LONDON--(BUSINESS WIRE)--Thanks to increasing demand from electric vehicles, the Global Lithium Iron Phosphate Battery Market is expected to grow at a CAGR of 20 percent from 2014-2019, says research firm TechNavio.
About the Report
Growth in the use of lithium iron phosphate batteries can be attributed to the expected long-term development in the electric vehicle (EV) sector. As a result, the EV sector has become the largest contributor to the production of lithium iron phosphate batteries.
“Increased adoption of EVs and hybrid electric vehicles has the potential to completely change the outlook for power use and consumption in transportation,” says Faisal Ghaus, Vice President of TechNavio.
“Petroleum prices are expected to increase in the coming years, which will have a positive influence on battery-operated vehicles.”
The adoption of eco-friendly technologies to reduce carbon emissions is also expected to increase the demand for EVs and HEVs worldwide, thus promoting the growth of this market.
A large portion of lithium iron phosphate battery consumption is attributed to China, because of the significant increase in the use of battery-operated vehicles in the country.
Key Information Covered in the Report:
- Market segmentation, size and forecast through 2019
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Market Growth Drivers:
- Increased Demand from EVs and HEVs
- For a full detailed list, view our report.
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Market Challenges:
- Lack of Awareness
- For a full detailed list, view our report.
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Market Trends:
- Increased Demand from China
- For a full detailed list, view our report.
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Key Vendors:
- A123 Systems LLC
- BYD Co. Ltd.
- Electric Vehicle Power System Technology Co. Ltd.
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Other Prominent Vendors:
- Phostech
- Pihsiang Energy Technology
- Pulead Technology Industry
TechNavio currently has more than 3000 market research reports on a huge range of topics, including 100+ reports on the lithium ion battery market:
- Global Lithium Ion (Li-ion) Battery Market 2015-2019
- Global Small Lithium-ion Battery Market 2012-2016
If you are interested in more information, please contact our media team at media@technavio.com.