According to Fortune Business Insights, Global Lithium Iron Phosphate Battery Market is expected 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 2021-2028.

Pune, India, May 26, 2022 (GLOBE NEWSWIRE) — The global lithium iron phosphate battery market size was valued at around USD 8.37 billion in 2020. The market is forecast to rise from USD 10.12 billion in 2021 to USD 49.96 billion in 2028 at a 25.6% CAGR during the assessment period 2021-2028. Fortune Business Insights™ Has mentioned these insights in its latest research report, titled, “Global Lithium Iron Phosphate Battery Market, 2021-2028.”

According to the study, robust demand for LifePO4 batteries across passenger cars and electric vehicles will boost industrial growth. Lithium iron phosphate (LFP) battery packs have gained traction to offer high voltage, power density, long life cycle, less heating, and enhanced safety. Soaring demand for electric vehicles (EVs) will boost the popularity of LFP battery components.