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 News

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.

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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).

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. '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'

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.

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.

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.

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