Lithium Iron Phosphate Battery Market is Expected to Reach $24.6 Billion by 2027 – Emerging Trends and Opportunities Analysis
“Key players in the global lithium iron phosphate battery market include BYD Company Ltd. (China), Contemporary Amperex Technology Co., Limited. (China), K2 Energy (USA), A123 Systems (USA) and Lithium Werks Inc. (China).
Rising demand for lithium iron phosphate batteries from automotive industry, especially EV application, is the major driver for market growth. On the contrary, environmental concerns associated with the disposal of LFP batteries are expected to restrain the growth of the market.
According to a research report “lithium iron phosphate battery market By Design (Cells, Batteries), Capacity, Industry (Automotive, Energy, Industrial, Aerospace, Marine), Application (Portable, Stationary), Voltage (Low, Medium, High) and Region – Global Forecast to 2027″ published by MarketsandMarkets, the global lithium iron phosphate battery market is expected to reach USD 24.6 billion by 2027, from an estimated market size of USD 13.0 billion in 2022, growing at a CAGR of 13.7% during of the forecast period. The market is primarily driven by the growing adoption of electric vehicles, while the adoption of renewable energy storage systems offers lucrative growth opportunities.
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100,001 to 540,000 mAh: the largest segment of the lithium iron phosphate battery market, by capacity
The lithium iron phosphate battery market, by capacity, is segmented into 0–16,250 mAh, 16,251–50,000 mAh, 50,001–100,000 mAh, and 100,001–540,000 mAh. The 100,001-540,000 mAh segment is expected to hold the largest size in the lithium iron phosphate battery market. The high market share of this segment can be attributed to the increasing production of electric vehicles to meet the growing demand.
The automotive segment is expected to be the largest lithium iron phosphate battery market, by industry
The lithium iron phosphate battery market, by industry, is segmented into automotive, energy, industrial, aerospace, marine and others. Others include the medical and telecommunications industries. Increased demand from automotive industry, especially EV application, is expected to drive the growth of the segment.
Asia-Pacific is expected to dominate the global lithium-iron-phosphate battery market
The Asia-Pacific region is expected to account for the largest share of the global lithium iron phosphate battery market, followed by Europe. The Asia-Pacific region is also expected to be the fastest growing market during the forecast period. The dominance of the Asia-Pacific region can be attributed to the presence of major market players in China and the growing adoption of sustainable transportation solutions such as electric vehicles.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the market. lithium iron phosphate battery market. These players include BYD Company Ltd. (China), Contemporary Amperex Technology Co., Limited. (China), K2 Energy (USA), A123 Systems (USA) and Lithium Werks Inc. (China).
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