Lithium Iron Phosphate Batteries Global Market Report 2023

NEW YORK, March 10, 2023 /PRNewswire/ — 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 global lithium iron phosphate battery market grew from $7.59 billion in 2022 to $8.28 billion in 2023 at a compound annual growth rate (CAGR) of 9.1%. The RussiaUkraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The lithium iron phosphate battery market is expected to grow to $11.42 billion in 2027 at a CAGR of 8.4%.

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.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The lithium iron phosphate batteries market research report is one of a series of new reports that provides lithium iron phosphate batteries market statistics, including lithium iron phosphate batteries industry global market size, regional shares, competitors with a lithium iron phosphate batteries market share, detailed lithium iron phosphate batteries market segments, market trends and opportunities, and any further data you may need to thrive in the lithium iron phosphate batteries industry. This lithium iron phosphate batteries market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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