The lithium iron phosphate batteries market size is expected to grow from an estimated USD 8.3 billion in 2019 to USD 10.6 billion by 2024, at a CAGR of 5.0%. Rising demand for electric and hybrid electric vehicles and high requirement of renewable energy storage are driving the lithium iron phosphate batteries industry.
Key Market Players –
The major players in the lithium iron phosphate batteries market are BYD (China), A123 Systems (US), K2 Energy (US), Electric Vehicle Power System Technology (China), OptimumNano Energy (China), and Contemporary Amperex Technology (China).
BYD (China) is a key player of the 16,251–50,000 mAh segment market. The company actively focuses on both organic and inorganic strategies to increase its global market share. For instance, in July 2019, the company signed an agreement with Toyota Motor for the joint development of battery electric vehicles. Under the agreement, the 2 companies developed electric vehicles as well as batteries by using advanced battery chemistries like lithium iron phosphate.
Another major player in the market is Contemporary Amperex Technology (China). The company opts for contracts & agreements as its inorganic business strategy for increasing its clientele base globally. For instance, in May 2019, the company was awarded a contract by Eugene Enerfarm for its energy storage system project. Under the contract, the company supplied lithium iron phosphate batteries that support energy storage systems and provide better safety and longevity.
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Asia Pacific is expected to dominate the global lithium iron phosphate batteries market
Asia Pacific was the largest lithium iron phosphate batteries market in 2018, driven mainly by activities in China. Increasing adoption of electric vehicles is one of the key drivers of the growth, where each country in the region has a supportive policy for the growth of electric vehicles in place. This further drives the demand for lithium iron phosphate batteries and creates growth opportunities for all major battery manufacturers in the region. The US is the second-largest market, closely behind Europe, with a large number of renewable energy storage projects commissioned each year.
Automotive: The largest segment of the lithium iron phosphate batteries market, by industry
The lithium iron phosphate batteriesmarket is segmented by industry, power capacity, application, and region. The market is segmented, by industry, into automotive, power, industrial, and others. The automotive segment accounted for the largest share of the market in 2018. The automotive industry includes battery-driven vehicles such as electric vehicles, which further include hybrid electric vehicles, plug-in electric vehicles, e-bikes, and automated guided vehicles, which are major consumers of lithium iron phosphate batteries.
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The 16,251–50,000 mAh segment is estimated to have the highest growth rate in the lithium iron phosphate batteries market, by power capacity
The market is segmented, by power capacity, into 0–16,250 mAh, 16,251–50,000 mAh, 50,001–100,000 mAh, and 100,001–540,000 mAh. The 16,251-50,000 mAh application segment is estimated to lead the market in terms of growth. The growth of the segment is mainly because of its rising demand from various applications like automobile, power, industrial, and others.