Pune, India, Feb. 15, 2022 (GLOBE NEWSWIRE) -- The global lithium iron phosphate battery market size was valued at around USD 8.37 billion in 2020. The market is projected to rise from USD 10.12 billion in 2021 to USD 49.96 billion in 2028 at a 25.6% CAGR during the assessment period 2021-2028. Fortune Business Insights™ has mentioned these insights in its latest research report, titled, “Global Lithium Iron Phosphate Battery Market, 2021-2028.”
According to the study, robust demand for LifePO4 batteries across passenger cars and electric vehicles will boost industry growth. Lithium iron phosphate (LFP) battery packs have gained traction to offer high voltage, power density, long life cycle, less heating, and increased safety. Soaring demand for electric vehicles (EVs) will boost the popularity of LFP battery components.
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COVID-19 Impact
End-users Rethink Strategies to Gain a Hold Amidst COVID-19 Pandemic
The aftermath of the COVID-19 pandemic has had a compelling impact on the automotive industry. The supply chain of major components was disrupted across Asia Pacific, with China and India on the receiving end, owing to lockdowns. Besides, shutdown or temporary halt of manufacturing plants did not augur well for the lithium iron phosphate battery market growth.
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Segments
Type, Application, and Region are studied for the Market
In terms of type, the market is segregated into the stationary battery and portable battery.
With respect to application, the market is segmented into energy storage system, automotive, consumer electronics, industrial, and others.
Based on geography, the report includes North America, Asia Pacific, Europe, Latin America and the Middle East & Africa.
Report Coverage
The report is prepared rigorously with the use of quantitative and qualitative analysis. The report also includes secondary sources, including SEC filings, annual reports, and studies published by prominent organizations. Moreover, the use of primary sources, such as interviews of stakeholders and suppliers, has fostered the integrity of the report. The report also includes top-down and bottom-up approaches to provide product mapping and boost estimations.
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Drivers and Restraints
Expanding footfall in Power Grid and Dipping Prices of Batteries Boost Growth Potential
With the need for curbing pollutions gaining an uptick, end-users have exhibited profound interest in injecting funds into LFP batteries. Prominently, grid and energy storage device manufacturers have shown an inclination toward the battery for minimal installation space, low-self discharge rate and low-cost solutions. Furthermore, the dipping prices of lithium-ion batteries have led to the adoption of advanced technologies. Industry participants are likely to infuse funds into components following the surge in demand from end-use applications.
Meanwhile, the rising penetration of lead-acid batteries and lithium-air batteries in electric vehicles, consumer electronics, and energy storage systems could mar the business outlook. Moreover, the trend for flywheel batteries is also likely to challenge LFP battery manufacturers.
Regional Insights
Asia Pacific to Observe Investments Galore Following the Growth of EVs
The Asia Pacific lithium iron phosphate battery market size stood at USD 4.05 billion in 2020 and will grow on the back of expanding penetration of electric vehicles. Automakers across China, India, Japan, and Australia are likely to infuse funds into LFP batteries. Given the surge in demand for laptops, smartphones, and other electronic devices, Asia Pacific could provide promising growth opportunities for the battery manufacturers.
Industry players envisage Europe as a happy hunting ground in the wake of escalating environmental concerns. Lithium-ion battery suppliers have upped investments across France, Germany, and the U.K. to keep up with the zero-emission target by 2050. Watchdogs, such as the Batteries European Partnership Associations and the European Commission, are likely to roll out public-private partnerships to bolster research activities across the region.
Stakeholders are likely to boost the North America lithium iron phosphate battery market share against the backdrop of the presence of leading manufacturers. Notably, bullish government policies, including incentives will bode well for regional growth. Increasing sales of EVs are likely to boost the production of LFP batteries.
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Competitive Landscape
Industry Participants to Invest in Product Portfolio Expansion to Gain a Competitive Edge
The market’s competitive scenario indicates leading companies will emphasize organic and inorganic strategies, including mergers & acquisitions, technological advancements, product launches and R&D activities.
Key Industry Developments
- April 2021 – The International Advanced Research Centre for Powder Metallurgy and New Materials developed a technology for the production of lithium iron phosphate cathode materials for lithium-ion batteries.
- October 2020 – Toyota and Panasonic announced a joint venture to build lithium-ion batteries for hybrid cars in Western Japan starting 2022. They believe it could help them meet the growing demand for electric vehicles.
Companies Profiled in the Market Are:
• BYD Company (China)
• A123 System (South Korea)
• Contemporary Amperex Technology Co. Ltd (CATL) (China)
• Bharat Power Solutions (India)
• Power-Sonic Corporation (U.S.)
• RELion Batteries (U.S.)
• Electric Vehicle Power System Technology Co. Ltd. (China)
• K2 Energy (U.S.)
• Lithium Werks (U.S.)
• Greensun Solar Energy Tech Co., Ltd (China)
• Britishvolt (U.K.)
• Morrow batteries (Norway)
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