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Portable Lithium Iron Phosphate (LFP) Battery Market Size

Report ID: GMI8197
Published Date: Feb 2024
Report Format: PDF

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Portable Lithium Iron Phosphate Battery Market Size

Portable Lithium Iron Phosphate Battery Market was valued at USD 13 billion in 2023 and is anticipated to record more than 16.9% CAGR between 2024 and 2032. The increasing demand for energy-efficient storage systems and the imperative to ensure battery safety and longevity are propelling the adoption of portable lithium iron phosphate (LiFePO4) batteries. These chemistries are increasingly being utilized across a spectrum of applications, encompassing healthcare, military operations, power tools, and portable systems.

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The utilization of LFP batteries has facilitated the creation of more compact and streamlined portable devices. Strengthened distribution networks and decreasing prices have contributed to the widespread adoption of these products. The rising occurrence of natural disasters linked to climate change are surging the global demand for energy storage systems. A transition towards renewable energy technologies, coupled with an increasing requirement for cost-effective and efficient storage solutions, is expected to further propel business growth. Moreover, the decreasing expenses and governmental directives promoting renewable energy production have led to the gradual elimination of conventional coal-fired power plants.

Portable Lithium Iron Phosphate Battery Market Report Attributes
Report Attribute	Details
Base Year:	2023
Portable Lithium Iron Phosphate Battery Market Size in 2023:	USD 13 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	16.9%
2032 Value Projection:	USD 54.1 Billion
Historical Data for:	2019 to 2023
No. of Pages:	180
Tables, Charts & Figures:	231
Segments covered:	End Use
Growth Drivers:	High energy density and longer shelf life Positive outlook toward hybrid and electric vehicles industry Growth in renewable energy sector
Pitfalls & Challenges:	High production demand

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Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of portable LFP battery was reached USD 13 billion in 2023 and is expected to register 16.9% CAGR from 2024 to 2032, owing to increasing demand for energy-efficient storage systems and the rising imperative to ensure battery safety and longevity worldwide.

Portable lithium iron phosphate battery industry from the automotive segment is expected to register over 16.5% CAGR from 2024 to 2032, due to their cost-effectiveness and safety features, making them preferable among consumers.

North America portable LFP battery industry is expected to reach over USD 17.9 billion by 2032, due to the increasing adoption of electric and hybrid vehicles, as well as growing investments in grid-scale energy storage systems in the region.

A123 Systems, LLC, Clarios, Contemporary Amperex Technology Co., Limited, Ding Tai Battery Company Ltd., Duracell, Inc., ENERGON, Exide Technologies, General Electric, and Hitachi Energy Ltd., are some of the major portable lithium iron phosphate battery companies worldwide.