Research Nester published a report titled “Lithium Iron Phosphate (LiFePO4) Battery Market: Global Demand Analysis Opportunity Outlook 2030” which delivers detailed overview of the global lithium iron phosphate (LiFePO4) battery market in terms of market segmentation by power capacity, application, end use, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global lithium iron phosphate (LiFePO4) battery market is estimated to occupy a large amount of revenue by recording a CAGR of ~15% during the forecast period, i.e., 2022 – 2030, owing to the growing demand for electric and hybrid vehicles around the world, and increasing emphasis on energy storage applications. Apart from these, surging need of lithium iron phosphate batteries in battery energy storage systems, and rising environmental concerns globally are also expected to drive market growth in the forthcoming years.
The market is segmented by power capacity, application and end use. Based on power capacity, the 100,001-540,00 mAh segment is anticipated to grab the largest market share during the forecast period on the back of high utilization of this type of batteries in a variety of electric vehicles. Additionally, by end use, the automotive segment is projected to gather the largest share over the forecast period ascribing to the fact that rising demand for vehicles from emerging economies, and growing technological advancements to develop effective energy storage battery systems able to augment vehicle efficiency.
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Geographically, the global lithium iron phosphate (LiFePO4) battery market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East Africa. Asia Pacific is evaluated to grab the largest share in the market during the forecast period attributing to the increase in demand for consumer electronics, and presence of well-established automobile sector in the region. Moreover, Europe is predicted to register noteworthy market growth over the forecast period ascribing to the growing adoption of electric vehicles in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Intensifying Demand for Electric and Hybrid Vehicles Globally to Drive Market Growth
The International Energy Agency depicts that the global electric car stock hit the 10 million mark in 2020, which is a 43 percent increase over 2019. Among all, the segment for battery electric vehicles accounted for two thirds of the car stock that year.
Over the last few years, governments of several developed and developing nations are highly focusing on imposition of stringent emission regulations all across their countries. This is giving impetus to the hike in demand for electric and hybrid vehicles on a global level, which in turn is evaluated to boost the market growth in the near future, as these batteries are extensively used in these automobiles.
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However, low awareness about the battery in underdeveloped nations is expected to operate as key restraint to the growth of the global lithium iron phosphate (LiFePO4) battery market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global lithium iron phosphate (LiFePO4) battery market which includes company profiling of LiFeBATT, Inc., BYD Company Ltd., A123 Systems LLC, Electric Vehicle Power System Technology Co., Ltd., Bharat Power Solutions, OptimumNano Energy Co., Ltd., CENS Energy Tech Co., Ltd., Panasonic Corporation, Toshiba Corporation, Samsung SDI Co., Ltd, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global lithium iron phosphate (LiFePO4) battery market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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