Lithium Iron Phosphate Batteries Market

Lithium Iron Phosphate Batteries Market by Design (Cells, Battery Packs), Capacity, Industry (Automotive, Power, Industrial, Aerospace, Marine), Application (Portable, Stationary), Voltage (Low, Medium, High) & Region - Global forecast to 2027

Report Code: EP 7415 Jul, 2022, by marketsandmarkets.com

[225 Pages Report] The global lithium iron phosphate batteries market size is projected to grow from USD 13.0 billion in 2022 to USD 24.6 billion by 2027, at a CAGR of 13.7%.

The primary driver to the lithium iron phosphate batteries market is the increasing demand for LFP batteries from the automotive industry, especially from the EV application.

Lithium Iron Phosphate Batteries Market

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COVID-19 Impact

The outbreak of the COVID-19 pandemic has had an adverse effect on the global economy as governments were forced to implement lockdown measures to prevent the spread of the virus. The effects of the COVID-19 pandemic, including actions taken by businesses and governments to contain the spread of the virus, have resulted in a significant and swift reduction in operations across various industries such as manufacturing, energy & power, automotive, and IT. As of June 12, 2022, ~220 countries had been impacted by the pandemic, and the governments of individual countries had ordered nationwide lockdowns and curfews to contain the spread of the virus during the initial phase of the pandemic. This resulted in a considerable decline in transportation and related activities, which negatively impacted the automotive sector, consequently, the demand for lithium iron phosphate battery batteries. However, the lockdowns have been lifted due to the recent decline in the number of cases and the development of vaccines. These events together had caused major disruptions across the entire value chain of various industries, consequently hindering the demand for lithium iron phosphate batteries.

The pandemic also had a major negative impact on the energy industry supply chain, particularly renewable energy technologies and battery energy storage systems. The key components used in battery energy storage systems are mainly manufactured in APAC. The pandemic has exposed the overdependence of the world on the region, especially on China, for key raw materials. Manufacturers of energy storage systems in the US, Germany, and Australia were severely impacted by the shutdown of operations in China and other countries of APAC. Key battery energy storage system manufacturers were making efforts to shift their supply chain base outside China to reduce their dependence on the country. Other manufacturers had started adopting automation to cover up for labor shortages. Robotic process automation helped mitigate disruption by enabling businesses to stay connected across teams and systems, maintain customer support, and offer stability in times of uncertainty. However, the global lithium production industry is expected to witness a further decline and significant disruptions in the supply chain if the COVID-19 impact deepens in other key countries of the APAC region.

Lithium Iron Phosphate Batteries Market Dynamics

Driver: Growing industrial automation space

With the growth of industrial automation, material handling equipment have also evolved to support the changing requirements of various industries. Over the course of time, various technological advancements have taken place in the material handling equipment industry. Automated material handling and lifting equipment, including automated guided vehicles (AGVs), elevating equipment, industrial trucks, and intralogistics systems, have undergone several technological advancements that require batteries. For instance, in 2017, in a quick response to growing environmental consciousness among customers and growing stringency of emission regulations, Toyota fully revamped a reach-type electric lift truck in Japan and increased the number of models in Europe and the US. These electric lift trucks have a limited environmental impact and offer even greater maneuverability. As demand for material-handling equipment is growing, the need for fast and efficient battery-operated equipment such as AGVs and electric forklifts is increasing in industries such as warehouse, logistics, food & beverages, and healthcare. According to the World Robotics 2020 Industrial Robots report by the International Federation of Robotics (IFR), approximately 2.7 million industrial robots operate in factories globally. Sales of new robots remain on a high level, with 373,000 units shipped globally in 2019. Hence, the need for battery-operated material-handling equipment is driving the growth of the lithium iron phosphate batteries market.

Restraint: Safety issues concerning environment and disposal of lithium based batteries

Spent batteries contain hazardous chemicals, including acids and heavy metals, such as mercury and lead. In July 2007, a fire incident caused by lithium-based batteries resulted in more than 132,000 litres of chemicals being set ablaze, causing the closure of 2 major motorways in the UK. It is mandatory to keep spent batteries in watertight containers and store them away from other flammable and combustible materials. It is also important to keep a Class D extinguisher and sand nearby as a precautionary measure in the event of a fire. As spent batteries hold residual charge, there lies a risk of unplanned discharge, which may cause harm to properties and people. All batteries, unless properly labelled, should be treated as holding charge and stored with care. Some batteries are small enough to be ingested or swallowed, and thus, should be stored safely. Large LFP batteries, such as those used for automotive applications, can be mistaken for lead-acid batteries if inappropriately labelled by local battery manufacturers. These could pose a danger if not sorted correctly and must be separated from spent lead-acid batteries before storage. Due to the afore mentioned risks, the storage and transportation of spent batteries are regulated by state or national governments.

Opportunities: Investments concerning LFP batteries by key global players

There has been a tremendous increase in the R&D initiatives undertaken by battery manufacturers for developing LFP batteries and enhancing their cell production capabilities. For instance, on the leading global LFP manufacturers Contemporary Amperex Technology Co. Limited (CATL), in 2021, is equipped with a cell production capacity of ~200 GWh and have planned to increase the capacity to over ~500 Gwh by 2025. Similarly, key global players of the LFP market are also witnessed to increase their R&D spendings and investment in enhancing the portfolio. Further, owing to the increase in the application of LFP batteries, market participants are also witnessed to expand and invest in the development of facilities to accommodate the potential growth in demand. For instance, American Battery Factory (ABF), a SME based out of the US, set up a network of LFP battery gigafactories across the U.S. Investments, capacity additions and various strategic expansion employed by these market players provide lucrative growth opportunity for the LFP battery market.

Challenges: Technological drawbacks of LFP batteries

Lithium iron phosphate batteries have low energy density as compared with the other lithium-ion batteries. In the current scenario, a key consideration is that batteries used in EVs should be small in size and light in weight. Therefore, batteries that have energy density much higher than 300 Wh/kg and 800 Wh/L are used. The particles in the electrode powder should be made smaller; this helps it to pack more densely. This would increase the electrolytes per volume by producing a large contact surface, thereby improving the charging rate of cell and its energy density. But it also results in more unwanted reactions as a result of larger contact surface and creation of more ions that degrade battery material and also shorten its lifetime. The solution to this is coating all particles with an ultrathin buffer layer. But again, the challenge lies in making these layers both highly conductive and chemically inert.

