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.
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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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