About Lithium Iron Phosphate
Battery technologies are fast emerging as sustainable energy revolution gains the limelight. Lithium-iron-phosphate (LFP) as battery technology, is growing owing to its high level of safety. The United States, along with Japan are top providers of this battery technology. The emergence of electric vehicles in the future is likely to propel the market for lithium-powered batteries.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 7.2% |
The key manufacturers are targeting the innovations of the products with better quality, and better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking about mergers and acquisitions to maintain their presence in the market. Analyst at AMA Research estimates that United States & Japanese Manufacturers will contribute the maximum growth to Global Lithium Iron Phosphate market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Panasonic Corporation (Japan), Toshiba Corporation (Japan), LG Chem (South Korea), AKASOL AG (Germany), Power-Sonic Corporation (United States), Bisco Industries (United States), Mouser Electronics, Inc. (United States), Ultralife Battery & Energy Products (United States), Samsung SDI Co., Ltd (South Korea) and BYD Company Ltd. (China) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Valence Technology (United States), Wanxiang Group Corporation (China), Formosa Energy Pty Ltd (Australia), Bharat Power Solutions (India), F.W. Webb Company. (United States), GS Yuasa Lithium Power (Japan), Envision AESC SDI Co., Ltd. (Japan) and Lithium Energy Japan (Japan).
Segmentation Overview
AMA Research has segmented the market of Global Lithium Iron Phosphate market by Type (High Temperature Solid Phase Synthesis, Sol-Gel Method, Coprecipitation Method and Others), Application (Consumer Electronic Battery, Automobile Battery and Others) and Region.
On the basis of geography, the market of Lithium Iron Phosphate has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Popular For Marine Traction Applications Owing To Its Safety and Long Battery Life Factors
Market Growth Drivers:
Increased Adoption in the Robotics Industry and Increasing Demand for Electric Vehicles Worldwide
Challenges:
High Cost of Raw Materials
Restraints:
Government Initiated Safety Norms
Opportunities:
Government Initiatives to Raise E-Vehicle Demand in Emerging Economies
Market Leaders and their expansionary development strategies
In March 2022, Reliance New Energy Limited acquired Lithium Werks BV’s assets at a value of USD 61 million. The main aim of this acquisition is to fortify Reliance’s cell technology leadership along with setting up battery manufacturing in the Indian region.
In February 2022, BYD UK and Alexander Dennis Limited (ADL) entered into a partnership. The main focus of this partnership is to supply 130 double-decker buses to the UK’s EV Fleet
Key Target Audience
Battery Manufacturer, Traders/Distributors/Suppliers, Raw Material Supplier, End-User, Government Funding Agencies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.