron Phosphate Battery Market - Macro Economic Scenario
4.1. COVID-19 Impact On Lithium Iron Phosphate Battery Market
4.2. Ukraine-Russia War Impact On Lithium Iron Phosphate Battery Market
4.3. Impact Of High Inflation On Lithium Iron Phosphate Battery Market

5. Lithium Iron Phosphate Battery Market Size And Growth
5.1. Global Lithium Iron Phosphate Battery Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Lithium Iron Phosphate Battery Forecast Market, 2022-2027F, 2032F, $ 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, 2017-2022, 2022-2027F, 2032F, $ Billion

• Portable

• Stationary

6.2. Global Lithium Iron Phosphate Battery Market, Segmentation By Power Capacity, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ 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, 2017-2022, 2022-2027F, 2032F, $ 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, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Lithium Iron Phosphate Battery Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

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• Global Lithium Iron Phosphate Batteries Market

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