According to the report published by Allied Market Research, the global lithium iron phosphate batteries market was estimated at $5.6 billion in 2020 and is expected to hit $9.9 billion by 2030, registering a CAGR of 5.9% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rising manufacturing capacities for lithium-iron phosphate batteries across the globe and strict government norms implemented to control increasing pollution drive the growth of the global lithium iron phosphate batteries market. On the other hand, high price of lithium-iron phosphate batteries restrains the growth to some extent. However, rapid surge in demand for lithium-iron phosphate batteries from data centers is expected to pave the way for lucrative opportunities from the key players in the industry.
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The global lithium iron phosphate batteries market is analyzed across type, capacity, application, and region. Based on type, the portable segment held the major share in 2020, garnering nearly two-thirds of the total market. However, the stationary segment would portray the fastest CAGR of 6.6% during the forecast period.
By application, the automotive segment accounted for more than two-fifths of the total market revenue in 2020, and is anticipated to retain its dominance by 2030. The power generation segment, on the other hand, would grow at the fastest CAGR of 6.3% from 2021 to 2030.
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Based on region, the market across Asia-Pacific contributed to the major share in 2020, holding around one-third of the global lithium iron phosphate batteries market. The same region would also register the fastest CAGR by 7.0% from 2021 to 2030. Other provinces studied in the report include North America, LAMEA, and Europe.
The key market players analyzed in the global lithium iron phosphate batteries market report include A123 Systems, Electrical Vehicle Power System Technology, Power Sonic, OptimumNano Energy, K2Energy, Benergy Technology Company, Pihsiang Energy Technology, BYD, Victory Battery Technology, and Lithium Werks. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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COVID-19 scenario-
- Scarcity of skilled labor force, dearth of raw materials, and shutdown of manufacturing activities across the world impacted the global lithium iron phosphate batteries market, especially during the initial phase.
- However, the global situation is getting amended at a gradual pace, and the market is expected to revive soon.
Key findings of the study
- By region, the Asia-Pacific regional market is projected to grow at the highest CAGR in terms of revenue, during the forecast period.
- By type, the portable segment accounted for the largest lithium-iron phosphate batteries market share in 2020.
- As per lithium-iron phosphate batteries market analysis, on the basis of capacity, the 100,001–540,000 mAh segment accounted for the largest market share in 2020.
- On the basis of application, the automotive segment accounted for the largest market share in 2020.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumaris instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.