Rapid growth for LFP battery markets as most large mobility & Grid Storage suppliers are migrating to safer LFP battery technology

Lithium Iron Phosphate (LFP) Battery

Global LFP Growth Forecast

Source : https://www.fortunebusinessinsights.com/lithium-ion-li-ion-phosphate-batteries-market-102152

According to Fortune Business Insights, the Global Lithium Iron Phosphate Battery Market is projected to grow from USD 10.12 billion in 2021 to USD 49.96 billion by 2028 at a CAGR of 25.6% during the forecast period.

Lithium Iron Phosphate (LFP) in North America

LFP Safety and Reliability Wins Out in Mass Market Adoption

• Non-toxic (cobalt, manganese and nickel free)
• Superior fire safety (much less heat produced)
• Well-defined performance (lower capacity loss, structurally more stable)
• Environmentally friendly and recyclable (no harmful metals)
• Lowest-cost battery on the market (simplicity of manufacture)
• Longer life, lower degradation (millions of miles in some cases)
• Higher charge/discharge efficiency (no battery memory)
• Consistent discharge voltage (less power loss when battery is low)
• Longer shelf life (stores itself better)
• Versatile for various storage applications (small and large scale)

Rapid Growth in Demand for LFP Batteries for EVs

Major EV manufacturers announce plans to move battery production from other technologies to Lithium iron phosphate. Also, Commercial Transportation manufacturers are looking for LFP batteries in Large Scale Energy Storage. Due to their lightweight, compact nature, LFP Batteries are being deployed increasingly by the majors for larger applications

Commercial Transportation

May 9, 2022

Ford EV Batteries will Switch Over to Lithium Phosphate Soon

April 21, 2022

Almost half of all Teslas built in Q1 had the LFP Battery Pack

March 10, 2022
Rivian will Follow Tesla and Change to LFP Battery Technology

Oct 31, 2021
Mercedes-Benz to Launch LFP-Powered BEVs from 2024 

Oct 7, 2021
Hyundai Motor Developing EVs with LFP Battery for Global Market 

May 29, 2022

CATL Batteries to Be Used by Europe’s Top Electric Bus Maker Solaris.

May 23, 2022

LFP battery Increasingly Applied to Electric Buses, Energy Storage Systems

Mar 09, 2022

Motive Using LFP Batteries from ONE in Commercial Vehicles

Feb 24, 2022

Tractor Maker Daedong Looking to Acquire LFP Battery Packaging Firm

June 8, 2022

Briggs & Stratton Launches Residential Solution with Lithium-Ferro-Phosphate Chemistry

March 30, 2022

Report Suggests Lithium Iron Phosphate could Play Key Role in Energy Storage

March 22, 2022

LFP to Dominate 3TWh Global Lithium-Ion Battery Market by 2030