Selbyville, Delaware, June 26, 2023 (GLOBE NEWSWIRE) --
Lithium Iron Phosphate (LFP) Battery Market size is expected to cross a valuation of USD 68.9 billion by 2032, according to latest research report by Global Market Insights, Inc.
Increasing acceptance of hybrid and electric vehicles worldwide will positively influence the industry dynamics. LFP batteries provide enhanced safety, thermal stability, long cycle life, and cost-effectiveness, and have turned a popular choice for EVs. They support high charge rates and offer strong abilities to handle rapid charging of electric vehicles. Increasing need for improved energy density, relatively low weight as well as power for electric propulsion is further driving the demand for lithium-ion batteries in hybrid vehicles.
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Robust demand for portable LPF batteries
The portable lithium iron phosphate battery market will witness a significant growth rate from 2023-2032 due to increasing adoption in off-grid solar power systems, electric vehicles, power banks, and marine applications. This can be attributed to their enhanced energy density, longevity, and safety. The growing demand for portable electronic devices, including laptops, smartphones, tablets, cameras, and speakers will also accelerate the segment growth.
Rising preference for automotive LPF batteries
The lithium iron phosphate industry from the automotive segment will record a considerable share by 2032. The growth can be ascribed to the rising application scope of LFP batteries in electric and hybrid electric vehicles to offer safety, long cycle life, and cost-effectiveness. These batteries provide higher charge acceptance in comparison to other lithium-ion chemistries. Robust abilities to reliably operate in harsh conditions will anchor the product preference.
Asia Pacific as a major market
Asia Pacific lithium iron phosphate battery market will gain immense traction through 2032 due to the significant popularity of electric vehicles in the region. The government in China has also enforced policies and incentives for promoting the adoption of lithium-ion batteries in electric vehicles, subsequently driving the business growth.
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LPF Battery Industry Competitive Landscape
Tesla, Exide Technologies, ENERGON, Duracell, Inc., A123 Systems, LLC, Clarios, Koninklijke Philips N.V., Ding Tai Battery Company Ltd., LITHIUMWERKS, Saft, ProLogium Technology CO., Ltd., Contemporary Amperex Technology Co., Limited are some of the prominent lithium iron phosphate battery suppliers and manufacturers. These companies are focusing on inorganic strategies, including new product launches, partnerships, and acquisitions to widen their global presence.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Lithium iron phosphate (LFP) battery industry 3600 synopsis, 2019 - 2032
Chapter 3 Lithium Iron Phosphate (LFP) Battery Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 High energy density and longer shelf life
3.3.1.2 Positive outlook toward hybrid and electric vehicles industry
3.3.1.3 Growth in renewable energy sector
3.3.2 Industry pitfalls & challenges
3.3.2.1 High production demand
3.4 Growth potential analysis
3.5 Porter's Analysis
3.6 PESTEL Analysis
3.7 COVID- 19 impact on the industry outlook
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
