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Jun 27, 2023

Lithium Iron Phosphate Battery Market size is expected to grow by USD 46,468.81 mn from 2022 to 2027; Decline in the cost of Lithium

NEW YORK, May 26, 2023 /PRNewswire/ -- Technavio has been monitoring the lithium

NEW YORK, May 26, 2023 /PRNewswire/ -- Technavio has been monitoring the lithium iron phosphate battery market, and it is expected to grow by USD 46,468.81 mn during the five-year forecast period. As per the latest report, the market will progress at a CAGR of 33.65% during 2022-2027. This report aid business leaders with an up-to-date analysis that includes the study of the current market scenario, the latest trends and drivers that are likely to influence the market growth, and the overall market environment. The development of structured public charging facilities for electric vehicles is expected to promote the acceptance of these eco-friendly vehicles around the world. However, developments in the charging infrastructure depend on various national and supranational regulatory frameworks promoting electric vehicle sales. Click & get Latest Sample Report within minutes!

Lithium Iron Phosphate Battery Market 2023-2027: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our lithium iron phosphate battery market report covers the following areas:

Lithium Iron Phosphate Battery Market size

Lithium Iron Phosphate Battery Market trends

Lithium Iron Phosphate Battery Market industry analysis

Lithium Iron Phosphate Battery Market five forces analysis

Lithium Iron Phosphate Battery Market competitive landscape

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Acumentrics Inc, Bharat Power Solutions, Brunswick Corp., BYD Co. Ltd., Cegasa Energia SLU, China Aviation Lithium Battery Technology Co. Ltd., DNK POWER Co. Ltd., Dragonfly Energy Corp., E4V, Electric Vehicle Power System Technology Co. Ltd., Harding Energy Inc., K2 Energy Solution Inc., Lithium Werks, Murata Manufacturing Co. Ltd., OptimumNano Energy Co. Ltd., Power Sonic Corp., Saft Groupe SAS, TianJin Lishen Battery Joint Stock Co. Ltd., Ultralife Corp., and Victron Energy BV are some of the major market participants. Although the decline in lithium-ion battery cost will offer immense growth opportunities, competition from other batteries will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Driver Description

The expansion of the lithium iron phosphate battery market is mostly driven by the drop in the price of lithium-ion batteries. Due to an improvement in production scale and manufacturing efficiency, the cost of making lithium-ion batteries and battery packs has decreased dramatically in recent years.

The price has decreased as a result of vendors developing more affordable production techniques and the automobile sector utilizing battery technology more frequently.

Falling prices for lithium-ion batteries, which make up a sizable percentage of the cost of manufacturing electric vehicles, are lowering their overall cost of ownership. Vendors of lithium-ion batteries are raising the price of their goods to compete with those of competing technologies like lead-acid and nickel-metal hydride batteries. The performance of cars is enhanced by the ongoing research and development of lithium-ion batteries.

Lithium Iron Phosphate Battery Market 2023-2027: Segmentation

Lithium Iron Phosphate Battery Market is segmented as below:

Application

Type

Geography

During the forecast period, the automotive segment's market share will expand significantly. Lithium iron phosphate batteries, which are used in electric vehicles including e-buses, e-trucks, and e-bikes, are a part of the automotive industry. Due to the advantages they have over alternative lithium iron phosphate chemistries, lithium iron phosphate batteries are becoming more and more common in electric vehicles. Low resistance operation gives these batteries more efficiency, longevity, and reliability.

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This study identifies competition from other batteries as one of the prime reasons challenging the lithium iron phosphate battery market growth during the next few years.

Challenge Description

Competition from other batteries poses a challenge to the growth of the lithium iron phosphate battery market. There is a high risk of replacing lithium iron phosphate batteries with many energy storage technologies, including lithium-ion batteries that use different chemistries, non-lithium-ion batteries and fuel cells.

All solid-state batteries use a solid electrolyte instead of the liquid electrolyte used in lithium-ion batteries. Extensive research and development work is being carried out to improve this battery technology. Therefore, the availability of numerous energy storage technologies will hamper the market development over the forecast period.

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Global competitiveness and key competitor positions

Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Lithium Iron Phosphate Battery Market 2023-2027: Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the Lithium Iron Phosphate Battery Market. Backed with competitive intelligence and benchmarking, our research reports on the Lithium Iron Phosphate Battery Market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.

