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Lithium-ion (Li-ion) batteries are the electrochemical energy storage technology that comprises a family of battery chemistries that deploys various combinations of anode and cathode material. Some advantages offered by lithium iron phosphate batteries include high cycling performance, wide operating temperature range, low internal resistance, and high efficiency, among other batteries. It is used in many applications due to their high specific high efficiency, energy density, and longer durability. An increase in greenhouse gas pollution and vehicle emissions has moved the dependency from fossil fuel to battery-operated vehicles, which has increased the demand for lithium iron phosphate batteries. Rising demand in electric vehicles in the automotive industry, along with growing investments in advancement in technology had helped the market to grow.
The lithium iron phosphate battery market is segmented into power capacity, application, and end-user. Based on power capacity, the market is segmented into up to 20,000 mAh, 20,001 mAh to 50,000 mAh, 50,001 mAh to 100,000 mA, and above 100,000 mAh. The lithium iron phosphate battery market is dominated by up to 20,000 mAh range owing to the increasing demand for electric vehicles across the globe. Based on industry, the market is segmented into automotive, industrial, healthcare, power, and others. The lithium iron phosphate battery market is dominated by the automotive range owing to the increasing adoption of electric vehicles and growing demand from emerging economies. The application segment is further divided into stationary and portable which is attributed to the rising demand for renewable energy storage applications.
Key Market Driver -
Increasing adoption of electric and hybrid electric vehicles
Key Market Restraint -
Higher initial investment
The increasing adoption of electric vehicles and hybrid electric vehicles, stringent government regulations, and increasing applications of lithium iron phosphate battery are the primary factors responsible for the growth of the lithium iron phosphate battery market. Increasing prices of petroleum products, depleting fossil fuel reserves, and growing environmental concerns also propels the demand to adopt electric vehicles resulting in the growth of the lithium iron phosphate battery market.
Some of the globally acclaimed companies for lithium iron phosphate battery market are Panasonic, Toshiba, Formosa Lithium Iron Oxide Corporation, Lithium Werks, A123 Systems, Bharat Power Solutions, BYD, Samsung SDI, Gs Yuasa Corporation, and K2 Energy Solutions.
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The lithium iron phosphate battery market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia-Pacific region is expected to lead the global market due to the increasing demand for electric vehicles. Favorable government initiatives and the growing use of lithium iron phosphate batteries in renewable energy storage systems also accelerate the adoption in the Asia-Pacific. Europe is projected to be the second-largest market globally attributed to stringent regulations for emissions and significant advancements in technology help the market to grow during the forecast period.
By Power Capacity
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