Lithium-Iron Phosphate Battery Market Business Growth and Industry Development 2021 to 2030

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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Lithium-iron phosphate batteries possess high benefits than alternative battery types such as highly efficiency, high temperature operation, and light-weighted technology, making lithium-iron phosphate batteries to be the favorable batteries in several end-use application areas such as electric vehicles, power generation plants, and others.

On the basis of type, the global lithium-iron phosphate batteries market is bifurcated into portable and stationary. 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.

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Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by Europe and North America.

The major companies profiled in this 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.

Attributed to rapidly increasing demand for lithium-iron phosphate batteries and increasing production volume of lithium-iron phosphate batteries, the key players are expanding their production capacities to meet relative market share across the globe. Additional growth strategies, such as new product developments and decreasing lithium-iron phosphate battery prices through mass production, are also adopted to attain key developments in the lithium-iron phosphate batteries market trends.

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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.
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