The main reasons for the growth of the industry are growing space for industrial automation, snowballing requirement for LFP batteries in the automotive sector mainly in EVs, and state-of-the-art expansions in lightweight materials.

Portable batteries a larger revenue share, of over 60%, in 2022. This has a lot to do with the increasing acceptance of EVs, PHEVs, and HEVs Companies providing EV charging infra solutions are developing a portable charger with a capability of charging EVs quickly. The regular AC/DC chargers that require lugging EVs to charging stations are considerably slower than portable ones.

Browse detailed - Lithium Iron Phosphate Batteries Market Revenue Estimation and Growth Forecast Report

APAC dominated the industry, with about 49%, in 2022. This is because of the expansion regarding EV charging infra in Japan, India, and China has made substantial progressions. 

65% of all public EV charging stations globally are in China, while the ROW is still in the process of constructing the infra needed to support predicted future EV use. China has outshone in improving the manufacture and sale of EVs.

It is because of the increasing space for industrial automation, the demand for lithium iron phosphate batteries will continue to grow in the years to come.