The lithium iron phosphate batteries market is projected to reach USD 10.6 billion by 2024 from an estimated USD 8.3 billion in 2019, at a CAGR of 5% during the forecast period.
The factors driving the market include rising adoption of electric and hybrid electric vehicles and increasing demand for energy storage applications.
The global lithium iron phosphate batteries market is dominated by leading players that have an extensive regional presence. The leading players in the lithium iron phosphate batteries industry are BYD (China), A123 Systems (US), K2 Energy (US), Electric Vehicle Power System Technology (China), OptimumNano Energy (China), Contemporary Amperex Technology (China), and others.
Automotive segment is expected to dominate the lithium iron phosphate batteries market
The automotive segment is expected to be the largest market, by industry, during the forecast period. The growth is evident owing to the rising demand for lithium iron phosphate batteries in electric and hybrid electric vehicles and favorable government policies to support green technologies.
Stationary segment is expected to dominate the lithium iron phosphate batteries market
The stationary segment of the lithium iron phosphate batteries market, by application, is estimated to be the largest during the forecast period. The growth is attributed to the rising demand for renewable energy storage applications. It is the second largest market in terms of demand for lithium iron phosphate batteries after automotive.
Asia Pacific to lead the global lithium iron phosphate batteries market in terms of value
Asia Pacific is the largest lithium iron phosphate batteries market, followed by North America. The Middle East & African market is projected to be the fastest-growing market during the forecast period owing to rising investments in renewable energy grid infrastructure development.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Lithium Iron Phosphate Batteries Market 4.2 Lithium Iron Phosphate Batteries Market, By Industry 4.3 Lithium Iron Phosphate Batteries Market, By Application 4.4 Asia Pacific Lithium Iron Phosphate Batteries Market, By Power Capacity & Country 4.5 Lithium Iron Phosphate Batteries Market, By Region
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Rising Demand for Electric and Hybrid Electric Vehicles 5.2.1.2 Increasing Environmental Concerns 5.2.1.3 High Requirement of Lithium Iron Phosphate Batteries in Energy Storage Applications 5.2.2 Restraints 5.2.2.1 Lack of Investments 5.2.3 Opportunities 5.2.3.1 Growing Focus on Energy Storage Technologies 5.2.4 Challenges 5.2.4.1 Technological Drawbacks of Lithium Iron Phosphate Batteries 5.2.4.2 Upcoming Technologies Like Solid-State Battery Offering Greater Energy Density
6 Lithium Iron Phosphate Batteries Market, By Power Capacity 6.1 Introduction 6.2 0-16,250 Mah 6.2.1 0-16,250 Mah Segment Holds the Largest Share of the Others Segment (Medical Instrument, Communication Equipment, Audio and Video Equipment), By Industry, of the Lithium Iron Phosphate Batteries Market 6.3 16,251-50,000 Mah 6.3.1 Rising Demand From Various Applications is Expected to Drive the 16,251-50,000 Mah Segment During the Forecast Period 6.4 50,001-100,000 Mah 6.4.1 Rules and Regulations Related to Environmental Protection is Expected to Drive the 16,251-50,000 Mah Segment During the Forecast Period 6.5 100,001-540,000 Mah 6.5.1 Shifting of the Automotive Industry From Internal Combustion Engine Vehicles to Battery-Powered Electric Vehicles is Expected to Drive the 100,001-540,000 Mah Segment During the Forecast Period
7 Lithium Iron Phosphate Batteries Market, By Industry 7.1 Introduction 7.2 Automotive 7.2.1 Low Self-Discharge Rate, High Output and High Energy Density are Driving the Adoption of Lithium Iron Phosphate Batteries in Hybrid Electric Vehicles 7.3 Power 7.3.1 Rising Investments and Growing Demand of Renewable Energy Storage is Expected to Drive the Market During Forecast Period 7.4 Industrial 7.4.1 High Energy Density, Safety Concern and Longer Battery Backup Over Traditional Lead-Acid Batteries Make Lithium Iron Phosphate Batteries More Popular in This Segment 7.5 Others 7.5.1 Growing Lithium Iron Phosphate Batteries Application in Medical, Communication, and Audio and Video Equipment