The portable segment is expected to be the largest segment of the lithium iron phosphate battery market, by application, during the forecast period

The lithium iron phosphate batteries market, by application, is segmented into portable and stationary. The portable segment is expected to hold the largest size of the market for lithium iron phosphate battery during the forecast period. Owing to the relatively superior operational efficiency of the portable lithium iron phosphate battery batteries, the market by application is dominated by it.

The automotive segment is expected to be the fastest-growing segment of the lithium iron phosphate batteries market, by cryogen, during the forecast period

The global market, by industry, is segmented into automotive, power, industrial, aerospace, marine and others. Others include medical and telecommunications industry. The high growth rate of the automotive segment can be attributed to the rising demand for EVs, owing to the transition towards adoption of cleaner energy by various economies of the world.

Asia Pacific is expected to dominate the global lithium iron phosphate battery market

The Asia Pacific region is estimated to be the largest market for the lithium iron phosphate batteries market, followed by Europe. The Asia Pacific region is also projected to be the fastest-growing market during the forecast period. The growth of the Asia Pacific market for lithium iron phosphate battery is primarily driven by the development of automotive and power industries in economies such as China, Japan, India and South Korea.

Lithium Iron Phosphate Batteries Market by Region

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Key Market Players

The major players in the lithium iron phosphate batteries market are BYD Company Ltd. (China), Contemporary Amperex Technology Co., Limited. (China), K2 Energy (US), A123 Systems (US) And Lithium Werks Inc. (China). Between 2018 and 2021, the companies adopted growth strategies such as contracts & agreements, investments & expansions, partnerships, collaborations, alliances & joint ventures to capture a larger share of the market.

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Scope of the Report

Report Attributes

Details

Market size value in 2022:

 USD 13.0 Billion

Projected to reach 2027:

 USD 24.6 Billion

CAGR:

 13.7%

Base Year Considered:

 2021

Forecast Period:

 2022-2027

Largest Market:

 Asia Pacific

Region Covered:

North America, Europe, Asia Pacific, Middle East & Africa and South America

Segments Covered:

Design, Capacity, Industry, Application, Voltage and region

Companies Covered:

BYD Company Ltd. (China), Contemporary Amperex Technology Co., Limited. (China), A123 Systems LLC (US), SHENZHEN TAICO TECHNOLOGY CO., LTD. (China), K2 Energy (US), Lithium Werks Inc. (China), BSLBATT (China), Electric Vehicle Power System Technology Co., Ltd (China), Benergy Tech Co. Ltd (Hong Kong), RELiON Batteries (US), Bharat Power Solutions (US), Victron Energy (Netherlands), KAYO Battery (Shenzhen) Company Limited (China), Karacus Energy Pvt. Ltd. (India), EverExceed Industrial Co., Ltd (China), OptimumNano Energy Co.,Ltd. (China), Ultralife India. (India), Epec, LLC. (US), Shenzhen Eastar Battery Co., Ltd (China) and Shenzhen Cyclen Technology Co.,Ltd (China)

This research report categorizes the lithium iron phosphate batteries market by Orientation, Design, Type, Cryogen, End User and Region.

On the basis of by Design:

  • Cells
  • Battery Packs

On the basis of by Capacity:

  • 0–16,250 mAh
  • 16,251–50,000 mAh
  • 50,001–100,000 mAh
  • 100,001–540,000 mAh

On the basis of by Industry:

  • Automotive
  • Power
  • Industrial
  • Aerospace
  • Marine
  • Others

On the basis of by Application:

  • Portable
  • Stationary

On the basis of by Voltage:

  • Low (below 12V)
  • Medium (12V–36V)
  • High (above 36V)

On the basis of Region:

  • North America
  • South America
  • Europe
  • Asia Pacific
  • Middle East & Africa

Recent Developments

  • In August 2022, Lithium Werks Inc. inaugurated the largest North American based Cathode Powder and Electrode production facility for lithium batteries.
  • In May 2022, Arun Plus Company Limited and Contemporary Amperex Technology Co., Limited have signed a strategic MOU to explore potential cooperation and development opportunities in battery-related business in ASEAN market.
  • In April 2022, BYD Company Ltd. had planned the construction of a new production facility in Zhejiang, China.
  • In December 2021, Byd Company Ltd. has released plans to increase battery production capacities in Jiangxi province, China.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 26)
    1.1 STUDY OBJECTIVES
    1.2 DEFINITION AND SCOPE
           1.2.1 INCLUSIONS & EXCLUSIONS
    1.3 MARKET SCOPE
           1.3.1 MARKETS COVERED
           1.3.2 REGIONAL SCOPE
           1.3.3 YEARS CONSIDERED
    1.4 CURRENCY
    1.5 LIMITATIONS
    1.6 STAKEHOLDERS
    1.7 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 31)
    2.1 RESEARCH DATA
           FIGURE 1 LITHIUM IRON PHOSPHATE BATTERIES MARKET: RESEARCH DESIGN
    2.2 DATA TRIANGULATION
           FIGURE 2 DATA TRIANGULATION METHODOLOGY
           2.2.1 SECONDARY DATA
                    2.2.1.1 Key data from secondary sources
           2.2.2 PRIMARY DATA
                    2.2.2.1 Key data from primary sources
                    2.2.2.2 Breakdown of primaries
                               FIGURE 3 BREAKDOWN OF PRIMARIES, BY COMPANY TYPE, DESIGNATION, AND REGION
    2.3 MARKET SIZE ESTIMATION
           2.3.1 BOTTOM-UP APPROACH
                    FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
           2.3.2 TOP-DOWN APPROACH
                    FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
    2.4 IDEAL DEMAND-SIDE ANALYSIS
           2.4.1 DEMAND-SIDE METRICS
                    FIGURE 6 MAIN METRICS CONSIDERED FOR ANALYZING AND ASSESSING DEMAND FOR LITHIUM IRON PHOSPHATE BATTERIES
           2.4.2 ASSUMPTIONS FOR DEMAND-SIDE ANALYSIS
    2.5 SUPPLY-SIDE ANALYSIS
           FIGURE 7 KEY METRICS CONSIDERED FOR ASSESSING SUPPLY OF LITHIUM IRON PHOSPHATE BATTERIES
           FIGURE 8 MARKET: SUPPLY-SIDE ANALYSIS
           2.5.1 CALCULATIONS FOR SUPPLY SIDE
           2.5.2 ASSUMPTIONS FOR SUPPLY-SIDE ANALYSIS
    2.6 FORECAST

