Lithium Iron Phosphate Batteries Market Scenario:

The lithium iron phosphate batteries market size is expected to grow from an estimated USD 8.3 billion in 2019 to USD 10.6 billion by 2024, at a CAGR of 5.0%. Rising demand for electric and hybrid electric vehicles and high requirement of renewable energy storage are driving the lithium iron phosphate batteries industry.

Key Market Players:

Key market players include BYD (China), A123 Systems (US), K2 Energy (US), Electric Vehicle Power System Technology (China), OptimumNano Energy (China), and Contemporary Amperex Technology (China).

Recent Developments:

• In February 2019, BYD introduced a next-generation lithium iron phosphate battery technology for its forklifts and warehouse equipment. The advanced lithium iron phosphate batteries are cost-effective and maintenance-free.
• In January 2019, RELiON launched a next-generation series of lithium iron phosphate batteries named the Insight Series. The batteries are designed for deep-cycle applications such as marine, renewable energy systems, floor machines, and recreational vehicles.

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Objectives of this Report:

• To define, describe, and forecast the global lithium iron phosphate batteries market by capacity, industry, application, and region
• To provide detailed information regarding the major factors, such as drivers, restraints, opportunities, and industry-specific challenges, influencing the growth of the lithium iron phosphate batteries market
• To strategically analyze the lithium iron phosphate batteries market with respect to individual growth trends, future prospects, and the contribution of each segment to the market
• To strategically profile key players and comprehensively analyze their market shares and core competencies
• To track and analyze competitive developments such as contracts & agreements, expansions, new product launches, and partnerships & collaborations in the lithium iron phosphate batteries market

Automotive: The largest segment of the lithium iron phosphate batteries market, by industry

The lithium iron phosphate batteriesmarket is segmented by industry, power capacity, application, and region. The market is segmented, by industry, into automotive, power, industrial, and others. The automotive segment accounted for the largest share of the market in 2018. The automotive industry includes battery-driven vehicles such as electric vehicles, which further include hybrid electric vehicles, plug-in electric vehicles, e-bikes, and automated guided vehicles, which are major consumers of lithium iron phosphate batteries.

The 16,251–50,000 mAh segment is estimated to have the highest growth rate in the lithium iron phosphate batteries market, by power capacity

The market is segmented, by power capacity, into 0–16,250 mAh, 16,251–50,000 mAh, 50,001–100,000 mAh, and 100,001–540,000 mAh. The 16,251-50,000 mAh application segment is estimated to lead the market in terms of growth. The growth of the segment is mainly because of its rising demand from various applications like automobile, power, industrial, and others.

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Asia Pacific is expected to dominate the global lithium iron phosphate batteries market

Asia Pacific was the largest lithium iron phosphate batteries market in 2018, driven mainly by activities in China. Increasing adoption of electric vehicles is one of the key drivers of the growth, where each country in the region has a supportive policy for the growth of electric vehicles in place. This further drives the demand for lithium iron phosphate batteries and creates growth opportunities for all major battery manufacturers in the region. The US is the second-largest market, closely behind Europe, with a large number of renewable energy storage projects commissioned each year.

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