About LiFePO4 Battery
LiFePO4 (lithium iron phosphate) battery or LFP battery is a type of rechargeable battery using LiFePO4 as the cathode material and a graphitic carbon electrode with a metallic backing as the anode. These batteries are becoming extensively popular due to advantages in energy density by weight and volume, coupled with shorter charge times and long life cycle. It has thermal and chemical stability, which improves battery safety. LiFePO4 batteries are completely environment-friendly and offer high power in a small package.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 22.0% |
There are various companies that are exploring in this market, the companies are spending to expand their footprint across new geographical regions. The market leaders are adopting various market strategies such as mergers & acquisitions, expansions, investments, new solution launches, and collaborations as their strategies. Analyst at AMA Research estimates that Chinese Manufacturers will contribute the maximum growth to Global LiFePO4 Battery 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 (Japan), Samsung SDI Co. (South Korea), BYD (China), LG Chem (South Korea), Sony (Japan), Wanxiang Group Corporation (China), Hitachi (Japan), TianJin Lishen Battery Joint-Stock CO., LTD. (China), Guoxuan High-Tech Co., Ltd. (China) and OptimumNano Energy Co., 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 Dongguan Victory Battery Technology Co., Ltd. (China), K2 Energy Solutions (United States) and DLG Electronic Technology Co., Ltd. (China).
Segmentation Overview
AMA Research has segmented the market of Global LiFePO4 Battery market by Type (Cylindrical and Prismatic), Application (Power Banks, Laptop Battery Packs, Electric Vehicles, Flashlights, Cordless Power Tools and Others) and Region.
On the basis of geography, the market of LiFePO4 Battery 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). If we see Market by End-User, the sub-segment i.e. Consumer Electronics will boost the LiFePO4 Battery market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Power Capacity, the sub-segment i.e. Less than 3000 mAh will boost the LiFePO4 Battery market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Cathode will boost the LiFePO4 Battery market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Focus towards the Integration of Renewable Energy Resources
Market Growth Drivers:
Long Lifecycle with High Safety and Temperature Resistant, Rising Adoption of Smart Devices and Increased Demand for Smartphones and Laptops
Challenges:
High Cost of Manufacturing Compared To Nickel-Cadmium Batteries
Restraints:
Poor Performance in Low Temperature and Fluctuations in the Raw Material Prices
Opportunities:
Growing Demand for Electric Vehicles Worldwide and Increasing Demand for Consumer Electronics from Emerging Countries
Market Leaders and their expansionary development strategies
In September 2023, BASF, a globally leading battery materials producer, and Nanotech Energy, a worldwide leader in the field of graphene-based energy storage products, have agreed to partner to significantly reduce the CO2 footprint of Nanotech’s lithium-ion batteries for the North American market. The agreement aims to close the loop for lithium-ion batteries in North America, with BASF producing cathode active materials from recycled metals
In September 2023, Briggs & Stratton Energy Solutions, a US-based provider of battery systems and standby generators, has unveiled a new lithium iron phosphate (LiFePO4) battery package comprising a battery, a 6 kW inverter and a control system.
Key Target Audience
LiFePO4 Battery Manufacturers, Raw Material Suppliers/ Buyers, Distributors, Government Body & Associations and End-user
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.