The global lithium iron phosphate battery market is growing at an optimistic rate of above 20.0% to reach USD 24.31 Bn by 2025. The market is majorly driven by the energy storage applications such as smartphones and electric vehicles. Smartphones lead the market in terms of unit uptake; however, electric vehicles segment is anticipated to show prolific results in terms of revenue over the foreseeable future.
The research report on ‘global lithium iron phosphate battery market’ includes the historic, current and future status of various manufacturing process and applications about this product. This report also covers various aspects such as drivers, challenges, value chain analysis, porter’s five forces analysis. Furthermore, cost analysis of lithium iron phosphate which comprise key raw material, price trend, key suppliers, manufacturing cost structure, manufacturing process, and industrial chain analysis are also presented in the report.
Electric vehicles are witnessing increasing adoption of lithium-ion phosphate batteries. Growing demand for electric vehicles has driven the uptake of lithium-ion batteries. According to Bloomberg New Energy Finance Report, electric vehicles will become cheaper than traditional cars powered by internal combustion engines, which will lead to the increase in the demand of electric vehicles to 41 million by 2040, thereby driving the lithium-ion battery market. Bloomberg also forecasts that lithium-ion battery demand from electric vehicles will grow from 21GWh in 2016 to 1,300GWh in 2030. India’s electric vehicles market is anticipating to hit a sales mark of nearly 100% by the end of 2030. Increasing shopper awareness coupled with falling battery cost is anticipated to drive adoption of electric vehicles in India.
The global market is characterized by the presence of a large number of raw material suppliers. The raw materials required for manufacturing lithium-ion phosphate battery are lithium and carbon. Buyers are able to conveniently switch to other supplier owing to the presence of suppliers. Thus, the bargaining power of suppliers is high in the industry.
In terms of region distribution, Asia Pacific dominated the global lithium iron phosphate market and is expected to surpass a CAGR of 40% during 2019 to 2025. Europe is anticipated to be the third fastest growing market with a CAGR of nearly 22.0% throughout the forecast period.
Global Lithium Iron Phosphate Industry to Attract Energy Storage Sector in 2020
- Lithium iron phosphate offers a life cycle of 20 times longer than a lead acid battery. Hence, this minimizes the cost of replacement and eventually diminishes the total ownership cost.
- Application of lithium iron phosphate battery in consumer electronics accounted for dominating market revenue and volume share of more than 40% in the year 2018 and is expected to show similar trend over the forecast period
- Lithium iron phosphate cells are superior to lithium cobalt oxide for use in electric vehicles and are commended for upcoming models
Some of the leading players of the market include Valence Technology, AESC, Aleees, Tianjin B&M,Tianjin STL Energy, BTR, RELiON Battery.
Key segments of the global lithium iron phosphate battery market
Manufacturing Process Overview, 2015-2025 (MWh) (USD Million)
- High Temperature Solid Phase Synthesis
- Sol-Gel Method
- Co-precipitation Method
Application Overview, 2015-2025 (MWh) (USD Million)
- Consumer Electronics
Regional Overview, 2015-2025 (MWh) (USD Million)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia