Lithium Iron Phosphate Batteries Market by Power Capacity (0–16,250 mAh, 16,251–50,000 mAh, 50,001–100,000 mAh, 100,001–540,000 mAh), Industry (Automotive, Power, Industrial, Others), Application (Portable, Stationary), Region - Global Forecast to 2024
The market is expected to reach USD 10.6 billion by 2024, at a CAGR of 5.0% from 2019 to 2024
The lithium iron phosphate batteries market is projected to reach USD 10.6 billion by 2024 from an estimated USD 8.3 billion in 2019, at a CAGR of 5.0% during the forecast period. The factors driving the market include rising adoption of electric and hybrid electric vehicles and increasing demand for energy storage applications.
“Automotive segment is expected to dominate the lithium iron phosphate batteries market”
The automotive segment is expected to be the largest market, by industry, during the forecast period. The growth is evident owing to the rising demand for lithium iron phosphate batteries in electric and hybrid electric vehicles and favorable government policies to support green technologies.
“Stationary segment is expected to dominate the lithium iron phosphate batteries market“
The stationary segment of the lithium iron phosphate batteries market, by application, is estimated to be the largest during the forecast period. The growth is attributed to the rising demand for renewable energy storage applications. It is the second largest market in terms of demand for lithium iron phosphate batteries after automotive.
“Asia Pacific to lead the global lithium iron phosphate batteries market in terms of value”
Asia Pacific is the largest lithium iron phosphate batteries market, followed by North America. The Middle East & African market is projected to be the fastest-growing market during the forecast period owing to rising investments in renewable energy grid infrastructure development.
Breakdown of Primaries
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier I–60%, Tier II–20%, and Tier III–20%
By Designation: C-Level–55%, Director Level–30%, and Others–15%
By Region: North America–30%, Europe–30%, Asia Pacific–20%, Middle East & Africa–10%, South America–10%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017—Tier 1: USD 1 billion, Tier 2: from USD 1 billion to USD 500 million, and Tier 3: <USD 500 million.
The global lithium iron phosphate batteries market is dominated by leading players that have an extensive regional presence. The leading players in the lithium iron phosphate batteries industry are BYD (China), A123 Systems (US), K2 Energy (US), Electric Vehicle Power System Technology (China), OptimumNano Energy (China), Contemporary Amperex Technology (China), and others.
The report defines, describes, and forecasts the lithium iron phosphate batteries market, by industry, power capacity, application, and region. It also offers detailed qualitative and quantitative analyses of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the lithium iron phosphate batteries market.
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