LFP Battery Pack Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029

The LFP Battery Pack Market is segmented by Body Type (Bus, LCV, M&HDT, Passenger Car), by Propulsion Type (BEV, PHEV), by Capacity (15 kWh to 40 kWh, 40 kWh to 80 kWh, Above 80 kWh, Less than 15 kWh), by Battery Form (Cylindrical, Pouch, Prismatic), by Method (Laser, Wire), by Component (Anode, Cathode, Electrolyte, Separator), by Material Type (Cobalt, Lithium, Manganese, Natural Graphite) and by Region (Asia-Pacific, Europe, Middle East & Africa, North America, South America). Market Size is represented by the total volume of EV battery packs sold, measured in kilowatt-hours (kWh), along with the Market Value in USD. Key data points observed include the total energy capacity of battery packs sold, expressed in kilowatt-hours (kWh), segmented by battery chemistry, the capacity range of each battery pack, and the specific application or vehicle type associated with each battery chemistry segment.

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LFP Battery Pack Market Size

LFP Battery Pack Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 49.45 Billion
svg icon Market Size (2029) USD 67.39 Billion
svg icon Largest Share by Propulsion Type BEV
svg icon CAGR (2024 - 2029) 6.39 %
svg icon Largest Share by Region Asia-Pacific

Major Players

LFP Battery Pack Market Major Players

*Disclaimer: Major Players sorted in no particular order

Key Players

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LFP Battery Pack Market Analysis

The LFP Battery Pack Market size is estimated at 49.45 billion USD in 2024, and is expected to reach 67.39 billion USD by 2029, growing at a CAGR of 6.39% during the forecast period (2024-2029).

49.45 Billion

Market Size in 2024 (USD)

67.39 Billion

Market Size in 2029 (USD)

25.62 %

CAGR (2017-2023)

6.39 %

CAGR (2024-2029)

Largest Segment by Body Type

88.93 %

value share, Passenger Car, 2023

Icon image

The global LFP battery market for electric cars was propelled by factors including: cheap models, government rebates, EV benefits over conventional autos, and legal norms.

Largest Segment by Propulsion Type

96.89 %

value share, BEV, 2023

Icon image

The globally LFP battery industry is dominated by BEVs because of its cheap price of purchase, low cost of ownership, low emissions, and no fuel expenditures.

Largest Segment by Battery Form

85.03 %

value share, Prismatic, 2023

Icon image

Due to its ease of manufacture, high density per volume, low cost, and safety, prismatic cells are widely utilised in the global LFP battery market.

Leading Market Player

42.13 %

market share, Contemporary Amperex Technology Co. Ltd. (CATL), 2022

Icon image

CATL leads the worldwide LFP battery market with its innovations in technology, price strategy, financial strength, and strong sales channel.

Largest Segment by Capacity

54.21 %

value share, 40 kWh to 80 kWh, 2023

Icon image

Long-range electric cars, popular among Asian buyers, utilizes 40 kWh to 80 kWh, dominate the form segment in worldwide LFP battery pack market.

Cost decline and technological advancements drive demand for electric passenger vehicles and related battery packs

  • The demand for batteries is growing significantly owing to the continuous growth of electric mobility in various countries globally. LFP battery packs are one of the most common types of batteries widely used by the majority of automakers for their vehicles. Factors such as a long life cycle, safety, and cheap production are encouraging automakers to install these batteries in BEVs and PHEVs. Increasing government norms to adopt EVs is encouraging people to opt for EVs. Due to these factors, the LFP battery type witnessed a growth of 244.70% in 2021 over 2017 globally.
  • Asian countries, including China, India, Japan, and others, are the main users of LFP batteries for PHEVs and BEVs. With more than 65% of the world's total battery usage in EVs, the APAC region is one of the major users of LFP batteries. Some of the major players in the production of LFP batteries are from Asia, including CATL, BYD, Gotion High Tech Co. Ltd, CALB, and LG. The demand for BEVs and PHEVs is increasing significantly in several regions, including Europe and North America, which has also helped drive up LFP battery demand globally. LFP batteries used in electric vehicles witnessed an increase of 51.10% in 2022 over 2021 globally.
  • Various companies are signing deals to adopt LFP batteries in their vehicles. In March 2023, South Korean automaker Hyundai signed a deal with the Chinese battery maker CATL to use its LPF batteries in their vehicles in 2023. Upcoming affordable electric cars from Hyundai and Kia will be equipped with CATL LFP batteries. Such developments are projected to increase the global demand for LFP batteries during the forecast period.
LFP Battery Pack Market

Growth in EVs and rising adoption of affordable cars are driving the LFP battery demand

