Lithium-Iron Phosphate Batteries Market To Touch USD 35,195 Million Revenue by 2030, Says P&S Intelligence

NEW YORK, March 14, 2023 /PRNewswire/ -- The lithium–iron phosphate batteries market will reach USD 35,195 million by 2030, powering at a rate of 13.40% in the years to come, according to market research company P&S Intelligence.

Portable Lithium–Iron Phosphate Batteries Are Used More

• Portable batteries had the larger share of revenue, of over 60%, in the recent past.
• This is because of the increasing acceptance of HEVs, BEVs, and PHEVs. EVSE providers are developing portable chargers that can replenish EV batteries on the go, in the same way a power bank charges a mobile phone.
• The regular AC/DC chargers, with which EVs must be plugged into the EVSE, are also considerably slower than the portable ones.

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High-Voltage Batteries Preferred by People

• High-voltage batteries dominate the industry due to the pressure on the automotive sector for manufacturing EVs with a longer driving range and higher speed.
• Since these batteries discharge quickly, they are better suited for machines requiring a lot of power in a short time.
• Furthermore, high-voltage lithium–iron phosphate batteries are lighter than ordinary batteries of the same capacity and have a higher discharge platform.
• Overall, the added voltage improves the performance of the appliance. The energy density of these batteries is also high, and they have a longer life, while generating more power, since they can provide more capacity under the same use conditions.

Automotive Industry Has Highest Demand for LiFePO₄ Batteries

• The automotive industry had the largest revenue share, of over 34%, in the past. This is because of the increasing use of EVs due to the supportive policies of governments.
• Lithium–ferro phosphate batteries are among the widest-used variant of the Li-ion battery in the auto sector.

Browse detailed report on Lithium–Iron Phosphate Batteries Market Growth, Development and Demand Forecast Report 2030

Lithium–Iron Phosphate Batteries Most Demanded in APAC

APAC dominates the market with an approximately 49% share. This is because of the development of EV charging infrastructure in India, China, and Japan.

In this regard, China has made substantial progress; 65% of all public EV charging stations globally are in China. Additionally, it is also the largest manufacturer and buyer of EVs.

Furthermore, by 2050, Japan aims to become carbon-neutral. As part of this effort, the government pledged in excess of USD 900 million in subsidies for the installation of EV charging stations in 2021.

Furthermore, with the prospect of 100% FDI, efforts to set up charging infrastructure, and setup of new industrial centers, the Indian market for electric cars and, in turn, for LiFePO₄ batteries, is growing.

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SOURCE P&S Intelligence