3 EXECUTIVE SUMMARY (Page No. - 42)
    TABLE 1 MARKET SNAPSHOT
    FIGURE 9 100,001–540,000 MAH SEGMENT IS EXPECTED TO CONTINUE TO HOLD LARGEST SIZE OF MARKET, BY CAPACITY, DURING FORECAST PERIOD
    FIGURE 10 AUTOMOTIVE SEGMENT TO DOMINATE MARKET, BY INDUSTRY, DURING FORECAST PERIOD
    FIGURE 11 PORTABLE SEGMENT IS EXPECTED TO HOLD LARGER SIZE OF BATTERIES MARKET, BY APPLICATION, DURING FORECAST PERIOD
    FIGURE 12 HIGH (ABOVE 36 V) SEGMENT IS EXPECTED TO CONTINUE TO HOLD LARGEST SIZE OF MARKET, BY VOLTAGE, DURING FORECAST PERIOD
    FIGURE 13 ASIA PACIFIC DOMINATED MARKET IN 2021

4 PREMIUM INSIGHTS (Page No. - 46)
    4.1 ATTRACTIVE OPPORTUNITIES IN MARKET
           FIGURE 14 INCREASING ADOPTION OF ELECTRIC VEHICLES IS EXPECTED TO DRIVE BATTERIES MARKET FROM 2022 TO 2027
    4.2 MARKET, BY REGION
           FIGURE 15 ASIA PACIFIC TO WITNESS HIGHEST GROWTH OF MARKET DURING FORECAST PERIOD
    4.3 MARKET, BY CAPACITY
           FIGURE 16 100,001–540,000 MAH SEGMENT DOMINATED MARKET, BY CAPACITY, IN 2021
    4.4 MARKET, BY INDUSTRY
           FIGURE 17 AUTOMOTIVE SEGMENT DOMINATED MARKET, BY INDUSTRY, IN 2021
    4.5 MARKET, BY APPLICATION
           FIGURE 18 PORTABLE SEGMENT DOMINATED MARKET, BY APPLICATION, IN 2021
    4.6 MARKET, BY VOLTAGE
           FIGURE 19 HIGH (ABOVE 36 V) SEGMENT DOMINATED MARKET, BY VOLTAGE, IN 2021
    4.7 ASIA PACIFIC: MARKET, BY INDUSTRY & COUNTRY
                               FIGURE 20 AUTOMOTIVE & CHINA DOMINATED MARKET IN ASIA PACIFIC, BY INDUSTRY & COUNTRY, IN 2021

5 MARKET OVERVIEW (Page No. - 50)
    5.1 INTRODUCTION
    5.2 COVID-19 HEALTH ASSESSMENT
           FIGURE 21 COVID-19 GLOBAL PROPAGATION
           FIGURE 22 COVID-19 PROPAGATION IN SELECT COUNTRIES
    5.3 COVID-19 ECONOMIC ASSESSMENT
           FIGURE 23 COMPARISON OF GDP OF SELECT G20 COUNTRIES IN 2020
    5.4 MARKET DYNAMICS
           FIGURE 24 MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.4.1 DRIVERS
                    5.4.1.1 Increasing adoption of lithium iron phosphate batteries by EV manufacturers
                               FIGURE 25 GLOBAL EV SALES, IN TERMS OF VOLUME, 2020–2030
                               TABLE 2 GLOBAL EV SALES, IN TERMS OF VOLUME, BEV VS. PHEV (THOUSAND UNITS), 2017–2021
                    5.4.1.2 Growing industrial automation space
           5.4.2 RESTRAINTS
                    5.4.2.1 Safety issues and disposal of lithium-based batteries
           5.4.3 OPPORTUNITIES
                    5.4.3.1 Evolving energy storage applications
                               FIGURE 26 GLOBAL ENERGY STORAGE CAPACITY ADDITION (GWH), 2016–2020
                    5.4.3.2 Growing investments in LFP batteries by key global players
           5.4.4 CHALLENGES
                    5.4.4.1 Technological drawbacks of LFP batteries
                               TABLE 3 LITHIUM-ION BATTERY SPECIFICATIONS
    5.5 IMPACT OF COVID-19
    5.6 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
           5.6.1 REVENUE SHIFT AND NEW REVENUE POCKETS IN MARKET
                    FIGURE 27 REVENUE SHIFT OF LITHIUM IRON PHOSPHATE BATTERY PROVIDERS
    5.7 SUPPLY CHAIN ANALYSIS
           FIGURE 28 MARKET: SUPPLY CHAIN ANALYSIS
           5.7.1 RAW MATERIAL/COMPONENT PROVIDERS
           5.7.2 LFP BATTERY MANUFACTURERS
           5.7.3 END USERS
                    TABLE 4 MARKET: SUPPLY CHAIN PARTICIPANTS
    5.8 MARKET MAP
           FIGURE 29 LITHIUM IRON PHOSPHATE BATTERY: MARKET MAP
    5.9 KEY CONFERENCES & EVENTS, 2022–2023
           TABLE 5 MARKET: LIST OF CONFERENCES & EVENTS
    5.10 MARKET: REGULATIONS
           5.10.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 6 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 7 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 8 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 9 GLOBAL: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.10.2 STANDARDS AND REGULATIONS
                    TABLE 10 MARKET: STANDARDS AND REGULATIONS
    5.11 PORTER’S FIVE FORCES ANALYSIS
                    FIGURE 30 MARKET: PORTER’S FIVE FORCES ANALYSIS
                    TABLE 11 MARKET: PORTER’S FIVE FORCES ANALYSIS
           5.11.1 THREAT OF NEW ENTRANTS
           5.11.2 BARGAINING POWER OF BUYERS
           5.11.3 BARGAINING POWER OF SUPPLIERS
           5.11.4 THREAT OF SUBSTITUTES
           5.11.5 INTENSITY OF COMPETITIVE RIVALRY
    5.12 KEY STAKEHOLDERS & BUYING CRITERIA
           5.12.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 31 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR THREE END USERS
                    TABLE 12 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR THREE END USERS
           5.12.2 BUYING CRITERIA
                    FIGURE 32 KEY BUYING CRITERIA FOR THREE END USERS
                    TABLE 13 KEY BUYING CRITERIA FOR THREE END USERS
    5.13 INNOVATIONS & PATENT REGISTRATIONS
    5.14 TECHNOLOGY ANALYSIS
    5.15 PRICING ANALYSIS
           5.15.1 AVERAGE PRICING ANALYSIS FOR MAJOR REGIONS
                    TABLE 14 AVERAGE PRICE OF LFP BATTERIES, CELLS VS. BATTERY PACKS
           5.15.2 PRICING TREND
                    FIGURE 33 AVERAGE PRICING TREND OF LITHIUM-BASED BATTERIES
    5.16 TRADE ANALYSIS
                    FIGURE 34 IMPORT DATA OF TOP FIVE COUNTRIES, 2017–2021 (USD THOUSAND)
                    FIGURE 35 EXPORT DATA OF TOP FIVE COUNTRIES, 2017–2021 (USD THOUSAND)