  • The demand for different kinds of batteries, including LFP, has changed as the electrification of vehicles has increased dramatically in several nations in recent years. Increased demand for electric vehicles (EVs) can be attributed to a number of factors, including the government's introduction of strict norms for EVs, the advantages of EVs over vehicles powered by conventional fuels, and government subsidies, tax breaks, and rebates. Affordability, driving range, battery life, and safety ratings have all contributed to the LFP battery market's rapid expansion. This has led to a global rise in demand for LFP batteries of around 244.57% in the historical period, with the majority of this growth occurring in Asia-Pacific countries.
  • Passenger cars have highly contributed to the growth of LFP batteries, followed by commercial vehicles such as light trucks and buses. The demand for LFP batteries expanded by more than 90% in 2022 as a result of the worldwide increase in the popularity of EVs, led by countries like China, the United States, and Germany. This led to an increase of 51.10% in the global demand for LFP EV battery packs in 2022 compared to the previous year.
  • In October 2023, OGO Energy, an India-based start-up of lithium batteries, announced it would expand its production capacity of LFP batteries to 1 GWh annually by the end of 2023. Such developments in various countries are expected to boost the demand for LFP batteries for use in electric vehicles during the forecast period globally.

LFP Battery Pack Market Trends

BYD AND TESLA ARE LEADING THE CHARGE IN THE EV MARKET AND SHAPING THE FUTURE

  • In 2022, BYD was the market leader in electric vehicle sales and held a share of 13.3%. BYD's leading position can be attributed to several factors. It has been an early and prominent player in the EV industry, with a strong focus on producing electric vehicles and related technologies. The company's early entry into the market allowed it to establish a solid foundation and gain recognition among consumers. BYD has also been actively expanding its operations globally, forging partnerships, and investing in research and development, all of which contribute to its leading position.
  • Tesla has been at the forefront of electric vehicle innovation and has played a crucial role in popularizing EVs worldwide. Tesla was a significant player in the EV industry in 2022, with a market share of 12.2%. Tesla's strong brand image, cutting-edge technology, and extensive Supercharger network have contributed to its success.
  • Among the other players in the EV market, there are several notable companies that hold significant market shares. BMW's established reputation in the automotive industry, coupled with its commitment to electric mobility through its "BMW i" sub-brand, has contributed to its market presence. Similarly, Volkswagen, which held a market share of 3.9% in 2022, has been actively investing in electric mobility under its "Volkswagen Group" umbrella. These companies, along with others like Mercedes-Benz, Kia, and Hyundai, are recolonizing the EV industry by leveraging their existing brand recognition, introducing compelling electric vehicle models, and investing in technology to enhance the range and performance of their electric offerings.
LFP Battery Pack Market

TESLA AND BYD DOMINATED THE BEST-SELLING EV MODELS OF 2022

  • The best-selling EV models in 2022 were dominated by two key OEMs: Tesla and BYD. Tesla held a strong market position with two of its models, the Model Y and Model 3, capturing the first and third spots, respectively. The Tesla Model Y was the most popular plug-in electric vehicle, with global unit sales of roughly 771,300 in 2022. That year, deliveries of Tesla's Model 3 and Model Y surpassed 1.2 million, a Y-o-Y increase of 36.77% for Tesla's best-selling models. While two of the five best-selling plug-in electric vehicle (PEV) models were Tesla-branded, the battery electric vehicle manufacturer faced competition from Asian brands in 2022. China-based BYD overtook Tesla as the best-selling PEV brand in 2022, relying on a large offering of plug-in hybrid electric models. Following closely behind the Tesla Model Y, the BYD Song Plus (BEV + PHEV) secured the second spot, with sales reaching 477,090 units. BYD's established presence in the Chinese market, along with its reputation for producing reliable and technologically advanced electric vehicles, likely contributed to the strong sales performance of the Song Plus models.
  • The Volkswagen ID.4 stood out among the best-selling EV models as the only European PEV (Plug-in Electric Vehicle) in the top ten. With a sales volume of 174,090 units in 2022, the ID.4 demonstrated Volkswagen's commitment to electric mobility and its growing presence in the EV market.
  • Overall, these top-performing EV models from Tesla and BYD, along with other notable contenders like the Wuling Hong Guang MINI EV and Volkswagen ID.4, demonstrate the increasing consumer demand for electric vehicles.
LFP Battery Pack Market

OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT

  • INCREASING GLOBAL DEMAND AND GOVERNMENT SUPPORT PROPELLING ELECTRIC VEHICLE MARKET GROWTH
  • EV BATTERY PACK PRICES DECLINED DUE TO ECONOMIES OF SCALE AND TECHNOLOGICAL ADVANCEMENTS, BUT FACED A TEMPORARY INCREASE IN 2022
  • THE DECREASING COST OF BATTERIES IS A MAJOR FACTOR IN THE EXPANDING AND MORE ACCESSIBLE GLOBAL EV MARKET
  • AUTOMAKERS LAUNCHED NEW ELECTRIC VEHICLE MODELS TO MEET THE INCREASING DEMAND, BOOSTING BATTERY PACK DEMAND WORLDWIDE
  • LFP, NMC, NCA, AND NCM BATTERIES ARE LEADING THE WAY, WITH DIFFERENT GEOGRAPHIES SHOWING A PREFERENCE FOR SPECIFIC CHEMISTRIES
  • INCREASING GLOBAL DEMAND FOR ELECTRIC VEHICLE BATTERIES AND MATERIALS DRIVEN BY INCREASING ELECTRIFICATION OF VEHICLES, WITH LFP BATTERIES LEADING THE TREND
  • INCREASING GLOBAL DEMAND AND TECHNOLOGICAL ADVANCEMENTS DRIVE THE ELECTRIC VEHICLE MARKET AND BATTERY INDUSTRY

LFP Battery Pack Industry Overview

The LFP Battery Pack Market is fairly consolidated, with the top five companies occupying 90.88%. The major players in this market are BYD Company Ltd., China Aviation Battery Co. Ltd. (CALB), Contemporary Amperex Technology Co. Ltd. (CATL), Guoxuan High-tech Co. Ltd. and LG Energy Solution Ltd. (sorted alphabetically).

LFP Battery Pack Market Leaders

  1. BYD Company Ltd.

  2. China Aviation Battery Co. Ltd. (CALB)

  3. Contemporary Amperex Technology Co. Ltd. (CATL)

  4. Guoxuan High-tech Co. Ltd.

  5. LG Energy Solution Ltd.

LFP Battery Pack Market Concentration

Other important companies include EVE Energy Co. Ltd., Panasonic Holdings Corporation, Primearth EV Energy Co. Ltd., Samsung SDI Co. Ltd., SK Innovation Co. Ltd., SVOLT Energy Technology Co. Ltd. (SVOLT).

*Disclaimer: Major Players sorted in alphabetical order.

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Our comprehensive data set offers over 120 free charts, providing detailed regional and country-level insights into the EV battery pack industry. This includes analyses of distribution and production centers, variations in average selling prices (ASPs) across different regions, and a deep dive into industry trends like demand shifts and technological innovations. We also offer a thorough market segmentation, examining different battery chemistries, capacities, and form factors, alongside an in-depth understanding of market trends such as the adoption of advanced technologies and the impact of environmental regulations. Additionally, we provide an overview of major industry players, a look at the regulatory landscape, and market size analysis in terms of revenue and volume, all culminating in projections and forecasts that consider emerging trends and potential industry shifts.

LFP Battery Pack Market
LFP Battery Pack Market
LFP Battery Pack Market
LFP Battery Pack Market

LFP Battery Pack Market Report - Table of Contents

1. EXECUTIVE SUMMARY & KEY FINDINGS

2. REPORT OFFERS

3. INTRODUCTION

  • 3.1 Study Assumptions & Market Definition
  • 3.2 Scope of the Study​
  • 3.3 Research Methodology

4. KEY INDUSTRY TRENDS

  • 4.1 Electric Vehicle Sales
  • 4.2 Electric Vehicle Sales By OEMs
  • 4.3 Best-selling EV Models
  • 4.4 OEMs With Preferable Battery Chemistry
  • 4.5 Battery Pack Price
  • 4.6 Battery Material Cost
  • 4.7 Price Chart Of Different Battery Chemistry
  • 4.8 Who Supply Whom
  • 4.9 EV Battery Capacity And Efficiency
  • 4.10 Number Of EV Models Launched
  • 4.11 Regulatory Framework
    • 4.11.1 Belgium
    • 4.11.2 Brazil
    • 4.11.3 China
    • 4.11.4 Colombia
    • 4.11.5 France
    • 4.11.6 Germany
    • 4.11.7 Hungary
    • 4.11.8 India
    • 4.11.9 Indonesia
    • 4.11.10 Japan
    • 4.11.11 Poland
    • 4.11.12 Thailand
    • 4.11.13 UK
  • 4.12 Value Chain & Distribution Channel Analysis

5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)

