The lithium iron phosphate batteries market is projected to reach USD 10.6 billion by 2024 from an estimated USD 8.3 billion in 2019, at a CAGR of 5.0% during the forecast period. This growth is attributed to the increasing focus on electric and hybrid electric vehicles and high demand for energy storage applications.

The automotive segment is expected to be the largest contributor to the LiFePO4  batteries market, by industry, during the forecast period.

The lithium iron phosphate rechargeable batteries market is segmented by industry, into power, automotive, industrial and others. The automotive segment accounted for the largest market share in 2018, driven by the demand from the Asia Pacific market.

The portable segment is expected to be the fastest-growing market, by application, during the forecast period.

The lithium iron phosphate batteries market, by application, is segmented on the basis of the end-users it caters. The portable segment was the largest market in 2018 owing to its increased demand from the automotive sector, which is the major demand-generating industry for lithium iron phosphate batteries. However, in the future, the stationary segment would compete with the portable segment as the demand for renewable energy storage projects increases.

The 16,251–50,000 mAh segments is expected to be the fastest-growing lithium iron phosphate batteries market, by power capacity, during the forecast period.

The lithium iron phosphate batteries 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 100,001–540,000 mAh capacity segment holds the largest share because it covers end-users such as electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles, which mainly use lithium iron phosphate batteries. Thus, the 100,001–540,000 mAh market constitutes the largest segment of the lithium iron phosphate batteries market, by power capacity.

The lithium iron phosphate batteries market is segmented, by region, into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Asia Pacific led the lithium iron phosphate batteries market with the largest share in 2018 and this trend is expected to continue until 2024. The North American market is also likely to play an important role in driving the demand for lithium iron phosphate batteries.

*This article is from internet, does not represent the views of this site, if there is any infringement, please contact to delete.

EverExceed has vast experience when it comes to battery solutions, and we are satisfying our partners' and customers’ pain points with the most efficient and precise state of art battery packs consistently. If you have any requirements or any kind of query regarding the battery & critical power solutions, feel free to communicate with our dedicated team at any time at marketing@everexceed.com