6 LITHIUM IRON PHOSPHATE BATTERIES MARKET, BY DESIGN (Page No. - 75)
    6.1 INTRODUCTION
    6.2 CELLS
           TABLE 15 LITHIUM IRON PHOSPHATE BATTERY: COMPANY FOOTPRINT, BY DESIGN (CELLS)
    6.3 BATTERY PACKS
           TABLE 16 LITHIUM IRON PHOSPHATE BATTERY: COMPANY FOOTPRINT, BY DESIGN (BATTERY PACKS)

7 LITHIUM IRON PHOSPHATE BATTERIES MARKET, BY VOLTAGE (Page No. - 77)
    7.1 INTRODUCTION
           FIGURE 36 MARKET SHARE, BY VOLTAGE, 2021
           TABLE 17 MARKET, BY VOLTAGE, 2016–2019 (USD MILLION)
           TABLE 18 MARKET, BY VOLTAGE, 2020–2027 (USD MILLION)
    7.2 LOW (BELOW 12 V)
           7.2.1 SURGING POWER DEMAND IN SUPPLEMENTARY OPERATIONS FROM AEROSPACE AND MARINE INDUSTRIES TO DRIVE MARKET
                    TABLE 19 MARKET: COMPANY FOOTPRINT, BY VOLTAGE (LOW)
    7.3 MEDIUM (12–36 V)
           7.3.1 RISING USE OF ENERGY STORAGE SYSTEMS AND EV ADOPTION TO PROVIDE LUCRATIVE GROWTH OPPORTUNITIES
                    TABLE 20 MARKET: COMPANY FOOTPRINT, BY VOLTAGE (MEDIUM)
    7.4 HIGH (ABOVE 36 V)
           7.4.1 GROWING SUSTAINABILITY CONCERNS AND SURGING ADOPTION OF EV TO PROPEL MARKET
                    TABLE 21 MARKET: COMPANY FOOTPRINT, BY VOLTAGE (HIGH)

8 LITHIUM IRON PHOSPHATE BATTERIES MARKET, BY CAPACITY (Page No. - 82)
    8.1 INTRODUCTION
           FIGURE 37 MARKET SHARE, BY CAPACITY, 2021
           TABLE 22 MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
           TABLE 23 MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
    8.2 0–16,250 MAH
           8.2.1 RISING DEMAND FOR EVS, MEDICAL INSTRUMENTS, COMMUNICATION EQUIPMENT, AND AUDIO AND VIDEO EQUIPMENT TO DRIVE MARKET
                    TABLE 24 0–16,250 MAH: MARKET, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 25 0–16,250 MAH: LITHIUM IRON PHOSPHATE MARKET, BY REGION, 2020–2027 (USD MILLION)
    8.3 16,251–50,000 MAH
           8.3.1 GROWING ADOPTION OF ENERGY STORAGE SYSTEMS TO PROVIDE LUCRATIVE GROWTH OPPORTUNITIES
                    TABLE 26 16,251–50,000 MAH: MARKET, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 27 16,251–50,000 MAH: MARKET, BY REGION, 2020–2027 (USD MILLION)
    8.4 50,001–100,000 MAH
           8.4.1 FAVORABLE GOVERNMENT POLICIES TO FOSTER GROWTH OF THIS SEGMENT
                    TABLE 28 50,001–100,000 MAH: MARKET, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 29 50,001–100,000 MAH: MARKET, BY REGION, 2020–2027 (USD MILLION)
    8.5 100,001–540,000 MAH
           8.5.1 RISING SUSTAINABILITY CONCERNS AND CONSEQUENT TRANSITION TOWARD ADOPTION OF EV TO PROPEL MARKET GROWTH
                    TABLE 30 100,001–540,000 MAH: MARKET, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 31 100,001–540,000 MAH: MARKET, BY REGION, 2020–2027 (USD MILLION)

9 LITHIUM IRON PHOSPHATE BATTERIES MARKET, BY INDUSTRY (Page No. - 88)
    9.1 INTRODUCTION
           FIGURE 38 MARKET SHARE, BY INDUSTRY, 2021
           TABLE 32 MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
           TABLE 33 MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
    9.2 AUTOMOTIVE
           9.2.1 INCREASING ADOPTION OF EV, COUPLED WITH FAVORABLE GOVERNMENT POLICIES, TO FUEL MARKET GROWTH
                    TABLE 34 AUTOMOTIVE: MARKET, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 35 AUTOMOTIVE: MARKET, BY REGION, 2020–2027 (USD MILLION)
    9.3 POWER
           9.3.1 RISING ADOPTION OF ENERGY STORAGE SYSTEMS TO PROVIDE LUCRATIVE GROWTH OPPORTUNITIES
                    TABLE 36 POWER: MARKET, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 37 POWER: MARKET, BY REGION, 2020–2027 (USD MILLION)
    9.4 INDUSTRIAL
           9.4.1 GROWING INFRASTRUCTURAL DEVELOPMENT, COUPLED WITH SURGING NEED FOR HIGH ENERGY DENSITY BATTERIES, TO BOOST DEMAND
                    TABLE 38 INDUSTRIAL: MARKET, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 39 INDUSTRIAL: MARKET, BY REGION, 2020–2027 (USD MILLION)
    9.5 AEROSPACE
           9.5.1 LOW-COST, HIGH-POWER, AND SAFE SOLUTIONS TO PROVIDE LUCRATIVE GROWTH OPPORTUNITIES
                    TABLE 40 AEROSPACE: MARKET, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 41 AEROSPACE: MARKET, BY REGION, 2020–2027 (USD MILLION)
    9.6 MARINE
           9.6.1 TECHNICAL CAPABILITIES OF LFP BATTERIES TO FAVOR ADOPTION RATE
                    TABLE 42 MARINE: MARKET, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 43 MARINE: MARKET, BY REGION, 2020–2027 (USD MILLION)
    9.7 OTHERS
           TABLE 44 OTHERS: MARKET, BY REGION, 2016–2019 (USD MILLION)
           TABLE 45 OTHERS: MARKET, BY REGION, 2020–2027 (USD MILLION)

