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The global lithium iron phosphate batteries market is projected to reach USD 24.6 billion by 2027 from an estimated market size of USD 13.0 billion in 2022, at a CAGR of 13.7% during the forecast period. The factors driving the growth for lithium iron phosphate batteries market is the rise in demand for lithium iron phosphates from the automotive industry, especially the EV application.
The lithium iron phosphate batteries market , by design, is segmented into cells and battery packs. The battery packs segment is expected to be the largest segment for the lithium iron phosphate batteries market , by design, during the forecast period. The high adoption rate of these type of batteries can be attributed to the increasing demand from EV manufacturers.
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The lithium iron phosphate batteries market , by capacity, is segmented 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 segment is expected to hold the largest size of the market for lithium iron phosphate batteries market . The high demand from the automotive industry and the rising demand from the power industry for energy storage systems is expected to reinforce the growth of the segment.
The lithium iron phosphate batteries market , by voltage, is segmented, into low (below 12V), medium (12V–36V) and high (above 36V). The high (above 36V) segment is expected to hold the largest size of the market for lithium iron phosphate during the forecast period. The higher market share of the high (above 36V) segment can be attributed to its superior operational efficiency.
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The Asia Pacific region is estimated to hold the largest share of the global lithium iron phosphate batteries market and is also projected to be the fastest-growing market during the forecast period. The presence of large number of manufacturers in China coupled with the increasing adoption of electrified transportation solution across the region is expected to drive the market in Asia Pacific.
