Lithium Iron Phosphate Battery Market Size

Lithium Iron Phosphate (LiFePO4) Battery Market size was over USD 18.69 billion in 2024 and is poised to exceed USD 117.62 billion by 2037, witnessing over 15.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of lithium iron phosphate battery is evaluated at USD 20.96 billion.

In addition to these, factors that are believed to fuel the market growth of lithium iron phosphate (LiFePO4) batteries include the growing focus on energy storage applications. LiFePO4 can be used in energy storage applications owing to its long service life and the capability of deep cycling. For instance, the use of LFP battery energy storage equipment may enable businesses to spend less on power. Extra renewable energy is stored in the battery systems for later use by the business.