10 LITHIUM IRON PHOSPHATE BATTERIES MARKET, BY APPLICATION (Page No. - 97)
     10.1 INTRODUCTION
               FIGURE 39 MARKET SHARE, BY APPLICATION, 2021
               TABLE 46 MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
               TABLE 47 MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
     10.2 PORTABLE
             10.2.1 RISING DEMAND FOR EV, HEV, AND PHEV TO DRIVE GROWTH OF PORTABLE APPLICATION SEGMENT
                       TABLE 48 PORTABLE: MARKET, BY REGION, 2016–2019 (USD MILLION)
                       TABLE 49 PORTABLE: MARKET, BY REGION, 2020–2027 (USD MILLION)
     10.3 STATIONARY
             10.3.1 SURGING DEMAND FOR LFP BATTERIES IN ENERGY STORAGE SPACE TO PROPEL MARKET GROWTH
                       TABLE 50 STATIONARY: MARKET, BY REGION, 2016–2019 (USD MILLION)
                       TABLE 51 STATIONARY: MARKET, BY REGION, 2020–2027 (USD MILLION)

11 LITHIUM IRON PHOSPHATE BATTERIES MARKET, BY REGION (Page No. - 101)
     11.1 INTRODUCTION
               FIGURE 40 REGIONAL SNAPSHOT: MARKET IN ASIA PACIFIC IS EXPECTED TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
               FIGURE 41 MARKET SHARE (VALUE), BY REGION, 2021
               TABLE 52 MARKET, BY REGION, 2016–2019 (USD MILLION)
               TABLE 53 MARKET, BY REGION, 2020–2027 (USD MILLION)
     11.2 ASIA PACIFIC
               FIGURE 42 ASIA PACIFIC: MARKET SNAPSHOT
             11.2.1 BY CAPACITY
                       TABLE 54 ASIA PACIFIC: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                       TABLE 55 ASIA PACIFIC: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
             11.2.2 BY INDUSTRY
                       TABLE 56 ASIA PACIFIC: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                       TABLE 57 ASIA PACIFIC: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
             11.2.3 BY APPLICATION
                       TABLE 58 ASIA PACIFIC: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                       TABLE 59 ASIA PACIFIC: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
             11.2.4 BY COUNTRY
                       TABLE 60 ASIA PACIFIC: MARKET, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 61 ASIA PACIFIC: MARKET, BY COUNTRY, 2020–2027 (USD MILLION)
                       11.2.4.1 China
                                   11.2.4.1.1 Increasing production of EVs to drive demand for LFP batteries
                                   11.2.4.1.2 By Capacity
                                   TABLE 62 CHINA: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 63 CHINA: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.2.4.1.3 By Industry
                                   TABLE 64 CHINA: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 65 CHINA: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.2.4.1.4 By Application
                                   TABLE 66 CHINA: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 67 CHINA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                       11.2.4.2 India
                                   11.2.4.2.1 Rising adoption of electrified transport solutions to boost market
                                   11.2.4.2.2 By Capacity
                                   TABLE 68 INDIA: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 69 INDIA: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.2.4.2.3 By Industry
                                   TABLE 70 INDIA: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 71 INDIA: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.2.4.2.4 By Application
                                   TABLE 72 INDIA: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 73 INDIA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                       11.2.4.3 Japan
                                   11.2.4.3.1 Surging developments concerned with EVs and associated charging infrastructure to create lucrative growth opportunities
                                   11.2.4.3.2 By Capacity
                                   TABLE 74 JAPAN: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 75 JAPAN: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.2.4.3.3 By Industry
                                   TABLE 76 JAPAN: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 77 JAPAN: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.2.4.3.4 By Application
                                   TABLE 78 JAPAN: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 79 JAPAN: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                       11.2.4.4 South Korea
                                   11.2.4.4.1 Growing government initiatives to fuel market growth
                                   11.2.4.4.2 By Capacity
                                   TABLE 80 SOUTH KOREA: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 81 SOUTH KOREA: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.2.4.4.3 By Industry
                                   TABLE 82 SOUTH KOREA: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 83 SOUTH KOREA: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.2.4.4.4 By Application
                                   TABLE 84 SOUTH KOREA: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 85 SOUTH KOREA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                       11.2.4.5 Rest of Asia Pacific
                                   11.2.4.5.1 By Capacity
                                   TABLE 86 REST OF ASIA PACIFIC: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 87 REST OF ASIA PACIFIC: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.2.4.5.2 By Industry
                                   TABLE 88 REST OF ASIA PACIFIC: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 89 REST OF ASIA PACIFIC: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.2.4.5.3 By Application
                                   TABLE 90 REST OF ASIA PACIFIC: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 91 REST OF ASIA PACIFIC: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
     11.3 EUROPE
               FIGURE 43 EUROPE: MARKET SNAPSHOT
             11.3.1 BY CAPACITY
                       TABLE 92 EUROPE: BATTERIES MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                       TABLE 93 EUROPE: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
             11.3.2 BY INDUSTRY
                       TABLE 94 EUROPE: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                       TABLE 95 EUROPE: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
             11.3.3 BY APPLICATION
                       TABLE 96 EUROPE: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                       TABLE 97 EUROPE: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
             11.3.4 BY COUNTRY
                       TABLE 98 EUROPE: MARKET, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 99 EUROPE: MARKET, BY COUNTRY, 2020–2027 (USD MILLION)
                       11.3.4.1 UK
                                   11.3.4.1.1 Thriving EV market to provide lucrative growth opportunities
                                   11.3.4.1.2 By Capacity
                                   TABLE 100 UK: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 101 UK: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.3.4.1.3 By Industry
                                   TABLE 102 UK: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 103 UK: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.3.4.1.4 By Application
                                   TABLE 104 UK: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 105 UK: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                       11.3.4.2 Germany
                                   11.3.4.2.1 Rising demand from automotive manufacturers to fuel market growth
                                   11.3.4.2.2 By Capacity
                                   TABLE 106 GERMANY: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 107 GERMANY: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.3.4.2.3 By Industry
                                   TABLE 108 GERMANY: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 109 GERMANY: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.3.4.2.4 By Application
                                   TABLE 110 GERMANY: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 111 GERMANY: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                       11.3.4.3 Netherlands
                                   11.3.4.3.1 Growing sustainability concerns, coupled with favorable government initiatives, to drive market
                                   11.3.4.3.2 By Capacity
                                   TABLE 112 NETHERLANDS: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 113 NETHERLANDS: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.3.4.3.3 By Industry
                                   TABLE 114 NETHERLANDS: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 115 NETHERLANDS: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.3.4.3.4 By Application
                                   TABLE 116 NETHERLANDS: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 117 NETHERLANDS: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                       11.3.4.4 Norway
                                   11.3.4.4.1 Increasing adoption of EVs over conventional combustion vehicles to boost demand for LFP batteries
                                   11.3.4.4.2 By Capacity
                                   TABLE 118 NORWAY: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 119 NORWAY: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.3.4.4.3 By Industry
                                   TABLE 120 NORWAY: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 121 NORWAY: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.3.4.4.4 By Application
                                   TABLE 122 NORWAY: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 123 NORWAY: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                       11.3.4.5 Rest of Europe
                                   11.3.4.5.1 By Capacity
                                   TABLE 124 REST OF EUROPE: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 125 REST OF EUROPE: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.3.4.5.2 By Industry
                                   TABLE 126 REST OF EUROPE: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 127 REST OF EUROPE: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.3.4.5.3 By Application
                                   TABLE 128 REST OF EUROPE: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 129 REST OF EUROPE: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
     11.4 NORTH AMERICA
             11.4.1 BY CAPACITY
                       TABLE 130 NORTH AMERICA: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                       TABLE 131 NORTH AMERICA: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
             11.4.2 BY INDUSTRY
                       TABLE 132 NORTH AMERICA: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                       TABLE 133 NORTH AMERICA: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
