Lithium Iron Phosphate Batteries Market

Lithium Iron Phosphate Batteries Market by Power Capacity (0–16,250 mAh, 16,251–50,000 mAh, 50,001–100,000 mAh, 100,001–540,000 mAh), Industry (Automotive, Power, Industrial, Others), Application (Portable, Stationary), Region - Global Forecast to 2024

Report Code: EP 7415 Oct, 2019, by marketsandmarkets.com

[200 Pages Report] 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.

Lithium Iron Phosphate Batteries Market

The automotive segment is expected to be the largest contributor to the lithium iron phosphate batteries market, by industry, during the forecast period

The lithium iron phosphate 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 segment 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.

Lithium Iron Phosphate Batteries Market

Asia Pacific is expected to be the largest market during the forecast period

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.

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.

Scope of the Report

Report Metric

Details

Market size available for years

2017–2024

Base year considered

2018

Forecast period

2019–2024

Forecast units

Value (USD)

Segments covered

Power Capacity, Industry, Application, and Region

Geographies covered

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

Companies covered

BYD (China), A123 Systems (US), K2 Energy (US), Electric Vehicle Power System Technology (China), OptimumNano Energy (China), and Contemporary Amperex Technology (China)

This research report categorizes the lithium iron phosphate batteries market by power capacity, industry, application, and region.

By Power Capacity

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

By Industry

  • Automotive
  • Power
  • Industrial
  • Others

By Application

  • Portable
  • Stationary

By Region

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

Recent Developments

  • In February 2019, BYD introduced a next-generation lithium iron phosphate battery technology for its forklifts and warehouse equipment. The advanced lithium iron phosphate batteries are cost-effective and maintenance-free.
  • In January 2019, RELiON launched a next-generation series of lithium iron phosphate batteries named the Insight Series. The batteries are designed for deep-cycle applications such as marine, renewable energy systems, floor machines, and recreational vehicles.
  • In October 2018, A123 Systems was awarded a contract by the United States Advanced Battery Consortium (USABC). Under the contract, A123 Systems developed its nanophosphate lithium-ion battery system for meeting the USABC targets of providing smaller, lighter, lower-cost batteries with high power capability.

Key Questions Addressed by the Report

  • What are the industry trends that would be seen over the next 5 years?
  • Which of the lithium iron phosphate batteries market elements is likely to lead by 2024?
  • Which of the application segments is expected to have the maximum opportunity to grow during the forecast period?
  • Which would be the leading region with the highest market share by 2024?
  • How are companies implementing organic and inorganic strategies to gain increased market share?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
    4.1. Attractive Opportunities in The Lithium Iron Phosphate Batteries Market
    4.2. Lithium Iron Phosphate Batteries Market, By Region
    4.3. Lithium Iron Phosphate Batteries Market, By Power Capacity
    4.4. Lithium Iron Phosphate Batteries Market, By Industry
    4.5. Lithium Iron Phosphate Batteries Market, By Application

5 Market Overview
    5.1. Introduction
    5.2. Market Dynamics
           5.2.1. Drivers
           5.2.2. Restraints
           5.2.3. Opportunities
           5.2.4. Challenges
    5.3 Government Policies & Regulations

6 Lithium Iron Phosphate Batteries Market, By Power Capacity
    6.1. Introduction
    6.2. 0 to 16,250 mAh
    6.3. 16,251-50,000 mAh
    6.4. 50,001-100,000 mAh
    6.5. 100,001-540,000 mAh

7 Lithium Iron Phosphate Batteries Market, By Industry
    7.1. Introduction 
    7.2. Automotive
    7.3. Industrial
    7.4. Power
    7.5. Others