  • 5.1 Body Type
    • 5.1.1 Bus
    • 5.1.2 LCV
    • 5.1.3 M&HDT
    • 5.1.4 Passenger Car
  • 5.2 Propulsion Type
    • 5.2.1 BEV
    • 5.2.2 PHEV
  • 5.3 Capacity
    • 5.3.1 15 kWh to 40 kWh
    • 5.3.2 40 kWh to 80 kWh
    • 5.3.3 Above 80 kWh
    • 5.3.4 Less than 15 kWh
  • 5.4 Battery Form
    • 5.4.1 Cylindrical
    • 5.4.2 Pouch
    • 5.4.3 Prismatic
  • 5.5 Method
    • 5.5.1 Laser
    • 5.5.2 Wire
  • 5.6 Component
    • 5.6.1 Anode
    • 5.6.2 Cathode
    • 5.6.3 Electrolyte
    • 5.6.4 Separator
  • 5.7 Material Type
    • 5.7.1 Cobalt
    • 5.7.2 Lithium
    • 5.7.3 Manganese
    • 5.7.4 Natural Graphite
    • 5.7.5 Other Materials
  • 5.8 Region
    • 5.8.1 Asia-Pacific
    • 5.8.1.1 By Country
    • 5.8.1.1.1 China
    • 5.8.1.1.2 India
    • 5.8.1.1.3 Japan
    • 5.8.1.1.4 South Korea
    • 5.8.1.1.5 Thailand
    • 5.8.1.1.6 Rest-of-Asia-Pacific
    • 5.8.2 Europe
    • 5.8.2.1 By Country
    • 5.8.2.1.1 France
    • 5.8.2.1.2 Germany
    • 5.8.2.1.3 Hungary
    • 5.8.2.1.4 Italy
    • 5.8.2.1.5 Poland
    • 5.8.2.1.6 Sweden
    • 5.8.2.1.7 UK
    • 5.8.2.1.8 Rest-of-Europe
    • 5.8.3 Middle East & Africa
    • 5.8.4 North America
    • 5.8.4.1 By Country
    • 5.8.4.1.1 Canada
    • 5.8.4.1.2 US
    • 5.8.5 South America

6. COMPETITIVE LANDSCAPE

  • 6.1 Key Strategic Moves
  • 6.2 Market Share Analysis
  • 6.3 Company Landscape
  • 6.4 Company Profiles
    • 6.4.1 BYD Company Ltd.
    • 6.4.2 China Aviation Battery Co. Ltd. (CALB)
    • 6.4.3 Contemporary Amperex Technology Co. Ltd. (CATL)
    • 6.4.4 EVE Energy Co. Ltd.
    • 6.4.5 Guoxuan High-tech Co. Ltd.
    • 6.4.6 LG Energy Solution Ltd.
    • 6.4.7 Panasonic Holdings Corporation
    • 6.4.8 Primearth EV Energy Co. Ltd.
    • 6.4.9 Samsung SDI Co. Ltd.
    • 6.4.10 SK Innovation Co. Ltd.
    • 6.4.11 SVOLT Energy Technology Co. Ltd. (SVOLT)
  • *List Not Exhaustive

7. KEY STRATEGIC QUESTIONS FOR EV BATTERY PACK CEOS

8. APPENDIX

  • 8.1 Global Overview
    • 8.1.1 Overview
    • 8.1.2 Porter’s Five Forces Framework
    • 8.1.3 Global Value Chain Analysis
    • 8.1.4 Market Dynamics (DROs)
  • 8.2 Sources & References
  • 8.3 List of Tables & Figures
  • 8.4 Primary Insights
  • 8.5 Data Pack
  • 8.6 Glossary of Terms
** Subject To Availablity