             11.4.3 BY APPLICATION
                       TABLE 134 NORTH AMERICA: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                       TABLE 135 NORTH AMERICA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
             11.4.4 BY COUNTRY
                       TABLE 136 NORTH AMERICA: MARKET, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 137 NORTH AMERICA: MARKET, BY COUNTRY, 2020–2027 (USD MILLION)
                       11.4.4.1 US
                                   11.4.4.1.1 Robust government policies and initiatives to fuel demand for LFP batteries
                                   11.4.4.1.2 By Capacity
                                   TABLE 138 US: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 139 US: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.4.4.1.3 By Industry
                                   TABLE 140 US: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 141 US: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.4.4.1.4 By Application
                                   TABLE 142 US: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 143 US: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                       11.4.4.2 Canada
                                   11.4.4.2.1 Stringent regulations concerning emission and sustainability concerns to fuel transition into EVs
                                   11.4.4.2.2 By Capacity
                                   TABLE 144 CANADA: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 145 CANADA: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.4.4.2.3 By Industry
                                   TABLE 146 CANADA: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 147 CANADA: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.4.4.2.4 By Application
                                   TABLE 148 CANADA: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 149 CANADA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                       11.4.4.3 Mexico
                                   11.4.4.3.1 Low-cost labor and necessary infrastructure to boost growth of LFP battery market in Mexico
                                   11.4.4.3.2 By Capacity
                                   TABLE 150 MEXICO: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 151 MEXICO: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.4.4.3.3 By Industry
                                   TABLE 152 MEXICO: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 153 MEXICO: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.4.4.3.4 By Application
                                   TABLE 154 MEXICO: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 155 MEXICO: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
     11.5 MIDDLE EAST & AFRICA
             11.5.1 BY CAPACITY
                       TABLE 156 MIDDLE EAST & AFRICA: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                       TABLE 157 MIDDLE EAST & AFRICA: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
             11.5.2 BY INDUSTRY
                       TABLE 158 MIDDLE EAST & AFRICA: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                       TABLE 159 MIDDLE EAST & AFRICA: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
             11.5.3 BY APPLICATION
                       TABLE 160 MIDDLE EAST & AFRICA: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                       TABLE 161 MIDDLE EAST & AFRICA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
             11.5.4 BY COUNTRY
                       TABLE 162 MIDDLE EAST & AFRICA: MARKET, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 163 MIDDLE EAST & AFRICA: MARKET, BY COUNTRY, 2020–2027 (USD MILLION)
                       11.5.4.1 Saudi Arabia
                                   11.5.4.1.1 Adoption of renewable energy sources, coupled with renewable energy storage infrastructural development, to fuel growth of market
                                   11.5.4.1.2 By Capacity
                                   TABLE 164 SAUDI ARABIA: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 165 SAUDI ARABIA: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.5.4.1.3 By Industry
                                   TABLE 166 SAUDI ARABIA: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 167 SAUDI ARABIA: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.5.4.1.4 By Application
                                   TABLE 168 SAUDI ARABIA: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 169 SAUDI ARABIA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                       11.5.4.2 UAE
                                   11.5.4.2.1 Investments in EV charging infrastructure to provide lucrative growth opportunities
                                   11.5.4.2.2 By Capacity
                                   TABLE 170 UAE: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 171 UAE: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.5.4.2.3 By Industry
                                   TABLE 172 UAE: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 173 UAE: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.5.4.2.4 By Application
                                   TABLE 174 UAE: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 175 UAE: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                       11.5.4.3 South Africa
                                   11.5.4.3.1 Adoption of energy storage systems to provide critical growth opportunities
                                   11.5.4.3.2 By Capacity
                                   TABLE 176 SOUTH AFRICA: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 177 SOUTH AFRICA: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.5.4.3.3 By Industry
                                   TABLE 178 SOUTH AFRICA: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 179 SOUTH AFRICA: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.5.4.3.4 By Application
                                   TABLE 180 SOUTH AFRICA: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 181 SOUTH AFRICA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                       11.5.4.4 Rest of Middle East & Africa
                                   11.5.4.4.1 By Capacity
                                   TABLE 182 REST OF MIDDLE EAST & AFRICA: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 183 REST OF MIDDLE EAST & AFRICA: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.5.4.4.2 By Industry
                                   TABLE 184 REST OF MIDDLE EAST & AFRICA: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 185 REST OF MIDDLE EAST & AFRICA: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.5.4.4.3 By Application
                                   TABLE 186 REST OF MIDDLE EAST & AFRICA: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 187 REST OF MIDDLE EAST & AFRICA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
     11.6 SOUTH AMERICA
             11.6.1 BY CAPACITY
                       TABLE 188 SOUTH AMERICA: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                       TABLE 189 SOUTH AMERICA: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
             11.6.2 BY INDUSTRY
                       TABLE 190 SOUTH AMERICA: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                       TABLE 191 SOUTH AMERICA: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
             11.6.3 BY APPLICATION
                       TABLE 192 SOUTH AMERICA: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                       TABLE 193 SOUTH AMERICA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
             11.6.4 BY COUNTRY
                       TABLE 194 SOUTH AMERICA: MARKET, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 195 SOUTH AMERICA: MARKET, BY COUNTRY, 2020–2027 (USD MILLION)
                       11.6.4.1 Brazil
                                   11.6.4.1.1 Growing EV market to foster adoption of LFP batteries
                                   11.6.4.1.2 By Capacity
                                   TABLE 196 BRAZIL: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 197 BRAZIL: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.6.4.1.3 By Industry
                                   TABLE 198 BRAZIL: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 199 BRAZIL: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.6.4.1.4 By Application
                                   TABLE 200 BRAZIL: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 201 BRAZIL: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                       11.6.4.2 Argentina
                                   11.6.4.2.1 Sustainability concerns and adoption of renewable energy sources to fuel market growth
                                   11.6.4.2.2 By Capacity
                                   TABLE 202 ARGENTINA: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 203 ARGENTINA: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.6.4.2.3 By Industry
                                   TABLE 204 ARGENTINA: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 205 ARGENTINA: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.6.4.2.4 By Application
                                   TABLE 206 ARGENTINA: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 207 ARGENTINA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                       11.6.4.3 Chile
                                   11.6.4.3.1 Increasing applications of LFP batteries in automotive, industrial, and power industries to boost market growth
                                   11.6.4.3.2 By Capacity
                                   TABLE 208 CHILE: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 209 CHILE: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.6.4.3.3 By Industry
                                   TABLE 210 CHILE: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 211 CHILE: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.6.4.3.4 By Application
                                   TABLE 212 CHILE: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 213 CHILE: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                       11.6.4.4 Rest of South America
                                   11.6.4.4.1 By Capacity
                                   TABLE 214 REST OF SOUTH AMERICA: MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                                   TABLE 215 REST OF SOUTH AMERICA: MARKET, BY CAPACITY, 2020–2027 (USD MILLION)
                                   11.6.4.4.2 By Industry
                                   TABLE 216 REST OF SOUTH AMERICA: MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
                                   TABLE 217 REST OF SOUTH AMERICA: MARKET, BY INDUSTRY, 2020–2027 (USD MILLION)
                                   11.6.4.4.3 By Application
                                   TABLE 218 REST OF SOUTH AMERICA: MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                   TABLE 219 REST OF SOUTH AMERICA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)

