The
lithium iron phosphate battery market is poised to grow by USD 9.35 bn 18%
during 2020-2024, as per the latest research report by Technavio. The report
offers a detailed analysis of the impact of COVID-19 pandemic on the market in
optimistic, probable, and pessimistic forecast scenarios.
Request for Technavio’s market report estimates including pre- and
post-COVID-19 impact on lithium iron phosphate battery market. Download a Free Sample Report on the impact
of COVID-19 pandemic analysis.
Due to the extensive spread of the virus across the globe, the Utilities
industry is anticipated to have Negative impact. The lithium iron phosphate
battery market will showcase Negative impact during 2020-2024.
Lithium Iron Phosphate Battery Market 2020-2024: Segmentation
Lithium Iron Phosphate Battery Market is segmented as below:
·
Application
o
Automotive
o
Non-automotive
·
Geography
o
Americas
o
APAC
o
EMEA
APAC was the largest market for lithium iron phosphate battery in 2019.
The region is witnessing heavy industrialization activities, dense population,
and shortage of fossil fuels. This will subsequently drive the need for lithium
iron phosphate battery for specific applications, fueling lithium iron
phosphate battery market growth. China and Japan are the key markets for
lithium iron phosphate battery in APAC. Market growth in this region will be
faster than the growth of the market in the other regions.
The Utilities market is anticipated to have Indirect impact and the
lithium iron phosphate battery market demand will show Inferior growth. View market snapshot before
purchasing
Increasing investments in the electric vehicle (EV) charging
infrastructure has been an instrumental factor in influencing the growth of
lithium iron phosphate battery market. Other market drivers include decline in
lithium ion battery cost. Technavio offers custom research analysis on the
crucial pointers to highlight the impact of COVID-19 on the market across the
supply chain.
Key Considerations for Market Forecast:
·
Impact of lockdowns, supply chain disruptions, demand destruction, and
change in customer behavior
·
Optimistic, base case and pessimistic scenarios for all markets as the
impact of pandemic unfolds
·
Pre- as well as post-COVID 19 market estimates
·
Quarterly impact analysis as the spread reaches a global level and
updates on market estimates
Lithium Iron Phosphate Battery Market 2020-2024: Vendor Analysis
The market is fragmented, and the degree of fragmentation will
decelerate during the forecast period. Key players in the market have been
launching several initiatives and introducing innovative products and services
to cater to a larger target audience during the pandemic. Major market
participants include BYD Co. Ltd., Contemporary Amperex Technology Co. Ltd.,
DNK POWER Co. Ltd., Lithium Werks BV, Murata Manufacturing Co. Ltd.,
OptimumNano Energy Co. Ltd., RELiON Battery LLC, Saft Groupe SA, Tianjin Lishen
Battery Co. Ltd., and Ultralife Corp.
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