Further,
for the in-depth analysis, the report encompasses the industry growth
indicators, restraints, supply and demand risk, along with detailed discussion
on current and future market trends that are associated with the growth of the
market.
The global lithium iron phosphate (LiFePO4) battery
market is estimated to occupy a large amount of revenue by recording a CAGR of
~15% during the forecast period, i.e., 2022 – 2030, owing to the growing demand
for electric and hybrid vehicles around the world, and increasing emphasis on
energy storage applications. Apart from these, surging need of lithium iron
phosphate batteries in battery energy storage systems, and rising environmental
concerns globally are also expected to drive market growth in the forthcoming
years.
The market is segmented by power capacity,
application and end use. Based on power capacity, the 100,001-540,00 mAh
segment is anticipated to grab the largest market share during the forecast
period on the back of high utilization of this type of batteries in a variety
of electric vehicles. Additionally, by end use, the automotive segment is
projected to gather the largest share over the forecast period ascribing to the
fact that rising demand for vehicles from emerging economies, and growing technological
advancements to develop effective energy storage battery systems able to
augment vehicle efficiency.
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Geographically, the global lithium iron phosphate
(LiFePO4) battery market is segmented into five major regions, namely North
America, Europe, Latin America, Asia Pacific, and the Middle East & Africa.
Asia Pacific is evaluated to grab the largest share in the market during the
forecast period attributing to the increase in demand for consumer electronics,
and presence of well-established automobile sector in the region. Moreover, Europe
is predicted to register noteworthy market growth over the forecast period
ascribing to the growing adoption of electric vehicles in the region.
The
research is global in nature and covers detailed analysis on the market in
North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain,
Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden,
Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America
(Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India,
Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand,
Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE,
Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East
and Africa). In addition, analysis comprising market size, Y-O-Y growth &
opportunity analysis, market players’ competitive study, investment
opportunities, demand for future outlook etc. has also been covered and
displayed in the research report.
Intensifying
Demand for Electric and Hybrid Vehicles Globally to Drive Market Growth
The
International Energy Agency depicts that the global electric car stock hit the
10 million mark in 2020, which is a 43 percent increase over 2019. Among all,
the segment for battery electric vehicles accounted for two thirds of the car
stock that year.
Over the
last few years, governments of several developed and developing nations are
highly focusing on imposition of stringent emission regulations all across
their countries. This is giving impetus to the hike in demand for electric and
hybrid vehicles on a global level, which in turn is evaluated to boost the market
growth in the near future, as these batteries are extensively used in these
automobiles.
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However, low
awareness about the battery in underdeveloped nations is expected to operate as
key restraint to the growth of the global lithium iron phosphate (LiFePO4)
battery market over the forecast period.
This
report also provides the existing competitive scenario of some of the key
players of the global lithium iron phosphate (LiFePO4) battery market which
includes company profiling of LiFeBATT, Inc., 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, and others. The
profiling enfolds key information of the companies which encompasses business
overview, products and services, key financials and recent news and
developments. On the whole, the report depicts detailed overview of the global lithium
iron phosphate (LiFePO4) battery market that will help industry consultants,
equipment manufacturers, existing players searching for expansion
opportunities, new players searching possibilities and other stakeholders to
align their market centric strategies according to the ongoing and expected
trends in the future.
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