USD 10.4 billion
Lithium-Iron Phosphate Batteries Market Size, Share, Growth Analysis, By Application( Flexible Display, Flexible Battery, Flexible Sensor, Flexible Memory), By End-User( Consumer Electronics, Healthcare, Automotive, Aerospace & Defense), By Region(North America, Europe, Asia Pacific, Latin America), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15B2087 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
95
|Figures:
70
Lithium-Iron Phosphate Batteries Market Insights
Lithium-Iron Phosphate Batteries Market size was valued at USD 10.4 billion in 2019 and is poised to grow from USD 10.91 billion in 2023 to USD 15.33 billion by 2031, growing at a CAGR of 4.97% in the forecast period (2024-2031).
Lithium-iron phosphate battery is a type of lithium-ion battery that uses lithium-iron phosphate (LiFePO4) as the cathode material, and a graphitic carbon electrode with a metallic backing at the anode. If we compare with other types of battery materials, lithium-iron phosphate batteries possess several advantages such as lighter weight technology, fast charging, longer cycle life, and low energy wastage, thereby driving the growth of the lithium-iron phosphate batteries industry across the globe.
Increasing demand for lithium-iron phosphate batteries from the automotive industry, majorly electric vehicles, and innovative developments in lightweight materials is driving the demand for lithium-iron phosphate batteries during the forecast period.
Furthermore, growth in sales of electric vehicles and energy storage across the globe is expected to create high opportunities for the lithium-iron phosphate batteries market growth in coming years. Manufacturers are strongly focusing on improved solutions for specific requirements along with technological advancements to reduce operation costs and enhance the productivity of lithium-iron phosphate batteries. These requirements have increased the lithium-iron phosphate batteries market opportunities in several end-use applications such as automotive, industrial, and power generation.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
aerospace & defence
Fastest Growth
others
Growth Rate
4.97% CAGR
Global Lithium-Iron Phosphate Batteries Market, 2021-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
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Lithium-Iron Phosphate Batteries Market Segmental Analysis
Global Lithium-Iron Phosphate Batteries is segmented based on application, end-user, and region as well. By application, the market is segment into flexible display, flexible battery, flexible sensor, and flexible memory. By end-user, the market is categorized into consumer electronics, healthcare, automotive, aerospace & defence, and others. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Lithium-Iron Phosphate Batteries Market Analysis by Application
By application, the portable application segment dominated the global market and accounted for 52.0% share in 2021. This is attributed to the augmented demand for LiFePO4 batteries from the automotive segment, which is the key demand generating segment.
However, in the coming years, the stationary application segment will compete with the portable application segment as the demand will increase for renewable energy storage projects.
The stationary application segment is expected to witness substantial growth in the years to come on account of the need to shift to renewable sources of energy, including wind and solar energy, for sustainable and clean energy.
The shift to renewable energy sources is expected to infuse significant investments from both the private and public sectors, which is expected to boost the demand for such batteries.
Lithium-Iron Phosphate Batteries Market Analysis by End-User
By Analysis, the others end-use segment dominated the market and accounted for a 33.7% share in 2021. The segment is projected to witness the highest growth over the forecast period.
The automotive segment is expected to witness significant growth in the years to come owing to an increase in the demand from the Asia Pacific market. Unconventional energy storage battery systems that can augment the vehicle efficiency and performance are a significant area of focus for the automotive manufacturers.
Because of high energy density and long cycle time, lithium iron phosphate batteries are projected to be the most favoured choice as an alternative energy storage battery system.
Therefore, growth in the demand for automobiles across countries, such as China, is projected to fuel the demand for lithium iron phosphate batteries.
Global Lithium-Iron Phosphate Batteries Market By type, 2021 (%)
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Lithium-Iron Phosphate Batteries Market Regional Insights
Globally, Asia Pacific led the market and accounted for 32.8% share in 2021. The region is expected to witness significant growth over the forecast period owing to the established automotive sector and rising demand for consumer electronics across the region.
The growing demand for consumer electronics from countries, such as Japan, India, and China, along with stringent government regulations, will also propel the market growth across the region.
Europe is expected to register a CAGR of 14.7% from 2022 to 2028. The European Union dominated the automotive segment in 2019. The growing adoption of electric vehicles is one of the major factors creating growth prospects, where each country has a supportive policy for the EVs.
Hence, it further drives the demand for lithium iron phosphate batteries and creates growth prospects for all key battery manufacturers across the region.
In North America, the U.S. is one of the largest markets with a large number of renewable energy battery storage projects, which are commissioned every year. Thus boosting sales of lithium-iron phosphate batteries in this region.