List of Tables & Figures

  1. Figure 1:  
  2. ELECTRIC VEHICLE SALES, BY BODY TYPE, UNITS, GLOBAL, 2017 - 2029
  1. Figure 2:  
  2. ELECTRIC VEHICLE SALES, BY MAJOR OEMS, UNITS, GLOBAL, 2023
  1. Figure 3:  
  2. ELECTRIC VEHICLE SALES, BY MAJOR OEMS, UNITS, GLOBAL, 2023
  1. Figure 4:  
  2. BEST-SELLING EV MODELS, UNITS, GLOBAL, 2023
  1. Figure 5:  
  2. OEMS MARKET SHARE BY ELECTRIC VEHICLE BATTERY CHEMISTRY, VOLUME %, GLOBAL, 2023
  1. Figure 6:  
  2. ELECTRIC VEHICLE BATTERY CELL AND PACK PRICE, USD, GLOBAL, 2017 - 2029
  1. Figure 7:  
  2. ELECTRIC VEHICLE KEY BATTERY MATERIAL PRICE, BY MATERIAL, USD, GLOBAL, 2017 - 2029
  1. Figure 8:  
  2. ELECTRIC VEHICLE BATTERY PRICE, BY BATTERY CHEMISTRY, USD, GLOBAL, 2017 - 2029
  1. Figure 9:  
  2. EV BATTERY PACK CAPACITY AND EFFICIENCY, KM/KWH, GLOBAL, 2023
  1. Figure 10:  
  2. UPCOMING EV MODELS, BY BODY TYPE, UNITS, GLOBAL, 2023
  1. Figure 11:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, KWH, GLOBAL, 2017 - 2029
  1. Figure 12:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, USD, GLOBAL, 2017 - 2029
  1. Figure 13:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY BODY TYPE, KWH, GLOBAL, 2017 - 2029
  1. Figure 14:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY BODY TYPE, USD, GLOBAL, 2017 - 2029
  1. Figure 15:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VOLUME SHARE (%), GLOBAL, 2022 & 2029
  1. Figure 16:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2022 & 2029
  1. Figure 17:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY BUS, KWH, GLOBAL, 2017 - 2029
  1. Figure 18:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY BUS, USD, GLOBAL, 2017 - 2029
  1. Figure 19:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, PROPULSION TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 20:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY LCV, KWH, GLOBAL, 2017 - 2029
  1. Figure 21:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY LCV, USD, GLOBAL, 2017 - 2029
  1. Figure 22:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, PROPULSION TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 23:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY M&HDT, KWH, GLOBAL, 2017 - 2029
  1. Figure 24:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY M&HDT, USD, GLOBAL, 2017 - 2029
  1. Figure 25:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, PROPULSION TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 26:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY PASSENGER CAR, KWH, GLOBAL, 2017 - 2029
  1. Figure 27:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY PASSENGER CAR, USD, GLOBAL, 2017 - 2029
  1. Figure 28:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, PROPULSION TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 29:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY PROPULSION TYPE, KWH, GLOBAL, 2017 - 2029
  1. Figure 30:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY PROPULSION TYPE, USD, GLOBAL, 2017 - 2029
  1. Figure 31:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, PROPULSION TYPE, VOLUME SHARE (%), GLOBAL, 2022 & 2029
  1. Figure 32:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, PROPULSION TYPE, VALUE SHARE (%), GLOBAL, 2022 & 2029
  1. Figure 33:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY BEV, KWH, GLOBAL, 2017 - 2029
  1. Figure 34:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY BEV, USD, GLOBAL, 2017 - 2029
  1. Figure 35:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 36:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY PHEV, KWH, GLOBAL, 2017 - 2029
  1. Figure 37:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY PHEV, USD, GLOBAL, 2017 - 2029
  1. Figure 38:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 39:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY CAPACITY, KWH, GLOBAL, 2017 - 2029
  1. Figure 40:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY CAPACITY, USD, GLOBAL, 2017 - 2029
  1. Figure 41:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, CAPACITY, VOLUME SHARE (%), GLOBAL, 2022 & 2029
  1. Figure 42:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, CAPACITY, VALUE SHARE (%), GLOBAL, 2022 & 2029
  1. Figure 43:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY 15 KWH TO 40 KWH, KWH, GLOBAL, 2017 - 2029
  1. Figure 44:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY 15 KWH TO 40 KWH, USD, GLOBAL, 2017 - 2029
  1. Figure 45:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 46:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY 40 KWH TO 80 KWH, KWH, GLOBAL, 2017 - 2029
  1. Figure 47:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY 40 KWH TO 80 KWH, USD, GLOBAL, 2017 - 2029
  1. Figure 48:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 49:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY ABOVE 80 KWH, KWH, GLOBAL, 2017 - 2029
  1. Figure 50:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY ABOVE 80 KWH, USD, GLOBAL, 2017 - 2029
  1. Figure 51:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 52:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY LESS THAN 15 KWH, KWH, GLOBAL, 2017 - 2029
  1. Figure 53:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY LESS THAN 15 KWH, USD, GLOBAL, 2017 - 2029
  1. Figure 54:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 55:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY BATTERY FORM, KWH, GLOBAL, 2017 - 2029
  1. Figure 56:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY BATTERY FORM, USD, GLOBAL, 2017 - 2029
  1. Figure 57:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BATTERY FORM, VOLUME SHARE (%), GLOBAL, 2022 & 2029
  1. Figure 58:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BATTERY FORM, VALUE SHARE (%), GLOBAL, 2022 & 2029
  1. Figure 59:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY CYLINDRICAL, KWH, GLOBAL, 2017 - 2029
  1. Figure 60:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY CYLINDRICAL, USD, GLOBAL, 2017 - 2029
  1. Figure 61:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 62:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY POUCH, KWH, GLOBAL, 2017 - 2029
  1. Figure 63:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY POUCH, USD, GLOBAL, 2017 - 2029
  1. Figure 64:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 65:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY PRISMATIC, KWH, GLOBAL, 2017 - 2029
  1. Figure 66:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY PRISMATIC, USD, GLOBAL, 2017 - 2029
  1. Figure 67:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 68:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY METHOD, KWH, GLOBAL, 2017 - 2029
  1. Figure 69:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY METHOD, USD, GLOBAL, 2017 - 2029
  1. Figure 70:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, METHOD, VOLUME SHARE (%), GLOBAL, 2022 & 2029
  1. Figure 71:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, METHOD, VALUE SHARE (%), GLOBAL, 2022 & 2029
  1. Figure 72:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY LASER, KWH, GLOBAL, 2017 - 2029
  1. Figure 73:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY LASER, USD, GLOBAL, 2017 - 2029
  1. Figure 74:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 75:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY WIRE, KWH, GLOBAL, 2017 - 2029
