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. Growing adoption of electric and hybrid electric vehicles and rising demand for renewable energy storage are key factors likely to drive the lithium iron phosphate batteries market during the forecast period.
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Asia Pacific is expected to dominate the global lithium iron phosphate batteries market
Asia Pacific is estimated to be the fastest growing lithium iron phosphate batteries market from 2017 to 2024. The growth is attributed to the increasing demand from the automobile sector and planned projects, particularly for renewable energy storage. A strong regulatory environment with set guidelines and support from government agencies are important factors for the growth of the lithium iron phosphate batteries market in the region.
The 16,251–50,000 mAh segment is estimated to have the highest growth rate in the lithium iron phosphate batteries market, by power capacity
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 segment held the largest market share in 2018. The demand for heavy electric vehicles would drive the 16,251–50,000 mAh segment as this segment finds its use in most of the applications.
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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
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The lithium iron phosphate batteries market is segmented, by industry, into automotive, power, industrial, and others. In terms of value, the automotive segment held the largest share in 2018 as major demand for lithium iron phosphate batteries comes from the automotive sector.
The lithium iron phosphate batteries market is segmented, by application, into portable and stationary. The portable segment is expected to be the largest market during the forecast period.
