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Portable Lithium Iron Phosphate (LFP) Battery Market Trends

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

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Portable Lithium Iron Phosphate Battery Market Trends

In recent years, the LFP battery market has witnessed notable expansion, propelled by rising demand for electric vehicles, renewable energy storage systems, and backup power solutions. A primary catalyst behind the adoption of LFP batteries is their outstanding safety profile in comparison to alternative lithium-ion variants like LCO and NCA batteries. LFP batteries exhibit a reduced risk of thermal runaway and avoid the production of toxic gases or release of hazardous materials in case of failure.

Another prevalent trend in the market is the increasing emphasis on enhancing energy density and reducing cost per kWh. To remain in competition with other lithium-ion chemistries, manufacturers of LFP batteries are actively exploring methods to enhance the energy density of their products while upholding safety standards and ensuring prolonged cycle life.

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.