Rising at 14.9% CAGR, Lithium Iron Phosphate Batteries Market Size to Grow $35.5 billion by 2028 | BYD Company Ltd., Gotion, CALB, A123 Systems LLC

According to a new market research report, the global lithium iron phosphate batteries market is projected to reach USD 35.5 billion by 2028 from an estimated USD 17.7 billion in 2023, at a CAGR of 14.9% during the forecast period.

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Factors such as increasing adoption of lithium iron phosphate batteries by EV manufacturers are driving the growth of the lithium iron phosphate batteries market.

The lithium iron phosphate batteries market is served by many international players with global operational presence and local players with a strong domestic supply network. BYD Company Ltd. (China), Contemporary , Limited. (China), Gotion, Inc. (China), CALB (China), A123 Systems LLC (US) are the market leaders in the global lithium iron phosphate batteries market. These companies use strategies such as investments, expansions, contracts, agreements, mergers, and acquisitions, to increase their market share.

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The medium segment, by voltage, is expected to be the second largest market during the forecast period.

This report segments the lithium iron phosphate batteries market based on voltage into different types: low (Below 12V), medium (12-36V), and high (Above 36V). The medium (12-36V) segment is expected to be the second largest market during the forecast period. The high-power voltage makes these batteries ideal for usage in industries such as electrical vehicles, oil & gas, medical, telecom, and solar energy storage. The growing EV market and the rising adoption of energy storage systems have increased the need for batteries with high power voltage that can keep the devices running for long hours and, at the same time, provide enhanced safety due to low thermal runway, which may result in a fire in the case of excessive overheating. These batteries are often grouped to form modules, and these modules are used in applications requiring heavy loads such as EVs, industrial applications, robots, medical applications, hybrid trucks, trains, and power backup.

By industry, the power segment is expected to be the third largest during the forecast period

This report segments the lithium iron phosphate batteries market based on industry into seven segments: automotive, power, industrial, consumer electronics, aerospace, marine, and others. The power industry is working on generating renewable energy and storing it for multiple uses. This stored energy is produced, controlled, and distributed using smart grid technology. Attributes such as low cost, less space required for installation, high life cycle, safety, and less prone to the thermal runway are a few of the driving factors for the adoption of lithium iron phosphate batteries in smart grids and renewable energy storage systems. Lithium iron phosphate batteries are more resistive toward extreme temperatures, which means the battery capacity is slightly reduced, whereas, in the case of lead-acid batteries, it is reduced by 50%.

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Recent Developments

In March 2023, CATL and the BAIC Group entered into a strategic agreement for commercial collaboration and the deployment of sophisticated technology. according to the agreement, CATL will play a role in the vehicle development and manufacturing of BAIC Group's electric vehicles, as well as supply competitive EV battery goods and services.
In March 2023, Gotion, Inc. and Edison Power Co., Ltd. signed an agreement to jointly expand the Japanese large storage battery and recycling industry, promote the renewable energy, and introduce Gotion's batteries into the Japanese market. Additionally, the company will also work with Edison Power to establish a circular storage battery recycling system for LFP batteries in Japan..
In November 2022, BYD Company Ltd. Announced an aim to develop a new power battery production center in Wenzhou, Zhejiang province, China, with an annual capacity of 20 GWh. The first production line is expected to start production in 2024.
In August 2022, CALB has announced to launch a 350Wh/kg battery containing lithium ferromanganese phosphate with long cruising range to support 4C fast charging, as well as a 400Wh/kg semi-solid battery.

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