Global Lithium-Iron Phosphate Batteries Market By Geography, 2021-2028
- Largest
- Fastest
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Lithium-Iron Phosphate Batteries Market Dynamics
Lithium-Iron Phosphate Batteries Market Drivers
Stringent Government Policies to Curb Pollution and Promote Renewable Energy to Boost Demand for Lithium-Iron Phosphate Batteries
- Implementing strict government policies to regulate rising pollution levels encourages industries to use LFP batteries. Worldwide the power industry is working towards producing renewable energy and storing it for the future.
- Low cost, self-discharge rate, and minimal installation space are critical factors driving the adoption of LFP batteries in grids and energy storage devices since these batteries are more resistant to high temperatures, they are ideal for use in remote areas and thermal control applications.
- The primary factors restraining the adoption of lithium-ion batteries since 1990 were their prices lithium-ion batteries contain many components, and the main element of any lithium iron phosphate battery is its cell, which accounts for 50% of its cost.
- However, recent developments by lithium-ion manufacturing companies have helped in the declined prices of batteries, which will further reduce the costs of components and the adoption of lithium-ion batteries.
Lithium-Iron Phosphate Batteries Market Restraint
Presence of Alternative Products will Hinder Market Growth
- The increasing demand for other batteries, such as lead-acid batteries, sodium-nickel chloride, flow batteries, and lithium-air batteries in consumer electronics, electric vehicles, and energy storage systems is expected to hinder the growth of LFP batteries.
- The introduction of new energy devices, such as flywheel batteries, is also restraining the market growth.
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Lithium-Iron Phosphate Batteries Market Competitive Landscape
The market studied is moderately consolidated, with a few companies currently dominating the market globally. Some of the major market players have acquired the maximum share.
The players are focusing on developing innovative products to increase their market shares along with strategic alliances to expand their product portfolios.
Lithium-Iron Phosphate Batteries Market Top Players Company Profiles
- BYD Company Ltd.
- Bharat Power Solutions
- Contemporary Amperex Technology Co.Limited
- A 123 Systems LLC
- Shenzhen Taico Technology Co. Ltd
- K2 Energy Solutions Inc.
- Lithium Werks Inc.
- BSBATT
- Morrow Batteries
- Electric Vehicles Power System Technology Co. Ltd.
- Benergy Tech Co.Ltd
- ReLion Batery LLC
- Greensun Solar Energy Tech Co. Ltd.
- Britishvolt
Lithium-Iron Phosphate Batteries Market Recent Developments
- In February 2022, BYD UK and Alexander Dennis Limited (ADL) entered into a partnership. The main focus of this partnership is to supply 130 double-decker buses to the UK’s EV Fleet
- In March 2022, Reliance New Energy Limited acquired Lithium Werks BV’s assets at a value of USD 61 million. The main aim of this acquisition is to fortify Reliance’s cell technology leadership along with setting up battery manufacturing in the Indian region.
- In April 2022, RELiON Battery, announced a retail partnership with West Marine. The main objective of this partnership is to fulfill the rising customer demand for a lithium battery.
Lithium-Iron Phosphate Batteries Key Market Trends
Investing in R&D Activities will stay Pivotal for Players in the Lithium-Iron Phosphate Batteries Market
- The industry has been characterized by high competition. High product quality, pricing, brand recognition, reliability, durability, and energy density are some of the key factors for the LiFePO4 battery manufacturers in order to stay afloat in this market.
- As per the trends, it has been observed that numerous manufacturers of lithium iron phosphate batteries are continuously engaged in R&D activities. As this business entails extensive investments and ROI is a time-consuming process, the manufacturers are reliant on government funding in order to enlarge their facilities.
Lithium-Iron Phosphate Batteries Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, global Lithium-Iron Phosphate Batteries market is witnessing significant growth during the forecast period owing to increased technology, rising popularity, consumer preferences towards flexible devices, and high expenditure on the advancement of devices.
Government initiatives to attract major players in the market to establish their manufacturing units in their prospective region are expected to contribute positively to the growth of Lithium-Iron Phosphate Batteries market.
The high initial cost for the development projects and advancement of technology is likely to challenge players in the market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 10.4 billion |
| Market size value in 2031 | USD 15.33 billion |
| Growth Rate | 4.97% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Lithium-Iron Phosphate Batteries Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Lithium-Iron Phosphate Batteries Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Lithium-Iron Phosphate Batteries Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Lithium-Iron Phosphate Batteries Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Lithium-Iron Phosphate Batteries Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Lithium-Iron Phosphate Batteries Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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