Market Revenue Lithium Iron Phosphate Market Revenue, Value | Page 2

And so, as a consequence of growing focus towards renewable energy to address the climate change
and also improving upon the energy conservation is projected to fuel the growth of the market share.
In addition, there has also been a rising focus towards the incorporation of renewable energy
resources with power grid networks which is boosting the growth of the market share. These hybrid
power systems and power grids use lithium iron phosphate batteries as a backup.
On the basis of applications, the global market is classified as EVs and HEVs (electric vehicles and
hybrid electric vehicle), Renewable power and Consumer electronics. Among the applications, EVs
and HEVs segment is projected to account a major share of the Lithium Iron Phosphate Battery
market. But the key use of Lithium Iron Phosphate battery is its use power batteries for electric
vehicles. Lithium Iron Phosphate has several advantages such as long cycle life, non-explosive, high
safety and high temperature resistance.
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Unconventional energy storage systems that have the ability to boost the performance and vehicle
efficacy are a significant area of focus for the EV manufacturers. As a result of long cycle time and
high energy density, lithium iron phosphate batteries are estimated to be the most ideal choice as far
as substitute energy storage systems are concerned. And so, the growth in the demand for EVs in
countries such as China is expected to uplift the demand for lithium iron phosphate battery (LFP)
batteries.
On the basis of geography, the global market share is classified as North America, Western Europe,
Eastern Europe, Asia Pacific, Middle East and Africa and Latin America.
The North American region consists of the U.S. and Canada. Latin America region consists of Mexico,
Brazil, Peru, Chile, and others. The Western European region consists of Germany, England, France,
Spain, Italy, Nordic countries, Belgium, The Netherlands, and Luxembourg. The Eastern European
region consists of Poland and Russia. Asia Pacific region consists of China, India, Japan, ASEAN,
Australia, and New Zealand. The Middle East and Africa region consists of GCC, Southern Africa, and
North Africa.