The cylindrical LiFePO4 battery market was valued at $3.0 billion in 2023, and is projected to reach $4.6 billion by 2030, growing at a CAGR of 6.1% from 2024 to 2030.
Cylindrical lithium iron phosphate (LiFePO4) battery is a rechargeable battery that uses lithium iron phosphate as its cathode material, imparting superior longevity and improved discharge & charge efficiency. Cylindrical batteries help to achieve heat dissipation more easily and control temperature as compared to conventional batteries. These batteries are known to be non-contaminating and non-toxic, making them a sustainable solution for a wide range of applications.
The growth of the cylindrical LiFePO4 battery market is majorly driven by increase in penetration of electric vehicles. This is attributed to high safety and long service life of LiFePO4 batteries, which make them suitable for use in electric vehicles. According to the International Energy Agency, a Paris-based autonomous intergovernmental organization, over 3 million electric vehicles were sold in the first quarter of 2024, around 25% higher as compared to 2023. This number is estimated to reach 17 million by the end of 2024, exhibiting a 20% year-on-year increase. Moreover, increase in penetration of portable electronics such as such as smartphones, laptops, tablets, and wearables acts as the key driving force of the global market. LiFePO4 batteries are well-suited for portable consumer electronics due to their ability to withstand frequent charging and discharging cycles without significant degradation. These applications require high-performance batteries, which, in turn, propel the growth of the LiFePO4 battery market, as lithium iron phosphate plays a crucial role in improving battery efficiency and enhancing the longevity of electronic devices. Furthermore, increase in adoption of renewable energy storage systems is notably propelling the demand for LiFePO4 batteries. The International Renewable Energy Agency states that the installed capacity of energy storage in the world will increase by 42% to 68% by 2030, which is expected to contribute to the growing adoption and popularity of cylindrical LiFePO4 batteries. Although these batteries exhibit long service life and require zero maintenance, they are incur high initial cost, which acts as a key deterrent factor of the market. The market growth is further hampered by improper disposal practices of batteries that can lead to several environmental and health issues. On the contrary, implementation of supportive government initiatives for proper battery disposal is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
The global cylindrical LiFePO4 battery market is segmented into voltage, capacity, application, and region. By voltage, the market is classified into below 3.2V, 3.2V, and above 3.2V. On the basis of capacity, it is divided into less than 1500mAh, 1500mAh to 3000mAh, and more than 3000mAh. Depending on application, it is classified into electric vehicles, energy storage, portable electronics, industrial applications, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Depending on capacity, the more than 3000mAh segment was the major shareholder in 2023 and is anticipated to dominate during the forecast period.
On the basis of application, the electric vehicles generation segment acquired the highest share in 2023 and is projected to continue the same trend in the coming years.
Region wise, Asia-Pacific was the key revenue generator in 2023.
Cylindrical lithium iron phosphate (LiFePO4) battery is a rechargeable battery that uses lithium iron phosphate as its cathode material, imparting superior longevity and improved discharge & charge efficiency. Cylindrical batteries help to achieve heat dissipation more easily and control temperature as compared to conventional batteries. These batteries are known to be non-contaminating and non-toxic, making them a sustainable solution for a wide range of applications.
The growth of the cylindrical LiFePO4 battery market is majorly driven by increase in penetration of electric vehicles. This is attributed to high safety and long service life of LiFePO4 batteries, which make them suitable for use in electric vehicles. According to the International Energy Agency, a Paris-based autonomous intergovernmental organization, over 3 million electric vehicles were sold in the first quarter of 2024, around 25% higher as compared to 2023. This number is estimated to reach 17 million by the end of 2024, exhibiting a 20% year-on-year increase. Moreover, increase in penetration of portable electronics such as such as smartphones, laptops, tablets, and wearables acts as the key driving force of the global market. LiFePO4 batteries are well-suited for portable consumer electronics due to their ability to withstand frequent charging and discharging cycles without significant degradation. These applications require high-performance batteries, which, in turn, propel the growth of the LiFePO4 battery market, as lithium iron phosphate plays a crucial role in improving battery efficiency and enhancing the longevity of electronic devices. Furthermore, increase in adoption of renewable energy storage systems is notably propelling the demand for LiFePO4 batteries. The International Renewable Energy Agency states that the installed capacity of energy storage in the world will increase by 42% to 68% by 2030, which is expected to contribute to the growing adoption and popularity of cylindrical LiFePO4 batteries. Although these batteries exhibit long service life and require zero maintenance, they are incur high initial cost, which acts as a key deterrent factor of the market. The market growth is further hampered by improper disposal practices of batteries that can lead to several environmental and health issues. On the contrary, implementation of supportive government initiatives for proper battery disposal is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
The global cylindrical LiFePO4 battery market is segmented into voltage, capacity, application, and region. By voltage, the market is classified into below 3.2V, 3.2V, and above 3.2V. On the basis of capacity, it is divided into less than 1500mAh, 1500mAh to 3000mAh, and more than 3000mAh. Depending on application, it is classified into electric vehicles, energy storage, portable electronics, industrial applications, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
By voltage, the above 3.2V segment held the highest market share in 2023 and is expected to maintain its leadership status by 2030.Depending on capacity, the more than 3000mAh segment was the major shareholder in 2023 and is anticipated to dominate during the forecast period.
On the basis of application, the electric vehicles generation segment acquired the highest share in 2023 and is projected to continue the same trend in the coming years.
Region wise, Asia-Pacific was the key revenue generator in 2023.
Competition Analysis
Competitive analysis and profiles of the major players in the global cylindrical LiFePO4 battery market include Shandong Langkawi Electronic Technology Co., Ltd., Su-vastika, Shenzhen Melasta Battery Co., Ltd., Shenzhen Beide New Energy Technology Co., LTD, ACE Battery, AA Portable Power Corp., Eve Energy Co., Ltd., Valence Technology, Inc., Lithium Werks BV, and Blue Energy Co., Ltd. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the market.Additional benefits you will get with this purchase are:
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Key Market Segments
By Voltage
- Below 3.2V
- 3.2V
- Above 3.2V
By Capacity
- Less than 1500mAh
- 1500mAh to 3000mAh
- More than 3000mAh
By Application
- Electric Vehicles
- Energy Storage
- Portable Electronics
- Industrial Applications
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Shandong Langkawi Electronic Technology Co.,Ltd.
- Su-vastika
- Shenzhen Melasta Battery Co., Ltd.
- Shenzhen Beide New Energy Technology Co., LTD
- ACE Battery
- AA Portable Power Corp.
- Eve Energy Co., Ltd.
- Valence Technology, Inc.
- Lithium Werks BV
- Blue Energy Co., Ltd.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: CYLINDRICAL LIFEPO4 BATTERY MARKET, BY VOLTAGE
CHAPTER 5: CYLINDRICAL LIFEPO4 BATTERY MARKET, BY CAPACITY
CHAPTER 6: CYLINDRICAL LIFEPO4 BATTERY MARKET, BY APPLICATION
CHAPTER 7: CYLINDRICAL LIFEPO4 BATTERY MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- Shandong Langkawi Electronic Technology Co.,Ltd.
- Su-vastika
- Shenzhen Melasta Battery Co., Ltd.
- Shenzhen Beide New Energy Technology Co., LTD
- ACE Battery
- AA Portable Power Corp.
- Eve Energy Co., Ltd.
- Valence Technology, Inc.
- Lithium Werks BV
- Blue Energy Co., Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 310 |
| Published | June 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 3 billion |
| Forecasted Market Value ( USD | $ 4.6 billion |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
