The size of lithium–iron phosphate batteries market was USD 12,870 million in 2022, which will reach USD 35,195 million by 2030, powering at a rate of 13.40% by the end of this decade, stated by P&S Intelligence.
The main reasons for the growth of the industry are growing space for industrial automation, snowballing requirement for LFP batteries in the automotive sector mainly in EVs, and state-of-the-art expansions in lightweight materials.
Portable batteries a larger revenue share, of over 60%, in 2022. This has a lot to do with the increasing acceptance of EVs, PHEVs, and HEVs Companies providing EV charging infra solutions are developing a portable charger with a capability of charging EVs quickly. The regular AC/DC chargers that require lugging EVs to charging stations are considerably slower than portable ones.
High voltage category dominated the industry in 2022. The automotive industry is under pressure to be innovative and create solutions appealing to a wider audience powering the acceptance of high-voltage batteries.
Since these batteries discharge quicker, they should, are better suited for usage in machinery requiring considerable power in a short span of time.
The automotive category dominated the industry with over 34% in 2022. This is because of the increasing usage of EVs because of supportive policies of the government, as the requirement for lithium ferrous phosphate battery in the automotive industry EVs is on the rise.
Numerous policies have been implemented, which support EVs recently in more than a few countries, which surge the acceptance of quite a few e- car models.
100,001–540,000 mAh batteries dominated the lithium–iron phosphate batteries market in the past. This is because of the extensive use of batteries with this volume in numerous kinds of EVs, as well as hybrid and plug-in EVs. The sales of electric vehicles doubled to 6.6 million in 2021.
Furthermore, in 2021, in China, EV sales approximately tripled to 3.3 million, making up around half of the worldwide requirement. Likewise, the sales increased considerably in Europe, and the U.S.
APAC dominated the industry, with about 49%, in 2022. This is because of the expansion regarding EV charging infra in Japan, India, and China has made substantial progressions.
65% of all public EV charging stations globally are in China, while the ROW is still in the process of constructing the infra needed to support predicted future EV use. China has outshone in improving the manufacture and sale of EVs.
It is because of the increasing space for industrial automation, the demand for lithium iron phosphate batteries will continue to grow in the years to come.
