The global lithium iron phosphate batteries market will touch USD 35,195 million, propelling at a 13.40% compound annual growth rate, by 2030. This growth can be ascribed to the increasing manufacturing automation space, growing demand for LFP batteries in the automotive industry mainly in electric vehicles, and pioneering advances in lightweight materials. Furthermore, in this decade, substantial development has been done in battery power storage tech, resulting in a surge in power density and a price deduction of around 85% for battery packs.
In 2022, the portable category dominated the market with a larger revenue share of more than 60%. This can be credited to the increasing acceptance of EVs, HEVs, and PHEVs. Businesses that offer electric vehicle charging infrastructure solutions are emerging a portable charger that can charge electric vehicles rapidly on the go, alike to the power bank that is accepted by smartphones. The regular AC/DC chargers that call for lugging electric vehicles to charging stations are significantly slower than these portable ones.
In 2022, the high voltage category held the largest revenue share. The load on the automotive sector to invent and make solutions that entice a broader audience is boosting the trend toward the acceptance of high-voltage batteries. As these batteries have a faster rate of discharge, they should, in theory, be better matched for use in equipment that requires a lot of energy in a short period of time.
Furthermore, high-voltage batteries are light in weight than regular batteries of the same size and have an advanced discharge platform. Overall, the extra voltage slightly augments appliance performance. The power density of such batteries is similarly very high.
In 2022, the automotive category had the largest revenue share, of above 34%. This can be credited to the rising use of electric vehicles as a result of helpful government guidelines, as the need for lithium ferrous phosphate batteries in the automotive industry majorly in electric vehicles is growing. Numerous electric vehicle aid guidelines have been executed in recent years in numerous nations, which surge the adoption of numerous electric car models.
In 2022, The APAC lithium iron phosphate batteries industry had the largest revenue share, at approximately 49%. This is mainly because of the growth pertaining to electric vehicle charging infrastructure in Japan, China, and India. China has made substantial improvements; 65% of all public electric vehicle charging stations globally are situated in China, while the mainstream of the rest of the world is still employed to construct the infrastructure needed to aid expected future EV usage.
Hence, the increasing manufacturing automation space, growing demand for LFP batteries in the automotive industry mainly in electric vehicles, and pioneering advances in lightweight materials are the major factors propelling the lithium iron phosphate batteries market.
