Lithium Iron Phosphate Battery Market - Generated USD 6.2 Billion in 2018
Posted: Oct 29, 2018
The global Lithium Iron Phosphate Battery market generated USD 6.2 billion in 2017 and is anticipated to grow at a CAGR of more than 21.1% during the forecast period.
Lithium iron phosphate batteries are a category of lithium-ion batteries with LiFePO4 as its cathode material, and possessing the ability to charge and discharge at high speeds. These batteries offer features such as improved power density, low discharge rate, flat discharge curve, reduced heating, higher number of charge cycles, and improved safety. These batteries are ideal for use in applications that require high-load currents and endurance. They are used in vehicles and solar devices among others. They are also used as replacements for lead-acid starter batteries. Portable electronic devices such as laptops and mobile phones also use these batteries.
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The demand for Lithium Iron Phosphate Battery has increased owing to increasing demand from renewable energy systems, and electric vehicles. The increasing awareness regarding use of electric vehicles has resulted in market growth. Increasing awareness and acceptance of clean and green technologies support the growth of the market. Other factors driving the growth of this Lithium Iron Phosphate Battery market include growing demand for consumer electronics, and rising applications in varied industries. Government initiatives and technological advancements further support the growth of the Lithium Iron Phosphate Battery market.
The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Global Lithium Iron Phosphate Battery Market, 2017-2026. This report comprises a detailed geographic distribution of the market across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.
Asia-Pacific generated the highest revenue in the Lithium Iron Phosphate Battery market in 2017 owing to increasing adoption of electric vehicles in the region. Increasing initiatives and investments by governments in the region to support renewable energy, and growing demand for consumer electronics further boost the adoption of Lithium Iron Phosphate batteries.
Competitive Landscape and Key Vendors
The global Lithium Iron Phosphate Battery market is characterized by the presence of well-diversified international and small and medium-sized vendors. These companies are consistently launching new products to enhance their offerings in the market. With the advancement of technologies, companies are innovating and introducing new customized products to cater the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their product offerings to improve their market reach. Acquisitions enable key players to increase their market potential in terms of geographic expansion and expansion of customer base.
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The operating in the Lithium Iron Phosphate Battery market include Panasonic Corporation, Toshiba Corporation, Samsung SDI Co., Ltd, Toshiba Corporation, BYD Company Ltd., GS Yuasa Corporation, Valence Technology, Inc., A123 Systems, LLC., Formosa Energy & Material Technology, Bharat Power Solutions.
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Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.