8 Lithium Iron Phosphate Batteries Market, By Application 8.1 Introduction 8.2 Portable 8.2.1 Rising Demand of Lithium Iron Phosphate Batteries in Portable Applications (Automobile, Construction, and Mining) 8.3 Stationary 8.3.1 Rising Investments of Lithium Iron Phosphate Batteries in Stationary Applications (Power and Industrial)
9 Lithium Iron Phosphate Batteries Market, By Region 9.1 Introduction 9.2 North America 9.2.1 By Power Capacity 9.2.2 By Industry 9.2.3 By Application 9.2.4 By Country 9.2.4.1 The US 9.2.4.1.1 US Offers the Highest Growth Potential for the Lithium Iron Phosphate Batteries Market in North America 9.2.4.2 Canada 9.2.4.2.1 Government Initiatives Likely to Boost the Demand for Battery are Expected to Drive the Lithium Iron Phosphate Batteries Market in Canada 64 9.2.4.3 Mexico 9.2.4.3.1 Low-Cost Labor and Necessary Infrastructure Boost the Growth of the Lithium Irons Batteries Market 9.3 Europe 9.3.1 By Power Capacity 9.3.2 By Industry 9.3.3 By Application 9.3.4 By Country 9.3.4.1 UK 9.3.4.1.1 High Adoption of Electric Vehicles in the UK Would Provide Growth Opportunities for the Lithium Iron Phosphate Batteries Market 9.3.4.2 Germany 9.3.4.2.1 Investment By Major Companies in the Production and R&D of Lithium Iron Batteries is Driving the Market 9.3.4.3 The Netherlands 9.3.4.3.1 Government Initiatives That are Likely to Boost the Demand for Batteries Would Drive the Lithium Iron Phosphate Batteries Market 9.3.4.4 Norway 9.3.4.4.1 High Adoption of Evs in Comparison With Combustion Vehicles Boost the Demand for the Market 9.3.4.5 Rest of Europe 9.4 Asia Pacific 9.4.1 By Power Capacity 9.4.2 By Application 9.4.3 By Country 9.4.3.1 China 9.4.3.1.1 Rising Demand for Electric Vehicles is Contributing to the Growth of Lithium Iron Phosphate Batteries Market 9.4.3.2 Japan 9.4.3.2.1 R&D Expenditure to Improve the Performance of Batteries in Evs Would Create Lucrative Opportunities for the Japanese Market 9.4.3.3 India 9.4.3.3.1 Growing Adoption of Electrified Transport Boosts the Demand for Lithium Iron Phosphate Batteries 9.4.3.4 South Korea 9.4.3.4.1 Presence of Leading Battery Manufacturers Makes South Korea an Attractive Market for Lithium Iron Phosphate Batteries During the Forecast Period 9.4.3.5 Rest of Asia Pacific 9.5 South America 9.5.1 By Power Capacity 9.5.2 By Industry 9.5.3 By Application 9.5.4 By Country 9.5.4.1 Brazil 9.5.4.1.1 Rapidly Growing Demand for Evs Would Boost the Demand for Lithium Iron Phosphate Batteries Market in Brazil 9.5.4.2 Argentina 9.5.4.2.1 Growth of the Automotive Industry is A Driving Factor for the Market 9.5.4.3 Chile 9.5.4.3.1 Automotive and Power Industries are Driving the Lithium Iron Phosphate Batteries Market in the Country 9.5.4.4 Rest of South America 9.6 Middle East & Africa 9.6.1 By Power Capacity 9.6.2 By Industry 9.6.3 By Application 9.6.4 By Country 9.6.4.1 South Africa 9.6.4.1.1 Automotive and Power Industries Dominated the Lithium Iron Phosphate Batteries Market in South Africa 9.6.4.2 UAE 9.6.4.2.1 Increasing Development of Electric Vehicle Charging Station Infrastructure is Expected to Dominate the Lithium Iron Phosphate Batteries Market in the UAE 9.6.4.3 Saudi Arabia 9.6.4.3.1 Increase in the Number of Vehicles is Driving the Lithium Iron Phosphate Market in Saudi Arabia 9.6.4.4 Rest of Middle East & Africa
11 Company Profiles 11.1 BYD 11.2 Electric Vehicle Power System Technology 11.3 K2 Energy 11.4 Relion 11.5 A123 Systems 11.6 Pihsiang Energy Technology 11.7 Lithium Werks 11.8 Optimumnano Energy 11.9 Power Sonic 11.10 Contemporary Amperex Technology 11.11 Benergy Technology Company 11.12 Victron Energy 11.13 Taico 11.14 Shenzhen Kayo Battery Company 11.15 Shenzhen Bak Technology 11.16 Shenzhen Eastar Battery 11.17 Greensun Solar Energy 11.18 Bharat Power Solution 11.19 Bestgo Battery 11.20 Dongguan Victory Battery Technology
