DUBLIN, July 26, 2022 /PRNewswire/ — The “Lithium Iron Phosphate Batteries Market by Design (Cells, Battery Packs), Capacity, Industry (Automotive, Power, Industrial, Aerospace, Marine), Application (Portable, Stationary), Voltage (Low, Medium, High) & Region – Global forecast to 2027” made a very optimistic statistical forecast for the global lithium iron phosphate battery market size.The global lithium iron phosphate batteries market is projected to reach USD 24.6 billion by 2027 from an estimated market size of USD 13.0 billion in 2022, at a CAGR of 13.7% during the forecast period. The high growth rate of the market can be attributed to the rising adoption of LFP batteries in the automotive sector, especially for EV applications.
Portable lithium iron phosphate batteries become the new market leader
The lithium iron phosphate battery market is divided into portable and stationary by application, and the article expresses a view that portable will become the biggest beneficiary of the lithium iron phosphate battery market, and during the forecast period, it is optimistic that its future can still be maintained well Dominance, of course, still depends on the good ease of use and better operational efficiency of portable lithium iron phosphate batteries, which lead to higher adoption rates and thus higher market share.
The automotive sector leading the global lithium iron phosphate battery market
Obviously in the application field of the lithium iron phosphate battery market, by industry, is segmented into automotive, power, industrial, aerospace, marine and others. Among them, the proportion of electric vehicles accounts for the largest share. Considering the future global sustainable development, the adoption rate of electric vehicles is increasing year by year, which will promote technological innovation in the entire new energy field in the future.
The era background of China’s massive development of new energy vehicles
With the rising oil prices and environmental damage in recent years, the requirements for energy conservation and emission reduction have forced China to vigorously develop the field of new energy vehicles. The United States, Europe and Japan have increased policy support for new energy. In the market, China has a lot of technical difficulties in the development of new energy vehicles.
Although China has a huge number of car sales, it still cannot change the backward development of automobiles. Therefore, the development of new energy vehicles is the best time for China to catch up with the world’s new energy vehicles. At this time, the supply chain of new energy batteries has gradually become the key to driving the development of the electric vehicle market.
“Low-carbon travel” will be the future development trend, and lithium iron phosphate batteries may become the biggest beneficiary
Quoted from the original articleThe Asia Pacific region is estimated to be the largest market for the lithium iron phosphate batteries market and is also witnessed to have the highest growth rate, during the forecast period. This dominance of the Asia Pacific region in the lithium iron phosphate batteries market can be attributed to the presence of large number of LFP manufacturers in China.
We believe that in the face of the possible shortage of oil resources and damage to the environment in the future, we hope that the “oil war” will become a thing of the past, and the new energy battery supply market will redefine sustainable development and global resource utilization. The development of the lithium iron phosphate battery market may become a breakthrough in the global automotive market. As an important player in the economic development of the Asia-Pacific region, China will also play this economic role by producing lithium iron phosphate batteries, providing a source of power for the development of the global new energy market.
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