Vendors Offerings

Acumentrics Inc. - The company offers lithium iron phosphate battery which are designed to be used in applications related to power tools and electric vehicles.Brunswick Corp. - The company offers RB100 HP deep cycle lithium ion battery which is designed to be used in golf carts, sailboats and commercial equipments.BYD Co. Ltd. - The company offers lithium iron phosphate batteries which are designed to be used in solar panel installations.

Lithium Iron Phosphate Battery Market 2023-2027: Key Highlights

CAGR of the market during the forecast period 2023-2027

Detailed information on factors that will assist lithium iron phosphate battery market growth during the next five years

Estimation of the lithium iron phosphate battery market size and its contribution to the parent market

Predictions on upcoming trends and changes in consumer behavior

The growth of the lithium iron phosphate battery market

Analysis of the market's competitive landscape and detailed information on vendors

Comprehensive details of factors that will challenge the growth of lithium iron phosphate battery market vendors

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Related Reports:

The lithium-ion battery market is estimated to grow at a CAGR of 31% between 2022 and 2027. The size of the market is forecast to increase by USD 198.26 billion. This report extensively covers market segmentation by type (lithium nickel manganese cobalt, lithium titanate, lithium iron phosphate, and lithium cobalt oxide), application (automotive, consumer electronics, and energy storage, and others), and geography ( APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.

The 21700 lithium-ion battery market share is expected to increase by USD 2.03 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.17%. Furthermore, this report extensively covers 21700 lithium-ion battery market segmentations by application (automotive and others) and geography (APAC, Europe, North America, South America, and Middle East and Africa).

Lithium Iron Phosphate Battery Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 33.65%

Market growth 2023-2027

USD 46,468.81 million

Market structure

Fragmented

YoY growth 2022- 2023 (%)

32.67

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 53%

Key countries

US, China, Japan, Germany, and Norway

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Acumentrics Inc, Bharat Power Solutions, Brunswick Corp., BYD Co. Ltd., Cegasa Energia SLU, China Aviation Lithium Battery Technology Co. Ltd., DNK POWER Co. Ltd., Dragonfly Energy Corp., E4V, Electric Vehicle Power System Technology Co. Ltd., Harding Energy Inc., K2 Energy Solution Inc., Lithium Werks, Murata Manufacturing Co. Ltd., OptimumNano Energy Co. Ltd., Power Sonic Corp., Saft Groupe SAS, TianJin Lishen Battery Joint Stock Co. Ltd., Ultralife Corp., and Victron Energy BV

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table Of Contents :

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global lithium iron phosphate battery market 2017 - 2021

4.2 Application Segment Analysis 2017 - 2021

4.3 By Type Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Application

6.1 Market segments

6.2 Comparison by Application

6.3 Automotive - Market size and forecast 2022-2027

6.4 Non-automotive - Market size and forecast 2022-2027

6.5 Market opportunity by Application

7 Market Segmentation by Type

7.1 Market segments

7.2 Comparison by Type

7.3 Portable - Market size and forecast 2022-2027

7.4 Stationary - Market size and forecast 2022-2027

7.5 Market opportunity by Type

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

9.4 Europe - Market size and forecast 2022-2027

9.5 North America - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 China - Market size and forecast 2022-2027

9.9 US - Market size and forecast 2022-2027

9.10 Norway - Market size and forecast 2022-2027

9.11 Germany - Market size and forecast 2022-2027

9.12 Japan - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Acumentrics Inc

12.4 Bharat Power Solutions

12.5 Brunswick Corp.

12.6 BYD Co. Ltd.

12.7 Cegasa Energia SLU

12.8 China Aviation Lithium Battery Technology Co. Ltd.

12.9 DNK POWER Co. Ltd.

12.10 Lithium Werks

12.11 Murata Manufacturing Co. Ltd.

12.12 OptimumNano Energy Co. Ltd.

12.13 Power Sonic Corp.

12.14 Saft Groupe SAS

12.15 TianJin Lishen Battery Joint Stock Co. Ltd.

12.16 Ultralife Corp.

12.17 Victron Energy BV

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com/

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