Overview:
The Prismatic LiFePO4 battery has a number of advantages over other types of lithium-ion batteries. For starters, it's environmentally friendly. Compared to lead acid batteries, prismatic cells don't burn, explode, or contain any toxic chemicals. They also have four times the power density and a third the volume of lead-acid cells. Furthermore, these batteries are safe for household use and have undergone laboratory testing to ensure they are safe for human consumption. Lastly, the prismatic cells are easy to purchase and use.
Market Dynamics:
The demand for poly lithium-ion batteries is increasing in electric vehicles as well as in grid storages, which in turn is expected to propel growth of the global prismatic LiFePO4 battery market over the forecast period. As these LiFePO4 batteries offer high-energy density and lightweight solutions, they are highly in demand in EVs across the world. For instance, in February 2022, an EV manufacturer, Mullen Automotive, Inc. announced update on its next-gen solid-state polymer battery technology that is considered to be a promising advancement over currently used lithium-ion batteries.
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However, factors such availability of alternatives such as pouch cell battery, cylindrical battery and button battery is likely to hinder growth of the global prismatic LiFePO4 battery market over the forecast period.
Impact of COVID-19:
The coronavirus outbreak impacted several industries around the globe. The virus outbreak led to implementation of lockdown regulations across many countries. Due to stringent lockdown regulations, various market activities were disrupted including manufacturing, supply chains and distribution during this period. The product demand declined in several industries in lockdown period, which adversely impacted growth of the various markets including the one in discussion. During the pandemic, vehicles sales also declined, due to which demand for batteries was affected. However, as the pandemic situation is going back to normal, the market is likely to grow.
Key Takeaways:
The global prismatic LiFePO4 battery market is estimated to grow with a CAGR of XY% over the forecast period owing to growing sales of electric vehicles and changing consumer preferences. For instance, as per the data of IEA, the electric vehicles sales doubled in 2021 to 6.6 million from previous year.
North America among regions is anticipated to witness significant growth in the global prismatic LiFePO4 battery market over the forecast period. This is due to rise in consumer electronics and rise in EV sales in countries such as Mexico and the U.S. as well as constantly growing demand for products in mobiles across the region.
Major players functioning in the global prismatic LiFePO4 battery market are LG Chemical Ltd., Panasonic Corporation, Contemporary Amperex technology (CATL), Toyota Motor Corporation, and HYB Battery Co., Ltd.