12 COMPETITIVE LANDSCAPE (Page No. - 177)
     12.1 OVERVIEW
               FIGURE 44 KEY DEVELOPMENTS IN MARKET, 2018 TO 2022
     12.2 MARKET SHARE ANALYSIS OF KEY PLAYERS, 2021
               TABLE 220 MARKET: DEGREE OF COMPETITION
               FIGURE 45 SHARE ANALYSIS OF TOP PLAYERS IN MARKET, 2021
     12.3 MARKET EVALUATION FRAMEWORK
               TABLE 221 MARKET EVALUATION FRAMEWORK, 2018–2022
     12.4 SEGMENTAL REVENUE ANALYSIS OF TOP MARKET PLAYERS
               FIGURE 46 SEGMENTAL REVENUE ANALYSIS, 2017–2021
     12.5 RECENT DEVELOPMENTS
             12.5.1 DEALS
                       TABLE 222 MARKET: DEALS, 2018–2022
             12.5.2 OTHERS
                       TABLE 223 MARKET: OTHERS, 2017–2021
     12.6 COMPANY EVALUATION QUADRANT
             12.6.1 STARS
             12.6.2 EMERGING LEADERS
             12.6.3 PERVASIVE PLAYERS
             12.6.4 PARTICIPANTS
                       FIGURE 47 MARKET: COMPANY EVALUATION QUADRANT, 2021
                       TABLE 224 COMPANY DESIGN FOOTPRINT
                       TABLE 225 COMPANY REGION FOOTPRINT