  1. Figure 76:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY WIRE, USD, GLOBAL, 2017 - 2029
  1. Figure 77:  
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  1. Figure 78:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY COMPONENT, UNITS, GLOBAL, 2017 - 2029
  1. Figure 79:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY COMPONENT, USD, GLOBAL, 2017 - 2029
  1. Figure 80:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, COMPONENT, VOLUME SHARE (%), GLOBAL, 2022 & 2029
  1. Figure 81:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, COMPONENT, VALUE SHARE (%), GLOBAL, 2022 & 2029
  1. Figure 82:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY ANODE, UNITS, GLOBAL, 2017 - 2029
  1. Figure 83:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY ANODE, USD, GLOBAL, 2017 - 2029
  1. Figure 84:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 85:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY CATHODE, UNITS, GLOBAL, 2017 - 2029
  1. Figure 86:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY CATHODE, USD, GLOBAL, 2017 - 2029
  1. Figure 87:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 88:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY ELECTROLYTE, UNITS, GLOBAL, 2017 - 2029
  1. Figure 89:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY ELECTROLYTE, USD, GLOBAL, 2017 - 2029
  1. Figure 90:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 91:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY SEPARATOR, UNITS, GLOBAL, 2017 - 2029
  1. Figure 92:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY SEPARATOR, USD, GLOBAL, 2017 - 2029
  1. Figure 93:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 94:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY MATERIAL TYPE, KG, GLOBAL, 2017 - 2029
  1. Figure 95:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY MATERIAL TYPE, USD, GLOBAL, 2017 - 2029
  1. Figure 96:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, MATERIAL TYPE, VOLUME SHARE (%), GLOBAL, 2022 & 2029
  1. Figure 97:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, MATERIAL TYPE, VALUE SHARE (%), GLOBAL, 2022 & 2029
  1. Figure 98:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY COBALT, KG, GLOBAL, 2017 - 2029
  1. Figure 99:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY COBALT, USD, GLOBAL, 2017 - 2029
  1. Figure 100:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 101:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY LITHIUM, KG, GLOBAL, 2017 - 2029
  1. Figure 102:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY LITHIUM, USD, GLOBAL, 2017 - 2029
  1. Figure 103:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 104:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY MANGANESE, KG, GLOBAL, 2017 - 2029
  1. Figure 105:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY MANGANESE, USD, GLOBAL, 2017 - 2029
  1. Figure 106:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 107:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY NATURAL GRAPHITE, KG, GLOBAL, 2017 - 2029
  1. Figure 108:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY NATURAL GRAPHITE, USD, GLOBAL, 2017 - 2029
  1. Figure 109:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 110:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY OTHER MATERIALS, KG, GLOBAL, 2017 - 2029
  1. Figure 111:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY OTHER MATERIALS, USD, GLOBAL, 2017 - 2029
  1. Figure 112:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 113:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY REGION, KWH, GLOBAL, 2017 - 2029
  1. Figure 114:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY REGION, USD, GLOBAL, 2017 - 2029
  1. Figure 115:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, REGION, VOLUME SHARE (%), GLOBAL, 2022 & 2029
  1. Figure 116:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, REGION, VALUE SHARE (%), GLOBAL, 2022 & 2029
  1. Figure 117:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY COUNTRY, KWH, GLOBAL, 2017 - 2029
  1. Figure 118:  
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  1. Figure 119:  
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  1. Figure 120:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, COUNTRY, VALUE SHARE (%), GLOBAL, 2022 & 2029
  1. Figure 121:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY CHINA, KWH, GLOBAL, 2017 - 2029
  1. Figure 122:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY CHINA, USD, GLOBAL, 2017 - 2029
  1. Figure 123:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 124:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY INDIA, KWH, GLOBAL, 2017 - 2029
  1. Figure 125:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY INDIA, USD, GLOBAL, 2017 - 2029
  1. Figure 126:  
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  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY JAPAN, KWH, GLOBAL, 2017 - 2029
  1. Figure 128:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY JAPAN, USD, GLOBAL, 2017 - 2029
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  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
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  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY SOUTH KOREA, KWH, GLOBAL, 2017 - 2029
  1. Figure 131:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY SOUTH KOREA, USD, GLOBAL, 2017 - 2029
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  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY THAILAND, KWH, GLOBAL, 2017 - 2029
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  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY REST-OF-ASIA-PACIFIC, KWH, GLOBAL, 2017 - 2029
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  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY REST-OF-ASIA-PACIFIC, USD, GLOBAL, 2017 - 2029
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  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY FRANCE, KWH, GLOBAL, 2017 - 2029
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  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
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  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY GERMANY, KWH, GLOBAL, 2017 - 2029
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  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY ITALY, KWH, GLOBAL, 2017 - 2029
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  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY POLAND, KWH, GLOBAL, 2017 - 2029
  1. Figure 156:  
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  1. Figure 157:  
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  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY SOUTH AMERICA, KWH, GLOBAL, 2017 - 2029
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  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BY SOUTH AMERICA, USD, GLOBAL, 2017 - 2029
  1. Figure 182:  
  2. BREAKDOWN OF LFP BATTERY PACK MARKET, BODY TYPE, VALUE SHARE (%), GLOBAL, 2017-2029
  1. Figure 183:  
  2. LFP BATTERY PACK MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2020 - 2022
  1. Figure 184:  
  2. LFP BATTERY PACK MARKET, MOST ADOPTED STRATEGIES, 2020 - 2022
  1. Figure 185:  
  2. LFP BATTERY PACK MARKET SHARE(%), BY MAJOR PLAYER REVENUE, 2023

