Lithium-Iron Phosphate Batteries Market Companies:
The major companies profiled in Lithium-Iron Phosphate Batteries Market report include BYD, A123 Systems, Electrical Vehicle Power System Technology, OptimumNano Energy, K2Energy, Pihsiang Energy Technology, Victory Battery Technology, Power Sonic, Lithium Werks, and Benergy Technology Company.
According to a new report published by Allied Market Research, The global lithium-iron phosphate batteries market size was valued at $5.6 billion in 2020, and lithium-iron phosphate batteries market forecast to reach $9.9 billion by 2030 at a CAGR of 5.9% from 2021 to 2030.
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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.
In addition, technological advancements and product innovations such as form factors, increased battery life & performance, and sustainable battery management system have positively impacted lithium-iron phosphate batteries market growth during the forecast period. In addition, the automotive industry and industrial sector are two major prominent application areas that have witnessed rise in demand for lithium-iron phosphate batteries in recent years and are also anticipated to provide positive support toward the growth of the global lithium-iron phosphate batteries industry during the forecast period.
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The capacity segment covered in the study includes 0–16,250 mAh, 16,251–50,000 mAh, 50,001–100,000 mAh, and 100,001–540,000 mAh. The applications covered in the study include automotive, power generation, industrial, and others.
Impact Of Covid-19 On The Lithium-iron Phosphate Batteries Market
The COVID-19 pandemic has unfavorably affected the global economy and subsequent weakening of the GDP in global economies, thereby fluctuating consumer spending patterns across the globe.
A few of the challenges were original equipment manufacturing shutdown, unavailability of labor, raw material shortage, which, in turn, directly impacted the global lithium-iron phosphate battery manufacturers.
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