Global LiFePO4 Batteries Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global LiFePO4 Batteries Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

LiFePO4 Batteries is a lithium ion battery that uses lithium iron phosphate (LiFePO4) as the positive electrode material and carbon as the negative electrode material. LiFePO4 Batteries have the advantages of high working voltage, high energy density, long cycle life, good safety performance, low self-discharge rate and no memory effect.

Market Overview:

The latest research study on the global LiFePO4 Batteries market finds that the global LiFePO4 Batteries market reached a value of USD 14739.73 million in 2022. It’s expected that the market will achieve USD 135413.22 million by 2028, exhibiting a CAGR of 44.72% during the forecast period.

Assessment of the Overall Impact of COVID-19 on the Industry

The raging COVID-19 has plunged the global economic environment into depression. The impact of COVID-19 on the LiFePO4 Batteries industry will involve all major links and all entities in the industry chain.

In the short term, with the rapid spread of the new coronavirus worldwide, some companies have enforced the requirement for employees to work from home and cancelled business travel plans to slow down the spread of the new coronavirus as much as possible. COVID-19 has caused LiFePO4 Batteries' corporate management efficiency to decline, commuting blocked, production plans blocked, network expansion delayed, marketing delayed, brand adjustments forced, physical offline sales reduced, and company business reduced. Moreover, since most of the LiFePO4 Batteries products currently come from Chinese manufacturers, their downstream customers will also be affected. For example, in the downstream energy storage field. When the manufacturing and procurement of lithium iron phosphate battery energy storage systems decline, causing suppliers of materials and components to reduce production, the energy storage supply chain will be affected by its chain reaction. Once the delayed energy storage deployment demand is restored, it will take some time to restart the energy storage supply chain.

In the long run, as the epidemic gradually improves, prevention and control measures are gradually relaxed, and global factories and the economy are gradually recovering. For the LiFePO4 Batteries industry, along with the company's reform and self-help, as well as the joint assistance of the government and capital, the lithium iron phosphate battery industry has exploded with strong potential. At the same time, people's demand for downstream industries such as new energy vehicles and energy storage continues to rise in the post-epidemic era. In the long run, the strong recovery of the downstream industry will greatly promote the development of the industry. However, repeated epidemics in some regions and countries have brought challenges to LiFePO4 Batteries manufacturers.

Market Drivers

The positive electrode of lithium-ion battery is lithium iron phosphate material, which has great advantages in safety performance and cycle life. These are also one of the most important technical indicators of power batteries.

Compared with lead-acid batteries, LiFePO4 batteries have a good lifespan. Lead-acid batteries are generally 1-1.5 years; compared with nickel-metal hydride batteries, LiFePO4 batteries have a higher working voltage; compared with nickel-cadmium batteries, LiFePO4 batteries have a better life. Good environmental friendliness, this is also an important reason why lithium iron phosphate beat these batteries and set off a lithium battery storm.

Lithium iron phosphate battery has high safety and cost advantage. The main raw materials of lithium iron phosphate are low-cost iron and phosphorus, without the more expensive cobalt nickel manganese materials, so the average production cost of lithium iron phosphate is lower than that of ternary batteries. According to relevant data, on August 16, 2021, the production cost of lithium iron phosphate was 48,700 yuan/ton, while the production cost of the ternary battery was 166,600 yuan/ton, a difference of nearly four times. In addition, lithium iron phosphate is less likely to explode due to high temperature environment and low charge, and its safety performance is higher than that of ternary batteries.

From the demand side, with the establishment of carbon neutrality targets in major countries around the world, lithium demand has entered a new round of growth cycle. It is estimated that the global sales of new energy vehicles will increase from 5.06 million in 2021 to 20.89 million in 2025, with a compound annual growth rate of 43%. The corresponding demand for lithium in the power sector will increase from 180,000 tons of LCE in 2021 to 2025 in 2025. 1.12 million tons of LCE, a compound annual growth rate of 58%. The growth of demand in three main regions is driven: First, the transformation of the Chinese market from policy-driven to consumption-driven is mainly affected by factors such as the intensive launch of best-selling models and the gradual improvement of supporting facilities such as charging piles. Second, the European market is driven by carbon emission fines + high subsidies. Third, the US market ushered in a policy turning point after Biden took office. For example, from October 1, 2021, the Model 3/Y standard battery life version produced by Tesla's Fremont, California plant will use lithium iron phosphate batteries from China. The increasing demand for new energy vehicles for products will directly promote the development of the industry.

Region Overview:

Asia Pacific had the highest growth rate of all regions.

Company Overview:

Contemporary Amperex Technology ,Lithium Werks ,BYD ,Gotion and A123 Systems are the five key players in the global LiFePO4 Batteries market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global LiFePO4 Batteries market in the past 5 years.

Contemporary Amperex Technology is a Chinese battery manufacturer and technology company, established in 2011, specializing in the manufacture of lithium-ion batteries for electric vehicles and energy storage systems and battery management systems.

Lithium Werks was established in 2017 to realize the energy transition from fossil fuels to clean and renewable energy such as solar and wind energy.

Segmentation Overview:

Among different product types, 16,251-50,000 mAh segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Automotive segment occupied the biggest share from 2017 to 2022.

Key Companies in the global LiFePO4 Batteries market covered in Chapter 3:

Chinarept
Contemporary Amperex Technology
Taico
Optimumnano Energy
Electric Vehicle Power System Technology
Shenzhen Kayo Battery Company
Bestgo Battery
Gotion
Power Sonic
Shenzhen Eastar Battery
A123 Systems
Benergy Technology Company
K2 Energy
EVE
Lithium Werks
BYD
Victron Energy

In Chapter 4 and Chapter 14.2, on the basis of types, the LiFePO4 Batteries market from 2018 to 2029 is primarily split into:

0-16,250 mAh
16,251-50,000 mAh
50,001-100,000 mAh
100,001-540,000 mAh
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the LiFePO4 Batteries market from 2018 to 2029 covers:

Power Industry
Industrial Use
Automotive

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)


Chapter 1 Market Definition and Statistical Scope
Chapter 2 Research Findings and Conclusion
Chapter 3 Key Companies’ Profile
Chapter 4 Global LiFePO4 Batteries Market Segmented by Type
Chapter 5 Global LiFePO4 Batteries Market Segmented by Downstream Industry
Chapter 6 LiFePO4 Batteries Industry Chain Analysis
Chapter 7 The Development and Dynamics of LiFePO4 Batteries Market
Chapter 8 Global LiFePO4 Batteries Market Segmented by Geography
Chapter 9 North America
Chapter 10 Europe
Chapter 11 Asia Pacific
Chapter 12 Latin America
Chapter 13 Middle East & Africa
Chapter 14 Global LiFePO4 Batteries Market Forecast by Geography, Type, and Downstream Industry 2023-2029
Chapter 15 Appendix

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