LFP Battery Pack Industry Segmentation

Bus, LCV, M&HDT, Passenger Car are covered as segments by Body Type. BEV, PHEV are covered as segments by Propulsion Type. 15 kWh to 40 kWh, 40 kWh to 80 kWh, Above 80 kWh, Less than 15 kWh are covered as segments by Capacity. Cylindrical, Pouch, Prismatic are covered as segments by Battery Form. Laser, Wire are covered as segments by Method. Anode, Cathode, Electrolyte, Separator are covered as segments by Component. Cobalt, Lithium, Manganese, Natural Graphite are covered as segments by Material Type. Asia-Pacific, Europe, Middle East & Africa, North America, South America are covered as segments by Region.

  • The demand for batteries is growing significantly owing to the continuous growth of electric mobility in various countries globally. LFP battery packs are one of the most common types of batteries widely used by the majority of automakers for their vehicles. Factors such as a long life cycle, safety, and cheap production are encouraging automakers to install these batteries in BEVs and PHEVs. Increasing government norms to adopt EVs is encouraging people to opt for EVs. Due to these factors, the LFP battery type witnessed a growth of 244.70% in 2021 over 2017 globally.
  • Asian countries, including China, India, Japan, and others, are the main users of LFP batteries for PHEVs and BEVs. With more than 65% of the world's total battery usage in EVs, the APAC region is one of the major users of LFP batteries. Some of the major players in the production of LFP batteries are from Asia, including CATL, BYD, Gotion High Tech Co. Ltd, CALB, and LG. The demand for BEVs and PHEVs is increasing significantly in several regions, including Europe and North America, which has also helped drive up LFP battery demand globally. LFP batteries used in electric vehicles witnessed an increase of 51.10% in 2022 over 2021 globally.
  • Various companies are signing deals to adopt LFP batteries in their vehicles. In March 2023, South Korean automaker Hyundai signed a deal with the Chinese battery maker CATL to use its LPF batteries in their vehicles in 2023. Upcoming affordable electric cars from Hyundai and Kia will be equipped with CATL LFP batteries. Such developments are projected to increase the global demand for LFP batteries during the forecast period.
Body Type Bus
LCV
M&HDT
Passenger Car
Propulsion Type BEV
PHEV
Capacity 15 kWh to 40 kWh
40 kWh to 80 kWh
Above 80 kWh
Less than 15 kWh
Battery Form Cylindrical
Pouch
Prismatic
Method Laser
Wire
Component Anode
Cathode
Electrolyte
Separator
Material Type Cobalt
Lithium
Manganese
Natural Graphite
Other Materials
Region Asia-Pacific By Country China
India
Japan
South Korea
Thailand
Rest-of-Asia-Pacific
Region Europe By Country France
Germany
Hungary
Italy
Poland
Sweden
UK
Rest-of-Europe
Region Middle East & Africa
North America By Country Canada
US
South America
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Market Definition

