Lithium Iron Phosphate Battery Market Segmentation:
End user
The automotive segment is estimated to gain the largest lithium iron phosphate battery market share over the projected time frame. The growth is attributed to the increasing demand for low-emission electric vehicles across the globe. Electric car sales were 14 million in 2023, of which 95% were in China (60%), the U.S. (10%), and Europe (25%). EV sales in 2023 were 3.5 million higher as compared to 2022, a 35% CAGR. The same year there were more than 250, 000 new weekly registrations, which is more than the annual total a decade ago. Electric cars ascribed to 18% of total cars sold in 2023, marking a 14% rise from 2022. Additionally, in 2023 battery electric cars held 70% of the overall electric car stocks.
Type
The portable segment in lithium iron phosphate battery market is expected to garner a significant share in the forecast timeline. The growth is due to the increasing popularity of portable batteries in the automotive industry. Portable lithium iron phosphate batteries are lightweight, easy to carry, swappable, and have a lower physical footprint. The segment is fragmented owing to the presence of large number of small players entering the space.
Our in-depth analysis of the global lithium iron phosphate battery market includes the following segments:
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By Power Capacity |
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By Type |
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By End use |
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