LFP battery market to grow to be worth US$15.2 billion by 2028
According to QYResearch
The global lithium iron phosphate (LFP) battery market is expected to be worth US$15.2 billion by 2029 with 200GWh worth of batteries to be manufactured, according to analyst firm QYResearch.
QYResearch CEO Yoon Sung-bin also said LFP batteries are expected to replace more and more of the lithium manganese oxide (LMO) batteries currently used in power tools and electric bikes.
Yoon was speaking at the conference LFP Battery, Opportunity or Crisis, hosted by TheElec in Seoul.
The CEO said the LFP market was worth US$7.2 billion in 2021. It will grow 11.3% per year on average to reach the 2029 figure, Yoon said.
Meanwhile, according to Yoon, in 2021, 64.6GWh of the batteries were manufactured, and this will grow by 17.4% per year on average to reach 197.7GWh in 2028.
Demand for LFP batteries was increasing quickly from companies such as Tesla, BYD and Wuling, he noted.
LFP battery had an advantage in price, stability, output, charging time, life span, halogen-free and recycling, the QYResearch CEO said.
They were mostly used in robotics, e-mobility, industrial vehicle and automated guided vehicle, he added.
LFP manufacturers, in terms of production volume, ranked in the following order: CATL, BYD, Gotion High-tech, EVE, REPT, CALG, Great Power, Lishen Battery, Wanxiang A123, AND, Hithium and Lithion.
These companies together controlled 90% of the global LFP batteries, while CATL controlled up to half of the total, Yoon noted.