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Lithium Iron Phosphate (LiFePO4) Battery Market Segmentation by Power Capacity (0–16,250 mAh, 16,251–50,000 mAh, 50,001–100,000 mAh, 100,001–540,000 mAh); by Application (Stationary, and Portable); and by End Use (Automotive, Power, Industrial, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Lithium Iron Phosphate (LiFePO4) Battery Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

·    July 2020- Panasonic’s electric vehicle battery business in the United States announced that it will increase the energy density of the 2170 battery supplied to Tesla by 20 percent within 5 years.

·    February 2019- BYD introduced a next generation lithium iron phosphate battery technology for its warehouse equipment and forklifts, which is maintenance free and highly cost-effective. 

Global Lithium Iron Phosphate (LiFePO4) Battery Market Highlights 2022 – 2030

The global lithium iron phosphate (LiFePO4) battery market is estimated to garner a substantial amount of revenue and grow at a CAGR of ~15% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing demand for electric and hybrid vehicles, and growing focus on energy storage applications around the world. According to the International Energy Agency, the global electric car stock hit the mark of 10 million in 2020, which is a 43 percent increase over 2019. Battery electric vehicles accounted for two thirds of the car stock that same year.

Along with these, high requirement of lithium iron phosphate batteries in battery energy storage systems, and rising concerns associated with the environment are also expected to boost the market growth in the upcoming years. Furthermore, rapidly increasing population, coupled with an upsurge in depletion in fossil fuel reserves are projected to offer abundant opportunities for market progress in the near future.

Lithium Iron Phosphate (LiFePO4) Battery Market

The market is segmented by power capacity into 0–16,250 mAh, 16,251–50,000 mAh, 50,001–100,000 mAh, 100,001–540,000 mAh, out of which, the 100,001-540,00 mAh segment is anticipated to hold the largest share in the global lithium iron phosphate (LiFePO4) battery market. This can be accounted to the high usage of batteries with this capacity in different types of electric vehicles such as hybrid and plug-in hybrid electric vehicles. Additionally, on the basis of end use, the automotive segment is assessed to acquire the largest share during the forecast period, which can be credited to the growing demand for automobiles from emerging countries, namely China and India. Apart from this, rise in technological advancements to develop effective battery energy storage systems that are able to augment vehicle efficiency is also predicted to propel the segment’s growth in the imminent time. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global Lithium Iron Phosphate (LiFePO4) Battery Market Regional Synopsis

On the basis of geographical analysis, the global lithium iron phosphate (LiFePO4) battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Europe is estimated to witness noteworthy growth over the forecast period on the back of the rising adoption of electric vehicles, and deployment of government policies favoring the development of advanced battery technologies in the region, such as renewable battery storage. Moreover, the market in Asia Pacific is predicted to occupy the most significant share over the forecast period ascribing to the growing demand for consumer electronics from China, India and Japan, and presence of well-established automotive sector in the region. For instance, the number of users of consumer electronics are calculated to grow up to more than 840 million by 2025. The user penetration is expected to reach about 57 percent by the end of the same year. In addition, escalating adoption of stringent emission laws is also projected to bolster the region’s market growth in the coming years.

Lithium Iron Phosphate (LiFePO4) Battery Market

The global lithium iron phosphate (LiFePO4) battery market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global lithium iron phosphate (LiFePO4) battery market includes the following segments:

By Power Capacity

  • 0–16,250 mAh
  • 16,251–50,000 mAh
  • 50,001–100,000 mAh
  • 100,001–540,000 mAh

By Application

  • Stationary
  • Portable

By End Use

  • Automotive
  • Power
  • Industrial
  • Others

Growth Drivers

  • Increasing Demand for Electric and Hybrid Vehicles
  • Growing Focus on Energy Storage Applications Worldwide

Challenges

  • Less Awareness about the Battery in Lower Economic Regions

Top Featured Companies Dominating the Market

  • LiFeBATT, Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • BYD Company Ltd.
  • A123 Systems LLC
  • Electric Vehicle Power System Technology Co., Ltd.
  • Bharat Power Solutions
  • OptimumNano Energy Co., Ltd.
  • CENS Energy Tech Co., Ltd.
  • Panasonic Corporation
  • Toshiba Corporation
  • Samsung SDI Co., Ltd

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