13 COMPANY PROFILES (Page No. - 188)
(Business and financial overview, Products, Recent developments, SWOT analysis & MnM View)*
     13.1 KEY COMPANIES
             13.1.1 BYD COMPANY LTD.
                       TABLE 226 BYD COMPANY LTD.: BUSINESS OVERVIEW
                       FIGURE 48 BYD COMPANY LTD..: COMPANY SNAPSHOT, 2021
                       TABLE 227 BYD COMPANY LTD.: PRODUCTS
                       TABLE 228 BYD COMPANY LTD.: OTHERS
             13.1.2 CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED.
                       TABLE 229 CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED.: BUSINESS OVERVIEW
                       FIGURE 49 CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED.: COMPANY SNAPSHOT, 2021
                       TABLE 230 CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED.: PRODUCTS
                       TABLE 231 CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED.: DEALS
                       TABLE 232 CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED.: OTHERS
             13.1.3 A123 SYSTEMS LLC
                       TABLE 233 A123 SYSTEMS LLC: BUSINESS OVERVIEW
                       TABLE 234 A123 SYSTEMS LLC: PRODUCTS
                       TABLE 235 A123 SYSTEMS LLC: DEALS
             13.1.4 K2 ENERGY
                       TABLE 236 K2 ENERGY: BUSINESS OVERVIEW
                       TABLE 237 K2 ENERGY: PRODUCTS
                       TABLE 238 K2 ENERGY: PRODUCT LAUNCHES
             13.1.5 LITHIUM WERKS INC.
                       TABLE 239 LITHIUM WERKS INC.: BUSINESS OVERVIEW
                       TABLE 240 LITHIUM WERKS INC.: PRODUCTS
                       TABLE 241 LITHIUM WERKS INC.: DEALS
                       TABLE 242 LITHIUM WERKS INC.: OTHERS
             13.1.6 SHENZHEN TAICO TECHNOLOGY CO., LTD.
                       TABLE 243 SHENZHEN TAICO TECHNOLOGY CO., LTD.: BUSINESS OVERVIEW
                       TABLE 244 SHENZHEN TAICO TECHNOLOGY CO., LTD.: PRODUCTS
             13.1.7 BSLBATT
                       TABLE 245 BSLBATT: BUSINESS OVERVIEW
                       TABLE 246 BSLBATT: PRODUCTS
             13.1.8 ELECTRIC VEHICLE POWER SYSTEM TECHNOLOGY CO., LTD
                       TABLE 247 ELECTRIC VEHICLE POWER SYSTEM TECHNOLOGY CO., LTD: BUSINESS OVERVIEW
                       TABLE 248 ELECTRIC VEHICLE POWER SYSTEM TECHNOLOGY CO., LTD: PRODUCTS
             13.1.9 BENERGY TECH CO. LTD
                       TABLE 249 BENERGY TECH CO. LTD: BUSINESS OVERVIEW
                       TABLE 250 BENERGY TECH CO. LTD: PRODUCTS
             13.1.10 RELION BATTERIES
                       TABLE 251 RELION BATTERIES: BUSINESS OVERVIEW
                       TABLE 252 RELION BATTERIES: PRODUCTS
             13.1.11 BHARAT POWER SOLUTIONS
                       TABLE 253 BHARAT POWER SOLUTIONS: BUSINESS OVERVIEW
                       TABLE 254 BHARAT POWER SOLUTIONS: PRODUCTS
             13.1.12 VICTRON ENERGY
                       TABLE 255 VICTRON ENERGY: BUSINESS OVERVIEW
                       TABLE 256 VICTRON ENERGY: PRODUCTS
             13.1.13 KAYO BATTERY (SHENZHEN) COMPANY LIMITED
                       TABLE 257 KAYO BATTERY (SHENZHEN) COMPANY LIMITED: BUSINESS OVERVIEW
                       TABLE 258 KAYO BATTERY (SHENZHEN) COMPANY LIMITED: PRODUCTS
             13.1.14 KARACUS ENERGY PVT. LTD.
                       TABLE 259 KARACUS ENERGY PVT. LTD.: BUSINESS OVERVIEW
                       TABLE 260 KARACUS ENERGY PVT. LTD.: PRODUCTS
             13.1.15 EVEREXCEED INDUSTRIAL CO., LTD
                       TABLE 261 EVEREXCEED INDUSTRIAL CO., LTD: BUSINESS OVERVIEW
                       TABLE 262 EVEREXCEED INDUSTRIAL CO., LTD: PRODUCTS
*Details on Business and financial overview, Products, Recent developments, SWOT analysis & MnM View might not be captured in case of unlisted companies.
     13.2 OTHER PLAYERS
             13.2.1 OPTIMUMNANO ENERGY CO., LTD.
             13.2.2 ULTRALIFE BATTERIES INDIA PRIVATE LIMITED
             13.2.3 EPEC, LLC.
             13.2.4 SHENZHEN EASTAR BATTERY CO., LTD
             13.2.5 SHENZHEN CYCLEN TECHNOLOGY CO., LTD

14 APPENDIX (Page No. - 218)
     14.1 INSIGHTS OF INDUSTRY EXPERTS
     14.2 DISCUSSION GUIDE
     14.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     14.4 AVAILABLE CUSTOMIZATIONS
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This study involved four major activities in estimating the current size of the lithium iron phosphate batteries market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through rigorous primary research. Both top-down and bottom-up approaches were used to estimate the total market size. The market breakdown and data triangulation techniques were employed to estimate the market size of the segments and the corresponding subsegments.

Secondary Research

This research study involved the use of extensive secondary sources, directories, and databases such as electric vehicle production and sales data, industry publications, several newspaper articles, Statista Industry Journal, Factiva, and renewable energy journals to identify and collect information useful for a technical, market-oriented, and commercial study of the market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.

Primary Research

The lithium iron phosphate batteries market comprises several stakeholders such as companies related to the industry, component manufacturing companies for lithium iron phosphate, government & research organizations, organizations, forums, alliances & associations, lithium iron phosphate providers, state & national energy authorities, dealers & suppliers, and vendors. The demand side of the market is characterized by increased investment in the residential, commercial, and industrial sector. The supply side is characterized by investments & expansion and partnerships & collaborations among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. The breakdown of primary respondents is given below:

Lithium Iron Phosphate Batteries Market  Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both top-down and bottom-up approaches have been used to estimate and validate the size of the global lithium iron phosphate batteries market and its dependent submarkets. These methods were also extensively used to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry and market have been identified through extensive secondary research, and their market shares in the respective regions have been determined through both primary and secondary research.
  • The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Global Lithium Iron Phosphate Batteries Market Size: Bottom-Up Approach

Lithium Iron Phosphate Market  Size, and Share

To know about the assumptions considered for the study, Request for Free Sample Report

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the entire market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the lithium iron phosphate batteries market.

Objectives of the Study

  • To define and describe the market, based on design, capacity, industry, application, voltage and region
  • To provide detailed information on the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
  • To strategically analyze each segment/subsegment of the market with respect to individual growth trends, future expansions, and their contributions to the overall market
  • To analyze market opportunities for stakeholders and the competitive landscape for market leaders
  • To forecast the growth of the market with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa and South America.
  • To strategically profile key players and comprehensively analyze their respective market share and core competencies*
  • To analyze competitive developments such as investments & expansions, mergers & acquisitions, new product launches, contracts & agreements, and joint ventures & collaborations in the lithium iron phosphate batteries market

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to your specific needs. The following customization options are available for the report:

Company Information

  • Product Matrix, which provides a detailed comparison of the product portfolio of each company

Company Information

  • Detailed analysis and profiling of additional market players
Report Code
EP 7415
Published ON
Jul, 2022
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