Lithium Iron Phosphate Batteries Market

Market Leaders - Lithium Iron Phosphate Batteries Market

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. Asia Pacific is estimated to be the largest lithium iron phosphate batteries market, followed closely by North America. The Middle East & African market is also projected to be the fastest-growing market during the forecast period. The growth of the lithium iron phosphate batteries market is driven by the rising demand for electric and hybrid electric vehicles, increasing environmental concerns, and the high requirement of lithium iron phosphate batteries in energy storage applications.

The lithium iron phosphate battery market is served by a mix of large international players with their presence and capabilities across different regions and local players with a strong presence in the domestic markets. The key players operating in the market include BYD (China), A123 Systems (US), K2 Energy (US), Electric Vehicle Power System Technology (China), OptimumNano Energy (China), and Contemporary Amperex Technology (China).

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The major strategies adopted by the players in the lithium iron phosphate batteries market include contracts & agreements, new product launches, and partnerships & collaborations. New product launches was the most commonly adopted strategy from 2016 to 2019. Contracts & agreements has also emerged as a key strategy as companies look to strengthen their service offerings and geographic market reach by offering their product.

BYD is a China-headquartered manufacturer providing lithium iron phosphate batteries to the global automotive and power industries. The company provides various products and services such as manufacturing and sales of lithium-ion, nickel-metal hydride, and nickel manganese cobalt oxide batteries. In 2018, the company expanded its business in South America by opening a factory in Manaus, Brazil for the production of lithium iron phosphate batteries. Currently, BYD’s large-scale lithium iron phosphate square shell batteries have an energy density capacity of about 165 Wh/kg; it aims to increase the capacity to up to 200 Wh/kg. In July 2019, BYD 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 chemistry like lithium iron phosphate.

A123 Systems is a US-based manufacturer and developer of energy storage and lithium iron phosphate batteries. A123 Systems has categorized its business operations into 3 business segments: systems, cells, and modules. A123 Systems offers its products across the globe to its customers in 6 locations across 4 countries. It has a main R&D center in the US with other centers in China, Germany, and the Czech Republic. 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. The company invested in Solid Power Inc., which is a technology developer of lithium-ion batteries. Through this investment, A123 Systems helped Solid Power Inc. develop its battery manufacturing strategy. It provided high energy density and safety of the next-generation lithium iron phosphate batteries. Also, the company, by focusing on low-voltage applications, generated new sales for the 8 Ah, 48 V battery segment across Europe, China, and North America.

Related Reports:

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

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Report Code
EP 7415
RI Published ON
10/29/2019
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