8 Lithium Iron Phosphate Batteries Market, By Application
    8.1. Introduction 
    8.2. Stationary
    8.3. Portable

8 Lithium Iron Phosphate Batteries Market, By Region   (USD Million - 2017, 2018, 2019-E, 2024-P)
    8.4 Introduction
    8.5 North America
           8.5.1 By Power Capacity
           8.5.2 By Industry
           8.5.3 By Application
           8.5.4 By Country
                    8.5.4.1 US
                    8.5.4.2 Canada
                    8.5.4.3 Mexico
    8.6 Europe
           8.6.1 By Power Capacity
           8.6.2 By Industry
           8.6.3 By Application
           8.6.4 By Country
                    8.6.4.1 Germany
                    8.6.4.2 UK
                    8.6.4.3 The Netherlands
                    8.6.4.4 Norway
                    8.6.4.5 Rest Of Europe
    8.7 Asia-Pacific
           8.7.1 By Power Capacity
           8.7.2 By Industry
           8.7.3 By Application
           8.7.4 By Country
                    8.7.4.1 China
                    8.7.4.2 Japan
                    8.7.4.3 India
                    8.7.4.4 South Korea
                    8.7.4.5 Rest of Asia Pacific
    8.8 South America
           8.8.1 By Power Capacity
           8.8.2 By Industry
           8.8.3 By Application
           8.8.4 By Country
                    8.8.4.1 Brazil
                    8.8.4.2 Chile
                    8.8.4.3 Rest of South America
    8.9 Middle East & Africa
           8.9.1 By Power Capacity
           8.9.2 By Industry
           8.9.3 By Application
           8.9.4 By Country
                    8.9.4.1 UAE
                    8.9.4.2 Saudi Arabia
                    8.9.4.3 South Africa
                    8.9.4.4 Rest of Middle East & Africa

9 Competitive Landscape
    9.4 Overview 
    9.5 Market Share, 2018
    9.6 Competitive Landscape Mapping, 2018
    9.7 Competitive Scenario 
           9.7.1 New Product Developments
           9.7.2 Investments & Expansions
           9.7.3 Contracts & Agreements
           9.7.4 Mergers & Acquisitions
           9.7.5 Joint Venture/Partnerships/Collobarations/Strategic Alliance
           9.7.6 Others        

10 Company Profiles
     10.4 BYD
     10.5 Electric Vehicle Power System Technology
     10.6 K2 Energy
     10.7 Relion
     10.8 A123 Systems
     10.9 Pihsiang Energy Technology
     10.10 Lithiumwerks
     10.11 Optimumnano Energy
     10.12 Victory Batteries Technology
     10.13 Power Sonic
     10.14 Benergy
     10.15 Contemporary Amperex Technology
     10.16 Bharat Power Solution
     10.17 Bestgo 
     10.18 Victron Energy
     10.19 Shenzhen Bak Technology
     10.20 Shenzhen Eastar Batteries
     10.21 Taico
     10.22 Shenzhen Kayo Batteries
     10.23 Greensun Solar Energy

11 Appendix
     11.1 Insights of Industry Experts 
     11.2 Discussion Guide 
     11.3 Knowledge Store: Marketsandmarkets’ Subscription Portal  
     11.4 Available Customisation 
     11.5 Releated Report 
     11.6 Author Details

The study involved 4 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 Power data, industry publications, several newspaper articles, Statista Industry Journal, Factiva, and offshore decommissioning journal to identify and collect information useful for a technical, market-oriented, and commercial study of the lithium iron phosphate batteries 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, consulting companies in the power sector, power companies, government & research organizations, organizations, forums, alliances & associations, lithium iron phosphate batteries service providers, state & national energy authorities, dealers & suppliers, and vendors. The demand side of the market is characterized by the lithium iron phosphate batteries expenditure across regions, investments by key power companies, and maturing of the renewable energy sector. Moreover, the demand is also driven by a change in rules and regulations, and active participation from environmental bodies have pushed the lithium iron phosphate batteries market. The supply side is characterized by contracts & agreements, new product launches, 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

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.

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 activities.

Report Objectives

  • To define, describe, and forecast the global lithium iron phosphate batteries market by capacity, industry, application, and region
  • To provide detailed information regarding the major factors, such as drivers, restraints, opportunities, and industry-specific challenges, influencing the growth of the lithium iron phosphate batteries market
  • To strategically analyze the lithium iron phosphate batteries market with respect to individual growth trends, future prospects, and the contribution of each segment to the market
  • To strategically profile key players and comprehensively analyze their market shares and core competencies
  • To track and analyze competitive developments such as contracts & agreements, expansions, new product launches, and partnerships & collaborations in the lithium iron phosphate batteries market

Available Customizations:

With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for this report:

Regional Analysis

  • Further breakdown of region or country-specific analysis

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)
Report Code
EP 7415
Published ON
Oct, 2019
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