Lithium Iron Phosphate Batteries Market Projected to Hit $24.6 billion by 2027 – Emerging Trends and Opportunities Analysis

July 19 23:37 2022
Lithium Iron Phosphate Batteries Market Projected to Hit $24.6 billion by 2027 – Emerging Trends and Opportunities Analysis
The leading players in the global lithium iron phosphate batteries market include BYD Company Ltd. (China), Contemporary Amperex Technology Co., Limited. (China), K2 Energy (US), A123 Systems (US) And Lithium Werks Inc. (China).
The rise in demand for lithium iron phosphates batteries from the automotive industry, especially the EV application, is the primary driver of market growth. On the contrary, the environmental concerns associated with the disposal of LFP batteries is expected to restrain the growth of the market.

According to a research report Lithium Iron Phosphate Batteries Market by Design (Cells, Battery Packs), Capacity, Industry (Automotive, Power, Industrial, Aerospace, Marine), Application (Portable, Stationary), Voltage (Low, Medium, High) & Region – Global forecast to 2027″ published by MarketsandMarkets, the global lithium iron phosphate batteries market is projected to reach USD 24.6 billion by 2027 from an estimated market size of USD 13.0 billion in 2022, at a CAGR of 13.7% during the forecast period. The market is majorly drive by increasing adoption of EVs while the adoption of renewable energy storage systems offers lucrative growth opportunities.

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100,001–540,000 mAh: The largest segment of the lithium iron phosphate batteries market, by capacity

The lithium iron phosphate batteries 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 of the market for lithium iron phosphate batteries. The high market share of this segment can be attributed to the increasing production of EVs to accommodate the growing demand.

The automotive segment is expected to be the most significant lithium iron phosphate batteries market, by industry

The lithium iron phosphate batteries market, by industry, is segmented into automotive, power, industrial, aerospace, marine and others. Others include medical and telecommunications industries. The enhanced demand from the automotive industry, especially from the EV application is expected to drive the growth of the segment.

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

The Asia Pacific region is expected to account for the largest share of the global lithium iron phosphate batteries market, followed by Europe. The Asia Pacific region is also projected to be the fastest-growing market during the forecast period. The dominance of the Asia Pacific region can be attributed to the presence of top market players in China and the increasing adoption of sustainable transportation solutions such as EVs.

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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 Lithium iron phosphate batteries market. These players include BYD Company Ltd. (China), Contemporary Amperex Technology Co., Limited. (China), K2 Energy (US), A123 Systems (US) And Lithium Werks Inc. (China).

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