Press release
Prismatic LiFePO4 Battery Market to Reap Excessive Revenues by 2026: Top Vendors Panasonic Corporation, Toyota Motor Corporation, HYB Battery Co., Ltd., Contemporary Amperex technology (CATL), and LG Chemical Ltd.
Prismatic LiFePO4 Battery Market
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The global prismatic LiFePO4 battery market is characterized by high presence of players. Some of the major players operating in the prismatic LiFePO4 battery market are Panasonic Corporation, Toyota Motor Corporation, HYB Battery Co., Ltd., Contemporary Amperex technology (CATL), and LG Chemical Ltd.
Market Dynamics
Product reliability and cost-effectiveness are major factors driving growth of the prismatic LiFePO4 battery market. Furthermore, increasing cost-efficiency in various production processes such as electrode coatings, cell assembly, formation, and process control is expected to boost growth of the prismatic LiFePO4 battery market over the forecast period. Electrode coating is gaining significant traction due to its benefits such as flexible and fast control on coating systems, as well as simple and safe integration of quality measuring systems, and fewer rejects due to automatic roll change during operation. Additionally, electrode coating technology and process development have a strong impact on quality, performance, and safety of the assembled battery cells.
Prismatic batteries are used as power banks for electrical vehicles in various electrical and automotive sectors. Government bodies in various countries are focusing on supporting the R&D activities for advanced batteries through the Department of Energy (DOE). According to United States Department of Energy, the U.S. government is providing around US$ 2 billion worth grants to accelerate the manufacturing and development of the next generation prismatic batteries in the automotive sector (power banks and laptops) and electrical vehicles. Prismatic batteries are suitable for a wide range of applications such as stationary to mobile, consumer to industrial, and can be optimized to provide high energy and high power.
Market Outlook
The market for environment friendly vehicles (hybrids, plug in hybrids, electrical vehicles) are increasing in Asia Pacific region. The government of India has plan to make major shifts to electrical vehicle due to vehicle population and domestic manufacturing capabilities by 2030. Under Union Budget 2017-18, the Government of India has announced plans to support & increase the manufacturing of hybrid & electric cars & Faster Adoption of Manufacturing of Electric & Hybrid vehicles by giving US$27.25 million as compared US$19.15 in 2016. Indian car manufacturer like Reva electrical car company (RECC) and app based companies like Ola are working on making electrical car.
North America is estimated to hold the largest market for prismatic LiFePO4 battery in 2018 and is expected to retain its position throughout the forecast period. The rising demand for prismatic batteries is increasing in the automotive and electrical industries in North America. For example, Tesla electric car marker delivered around 26,000 vehicles which includes the Tesla Roadster, Tesla Model S, Tesla Model x and recently introduced Tesla Model 3—in 2017.
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