  • Battery Chemistry - LFP battery type is considred under the scope of battery chemistry.
  • Battery Form - The types of battery forms offered under this segment include Cylindrical, Pouch and Prismatic.
  • Body Type - Body types considered under this segment include, passenger cars, LCV (light commercial vehicle), M&HDT (medium & heavy duty trucks)and buses.
  • Capacity - Various types of battery capacities inldude under theis segment are 15 kWH to 40 kWH, 40 kWh to 80 kWh, Above 80 kWh and Less than 15 kWh.
  • Component - Various components covered under this segment include anode, cathode, electrolyte, separator.
  • Material Type - Various material covered under this segment include cobalt, lithium, manganese, natural graphite, other material.
  • Method - The types of method covered under this segment include laser and wire.
  • Propulsion Type - Propulsion types considered under this segment include BEV (Battery electric vehicles), PHEV (plug-in hybrid electric vehicle).
  • ToC Type - ToC 4
  • Vehicle Type - Vehicle type considered under this segment include passenger vehicles, and commercial vehicles with various EV powertrains.
Keyword Definition
Electric vehicle (EV) A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles.
PEV A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all electric vehicles as well as plug-electric vehicles as well as plug-in hybrids.
Battery-as-a-Service A business model in which the battery of an EV can be rented from a service provider or swapped with another battery when it runs out of charge
Battery Cell The basic unit of an electric vehicle's battery pack, typically a lithium-ion cell, that stores electrical energy.
Module A subsection of an EV battery pack, consisting of several cells grouped together, often used to facilitate manufacturing and maintenance.
Battery Management System (BMS) An electronic system that manages a rechargeable battery by protecting the battery from operating outside its safe operating area, monitoring its state, calculating secondary data, reporting data, controlling its environment, and balancing it.
Energy Density A measure of how much energy a battery cell can store in a given volume, usually expressed in watt-hours per liter (Wh/L).
Power Density The rate at which energy can be delivered by the battery, often measured in watts per kilogram (W/kg).
Cycle Life The number of complete charge-discharge cycles a battery can perform before its capacity falls under a specified percentage of its original capacity.
State of Charge (SOC) A measurement, expressed as a percentage, that represents the current level of charge in a battery compared to its capacity.
State of Health (SOH) An indicator of the overall condition of a battery, reflecting its current performance compared to when it was new.
Thermal Management System A system designed to maintain optimal operating temperatures for an EV's battery pack, often using cooling or heating methods.
Fast Charging A method of charging an EV battery at a much faster rate than standard charging, typically requiring specialized charging equipment.
Regenerative Braking A system in electric and hybrid vehicles that recovers energy normally lost during braking and stores it in the battery.
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Research Methodology

Mordor Intelligence follows a four-step methodology in all its reports.

  • Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
  • Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the volume demand with volume-weighted average battery pack price (per kWh). Battery pack price estimation and forecast takes into account various factors affecting ASP, such as inflation rates, market demand shifts, production costs, technological developments, and consumer preferences, providing estimations for both historical data and future trends.
  • Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
  • Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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LFP Battery Pack Market Research FAQs

The LFP Battery Pack Market size is expected to reach USD 49.45 billion in 2024 and grow at a CAGR of 6.39% to reach USD 67.39 billion by 2029.

In 2024, the LFP Battery Pack Market size is expected to reach USD 49.45 billion.

BYD Company Ltd., China Aviation Battery Co. Ltd. (CALB), Contemporary Amperex Technology Co. Ltd. (CATL), Guoxuan High-tech Co. Ltd. and LG Energy Solution Ltd. are the major companies operating in the LFP Battery Pack Market.

In the LFP Battery Pack Market, the BEV segment accounts for the largest share by propulsion type.

In 2024, Asia-Pacific accounts for the largest share by region in the LFP Battery Pack Market.

In 2023, the LFP Battery Pack Market size was estimated at 49.45 billion. The report covers the LFP Battery Pack Market historical market size for years: 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the LFP Battery Pack Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

LFP Battery Pack Industry Report

Statistics for the 2023 LFP Battery Pack market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. LFP Battery Pack analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

LFP Battery Pack Market Report Snapshots

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