LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global lithium iron phosphate battery market since 2015 and the market is poised to grow by USD 9.35 billion during 2020-2024. Request Free Sample Pages
Read the 143-page research report with TOC on "Lithium Iron Phosphate Battery Market Analysis Report by Application (Automotive and Non-automotive), by Geography (APAC, Americas, and EMEA), and Segment Forecasts, 2020 - 2024"
The market is driven by the decline in lithium ion battery cost. In addition, the increasing investments in the electric vehicle (EV) charging infrastructure are anticipated to further boost the growth of the lithium iron phosphate battery market.
The improved production scale and manufacturing efficiency has resulted in decreased manufacturing cost of Li-ion batteries and battery packs. This decline is also a result of the increased adoption of battery technology in the automotive industry. The development of cost-effective production methods by vendors is also for a contributing factor to the decrease in the cost of lithium ion battery. Moreover, the ongoing R&D on Li-ion batteries has also resulted in improved performance in vehicles. Moreover, the strong demand for EVs will also decrease the price of Li-ion batteries. These factors will encourage end-users to purchase Li-ion batteries, which in turn, will boost market growth.
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Major Five Lithium Iron Phosphate Battery Market Companies:
BYD Co. Ltd.
BYD Co. Ltd. owns and operates the business under various segments such as automobiles and related products; mobile handset components and assembly service; and rechargeable batteries and photovoltaic business. The company manufacturers lithium iron phosphate batteries for application in EVs, material handling equipment, and ESS. These batteries are also used for peak load/frequency regulation and peak-load shifting applications.
Contemporary Amperex Technology Co. Ltd.
Contemporary Amperex Technology Co. Ltd. offers energy storage battery, electric bus batteries, and electric truck batteries. Moreover, in September 2019, the company unveiled its cell-to-pack EV battery platform at the 2019 International Automobile Exhibition.
DNK POWER Co. Ltd.
The product offered by DNK POWER Co. Ltd. is the LiFePo4 battery. The company offers lithium iron phosphate batteries of 12, 24, and 36 volts. The capacity of these batteries ranges from 5 to 200 Ah. These batteries find application in UPS systems, solar storage, EVs, and power tools.
Lithium Werks BV
The key offerings of Lithium Werks BV are lithium Werks power cells, Valence U-Charge XP modules with external BMS, Valence power module with external BMS, Valence U-Charge modules with internal BMS, and super B batteries.
Murata Manufacturing Co. Ltd.
Murata Manufacturing Co. Ltd. operates the business under the following segments: components, modules, and others. The company’s key offering in the lithium iron phosphate battery market includes fORTELION. The company also offers olivine-type lithium iron phosphate batteries which have a high expected life and stability.
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Lithium Iron Phosphate Battery Application Outlook (Revenue, USD Million, 2020 - 2024)
Lithium Iron Phosphate Battery Regional Outlook (Revenue, USD Million, 2020 - 2024)
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