The Global Cylindrical Lithium Iron Phosphate Battery Market Size is predicted to record an 4.74% CAGR during the forecast period for 2023-2031.
A lithium-ion battery is a rechargeable device that transforms chemical energy into electrical energy and is mostly utilized as an energy storage device. These are extensively used in various applications due to their capacity to provide high operating voltage, higher energy density, efficient charge/discharge cycles, and safe working features. Rapid growth in Plug-in Hybrid Electric Vehicle (PHEV) sales due to rising concerns about carbon footprint is expected to benefit the global cylindrical lithium-ion battery industry.
Global demand for consumer electronics is expected to fuel the business landscape further. The prolonged shelf life of LiFePO4 batteries due to technological advancements, eco-friendliness, and rising demand for these batteries due to greater efficiency and safety measures are important factors driving market revenue growth.
However, COVID-19, the Russia-Ukraine conflict, and high inflation are all predicted to have a long-term impact on the global cylindrical lithium-ion battery market. The ongoing research looks at how the pandemic has affected consumer behavior, supply chain disruptions, and government actions.
Competitive Landscape:
Some of the Cylindrical Lithium Iron Phosphate Battery Market players are:
- BorgWarner Inc.
- Contemporary Amperex Technology Co., Limited
- Customcells Itzehoe GmbH
- Dongguan CHAM Battery Technology Co., Ltd
- EAS Batteries GmbH
- Enpower Greentech Inc.
- Envision Energy USA Limited
- EVE Energy Co., Ltd.
- Flux Power, Inc.
- Hitachi Ltd.
- Jiangsu Tenpower Lithium Co., Ltd.
- Johnson Controls International PLC
- LG Chem, Ltd.
- Murata Manufacturing Co., Ltd.
- OptimumNano Energy Co.,Ltd.
- Padre Electronics Co.,Limited
- Panasonic Holding Corporation
- Saft Groupe SAS
- Samsung SDI Co., Ltd.
- Shanghai DLG Power Battery Co., Ltd.
- Shanghai Electric Gotion New Energy Technology Co., Ltd.
- Shenzhen BAK Battery Co., Ltd.
- Sony Corporation
- Tadiran Batteries GmbH
- Tianjin Lishen Battery Joint-Stock Co., Ltd.
- Ultralife Corporation
Market Segmentation:
The cylindrical lithium iron phosphate battery market is segmented on the type of product and application. The type of segment includes LiCoO2 battery, LiFePO4 battery, NMC/NCA, and others. By application, the market is segmented into electric vehicles, power banks, flashlights, cordless power tools, laptop battery packs, and others.
Based On Type, The Lifepo4 Battery Segment Is Accounted As A Major Contributor In The Cylindrical Lithium Iron Phosphate Battery Market
The LiFePO4 battery category is expected to hold a major share of the global cylindrical lithium iron phosphate battery market in 2022. A LifePO4 battery is a lithium-ion battery with a positive electrode built of lithium iron phosphate. Positive electrode materials in lithium-ion batteries include lithium cobaltate, lithium manganate, lithium nickelate, ternary compounds, lithium iron phosphate, and other minerals.
The positive electrode material utilized in the majority of lithium-ion batteries is lithium cobaltate. In theory, lithium iron phosphate is a process of embedding and deintercalation, analogous to lithium cobaltate and lithium manganate. Lifepo4 batteries are secondary lithium-ion batteries that are primarily used in power batteries. They have substantial advantages over NI-MH and Ni-Cd batteries.
The Electric Vehicles Segment Witnessed Growth At A Rapid Rate
The electric vehicles segment is projected to grow at a rapid rate in the global cylindrical lithium iron phosphate battery market. In electric vehicles, cylinder LiFePO4 batteries improve range, power, and safety. They provide full force until thoroughly depleted and recharge in less than 2.5 hours. LiFePO4 chemistry is also environmentally benign because it is the least dangerous of all battery types. For electric vehicles and plug-in hybrids, LiFePO4 batteries typically perform well in temperatures up to 400 degrees Fahrenheit and have a charge-discharge cycle life of 6 to 7 years. The demand for lithium-ion batteries has surged as a result of the recent surge in EV ownership. Furthermore, because of their high energy density, long runtimes, and steady discharge voltage, LiFePO4 batteries are well-suited for usage in UPS systems.
In The Region, The Asia Pacific Cylindrical Lithium Iron Phosphate Battery Market Holds A Significant Revenue Share
Asia Pacific Cylindrical Lithium Iron Phosphate Battery Market is expected to register the highest market share in terms of revenue in the near future. Electric mobility is gaining traction among governments throughout the area. Several government measures are predicted to support market revenue growth, including the phase-out of fossil-fuel-powered vehicles, government investments to expand public EV charging infrastructure, and initiatives such as subsidies and tax incentives to encourage EV adoption.
Governments are investing in charging infrastructure, either directly in public charging stations or indirectly through charging stations in homes and offices. Due to the existence of key players in the market, Europe is estimated to account for the most substantial revenue share. For many years, nickel manganese cobalt oxide (NMC) has been the gold standard for EV battery applications.
Cylindrical Lithium Iron Phosphate Battery Market Report Scope:
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Report Attribute |
Specifications |
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Growth rate CAGR |
CAGR of 4.74 % from 2023 to 2031 |
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Quantitative units |
Representation of revenue in volume (k units) and CAGR from 2023 to 2031 |
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Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Type of Product And Application |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
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Competitive Landscape |
Panasonic, LG Chem., DLG Electronics, Sony, Samsung SDI, OptimumNano, LARGE, Padre Electronic, Tianjin Lishen, and Hitachi. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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