Rising demand for electric vehicles & increasing consumption of consumer electronics is expected to drive the global lithium iron phosphate battery market. Lithium iron phosphate battery market is expected to accelerate with a volume CAGR of 23.0% from 2019 to 2025.
— In 2018, the global lithium iron phosphate battery market size was valued at USD 6.14 billion and is estimated to project a value of USD 24.31 billion by 2025, with a CAGR of 23.0% during the forecast period.
Asia-Pacific lithium iron phosphate battery market value reached more than USD 2Bn in 2018 and is expected to witness significant growth in coming years. Also, rise of electric vehicles demanding lithium iron phosphate batteries in Asia- Pacific is expected to drive the demand and in turn the global lithium iron phosphate battery market size. Especially in China, BYD is the largest producer of electric vehicles and the supplier of electric vehicles. Except these the growing demand for healthcare instruments such as powered medical carts and beds, medical delivery pumps and devices, automatic external defibrillators and others will drive the market growth in this region. These all instruments require batteries that provides a battery that has longer energy storage with short recharge intervals, A battery technology that is safe, provides, and is significantly lighter and more mobile. All that is packed in lithium ion phosphate batteries.
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The global lithium iron phosphate battery market is categorized into several segments including manufacturing process overview, application overview, and geography.
On the basis of manufacturing process overview, the global lithium iron phosphate battery industry is fragmented into high temperature solid phase synthesis, co-precipitation method, sol-gel method, and others. Based on the application overview, the global lithium iron phosphate battery market is divided into automotive, consumer electronics, and others.
The underlying driver for lithium iron phosphate demand is the electric vehicle evolution which has driven the automobile batteries market. A variety of lithium iron phosphate batteries are used in consumer electronics sector and is widely adopted owing to its rechargeable property that provide better ratios of energy capacity to weight than any other battery chemistry in mass production. The wireless headsets use a conventional lithium iron phosphate battery assembly in which cell is enclosed in an aluminium foil to form a pouch. The main use of lithium iron phosphate battery is to avoid premature failure when subject to shock and vibration. The medical applications consist of powered medical carts and beds, medical delivery pumps and devices, automatic external defibrillators and others.
Looping onto the geographical overview, the global lithium iron phosphate battery market is a wide range to North America, US, Canada, Europe, France, UK, Germany, Rest of Europe, Asia Pacific, India, Japan, China, Rest of APAC, Latin America, Brazil, Rest of Latin America, Middle East and Africa, Saudi Arabia, and Rest of MEA.
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Global Lithium Iron Phosphate Industry to Attract Energy Storage Sector in 2020
Lithium iron phosphate offers a life cycle of 20 times longer than a lead acid battery. Hence, this minimizes the cost of replacement and eventually diminishes the total ownership cost.
Application of lithium iron phosphate battery in consumer electronics accounted for dominating market revenue and volume share of more than 40% in the year 2018 and is expected to show similar trend over the forecast period
Lithium iron phosphate cells are superior to lithium cobalt oxide for use in electric vehicles and are commended for upcoming models
Some of the leading players of the market include Valence Technology, AESC, Aleees, Tianjin B&M,Tianjin STL Energy, BTR, RELiON Battery.
Key segments of the global lithium iron phosphate battery market
Manufacturing Process Overview, 2015-2025 (MWh) (USD Million)
High Temperature Solid Phase Synthesis
Application Overview, 2015-2025 (MWh) (USD Million)
Regional Overview, 2015-2025 (MWh) (USD Million)
Middle East & Africa
Major points from Table of Contents:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. Market Overview, By Manufacturing Process
Chapter 5. Market Overview, By Application
Chapter 6. Market Overview, By Region
Chapter 7. Competitive Landscape
Chapter 8. Company Profiles
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