Lithium Iron Phosphate Battery Market by Application and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 120
  • SKU: IRTNTR40130
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The lithium iron phosphate battery market has the potential to grow by USD 12.41 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 28.66%.

This lithium iron phosphate battery market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by application (automotive and non-automotive) and geography (APAC, Europe, North America, South America, and MEA). The lithium iron phosphate battery market report also offers information on several market vendors, including Acumentrics Inc., Brunswick Corp., BYD Co. Ltd., DNK POWER Co. Ltd., Lithium Werks BV, Murata Manufacturing Co. Ltd., OptimumNano Energy Co. Ltd., Saft Groupe SA, TianJin Lishen Battery Joint Stock Co. Ltd., and Ultralife Corp. among others.

What will the Lithium Iron Phosphate Battery Market Size be in 2021?

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Lithium Iron Phosphate Battery Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The decline in lithium-ion battery cost is notably driving the lithium iron phosphate battery market growth, although factors such as competition from other batteries may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the lithium iron phosphate battery industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

  • One of the key factors driving growth in the lithium iron phosphate battery market is the decline in lithium-ion battery cost.
  • The manufacturing cost of lithium-ion batteries and the cost of battery packs have decreased substantially owing to the improved production scale and manufacturing efficiency.
  • The increased adoption of battery technology in the automotive industry, as well as the development of cost-effective production methods by vendors, saw a decline in the cost of lithium-ion batteries by around 85% during 2010-2018.
  • Lithium-ion batteries form a major part of the manufacturing cost of EVs, their declining prices are lowering the total cost of ownership for EVs.
  • The increased government support for EVs is another major factor supporting the lithium iron phosphate battery market share growth.
  • A rise in environmental concerns and an increase in GHG emissions globally have compelled nations to rethink the use of fossil fuels in the transportation sector.
  • Numerous countries are introducing targets and directives to promote the shift from diesel and petrol vehicles to EVs in the automotive industry.
  • The sales of EVs have been increasing steadily since 2012 as governments have announced numerous incentives for vehicle owners to promote the adoption of EVs.
  • Lithium iron phosphate is among one of the top lithium-ion battery chemistries used in EVs and ESSs owing to its low cost.

This lithium iron phosphate battery market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Lithium Iron Phosphate Battery Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Acumentrics Inc.
  • Brunswick Corp.
  • BYD Co. Ltd.
  • DNK POWER Co. Ltd.
  • Lithium Werks BV
  • Murata Manufacturing Co. Ltd.
  • OptimumNano Energy Co. Ltd.
  • Saft Groupe SA
  • TianJin Lishen Battery Joint Stock Co. Ltd.
  • Ultralife Corp.

 

This statistical study of the lithium iron phosphate battery market encompasses successful business strategies deployed by the key vendors. The lithium iron phosphate battery market is fragmented and the vendors are deploying growth strategies such as forming strategic partnerships to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The lithium iron phosphate battery market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Lithium Iron Phosphate Battery Market?

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52% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for the lithium iron phosphate battery market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

APAC dominates the global lithium iron phosphate battery market as the region is a major manufacturing hub for lithium iron phosphate batteries. Compared with other regions, APAC has the presence of the highest number of vendors. This will facilitate the lithium iron phosphate battery market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Application Segments in the Lithium Iron Phosphate Battery Market?

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The lithium iron phosphate battery market share growth by the automotive segment will be significant during the forecast period. The automotive segment includes lithium iron phosphate batteries that are used in EVs, such as e-buses, e-trucks, and e-bikes. Lithium iron phosphate batteries are experiencing a high uptake rate in EVs owing to their advantages over other lithium iron phosphate chemistries, such as the improved efficiency, long cycle life, and high reliability as they operate with low resistance. The growth of the automotive segment can be attributed to the growing focus of governments on the environmental pollution caused by vehicular emissions and the need for a clean energy mix.

This report provides an accurate prediction of the contribution of all the segments to the growth of the lithium iron phosphate battery market size and actionable market insights on post COVID-19 impact on each segment.

 

Lithium Iron Phosphate Battery Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 28.66%

Market growth 2021-2025

$ 12.41 billion

Market structure

Fragmented

YoY growth (%)

24.11

Regional analysis

APAC, Europe, North America, South America, and MEA

Performing market contribution

APAC at 52%

Key consumer countries

China, US, Norway, Germany, and Japan

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Acumentrics Inc., Brunswick Corp., BYD Co. Ltd., DNK POWER Co. Ltd., Lithium Werks BV, Murata Manufacturing Co. Ltd., OptimumNano Energy Co. Ltd., Saft Groupe SA, TianJin Lishen Battery Joint Stock Co. Ltd., and Ultralife Corp.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period

Customization purview

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What are the Key Factors Covered in this Lithium Iron Phosphate Battery Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive lithium iron phosphate battery market growth during the next five years
  • Precise estimation of the lithium iron phosphate battery market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the lithium iron phosphate battery industry across APAC, Europe, North America, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of lithium iron phosphate battery market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Application

    • Market segments
    • Comparison by Application
    • Automotive - Market size and forecast 2020-2025
    • Non-automotive - Market size and forecast 2020-2025
    • Market opportunity by Application

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • APAC - Market size and forecast 2020-2025
      • Europe - Market size and forecast 2020-2025
      • North America - Market size and forecast 2020-2025
      • South America - Market size and forecast 2020-2025
      • MEA - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Overview
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • Acumentrics Inc.
      • Brunswick Corp.
      • BYD Co. Ltd.
      • DNK POWER Co. Ltd.
      • Lithium Werks BV
      • Murata Manufacturing Co. Ltd.
      • OptimumNano Energy Co. Ltd.
      • Saft Groupe SA
      • TianJin Lishen Battery Joint Stock Co. Ltd.
      • Ultralife Corp.

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
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      The lithium iron phosphate battery market growth will increase by $12416.73 million during 2020-2025.
      The lithium iron phosphate battery market is expected to grow at a CAGR of 28.66% during 2020-2025.
      Technavio has segmented the lithium iron phosphate battery market by application (Automotive and Non-automotive) and geographic (APAC, Europe, North America, South America, and MEA).
      Acumentrics Inc., Brunswick Corp., BYD Co. Ltd., DNK POWER Co. Ltd., Lithium Werks BV, Murata Manufacturing Co. Ltd., OptimumNano Energy Co. Ltd., Saft Groupe SA, TianJin Lishen Battery Joint Stock Co. Ltd., Ultralife Corp. are a few of the key vendors in the lithium iron phosphate battery market.
      APAC will register the highest growth rate of 52.28% among the other regions. Therefore, the lithium iron phosphate battery market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the lithium iron phosphate battery market growth are:
      • Decline in lithium-ion battery cost
      The lithium iron phosphate battery market vendors should focus on grabbing business opportunities from the automotive segment as it accounted for the largest market share in the base year.
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