Prismatic LiFEPO4 battery are used in laptop power packs, cell phones, electric vehicles, and power generators. The Li batteries usually come in two separate channels, one having a high drain current and the other a lower rating. The Li batteries have a tendency to leak out their electrolyte if there is a lot of strain put on them. Li batteries, despite their popularity, sometimes have problems. This is mainly due to poor charging and discharging capabilities.
Market Dynamics
Increasing adoption of smartphones is expected to propel growth of the prismatic LiFePO4 battery market. For instance, according to Pew Research Center, as of February 2019, 81% of U.S. adults used smartphones compared to 77% in October 2018. Moreover, increasing launch of hybrid and electric vehicles is also expected to aid in growth of the market. For instance, in January 2020, Great Wall Motor, a China-based automobile manufacturer, announced to launch its electric car Ora R1 in India in 2020.
Significant growth in demand for PCs is expected to offer lucrative growth opportunities for players in the prismatic LiFePO4 battery market. For instance, according to Gartner, Inc., worldwide PC shipments totaled 70.6 million units in the fourth quarter of 2019, a 2.3% increase from the fourth quarter of 2018.
However, safety issues related to key materials and cell design techniques in li-ion batteries are expected to hinder growth of the prismatic LiFePO4 battery market.
Among regions, Europe is expected to witness sluggish growth in the prismatic LiFePO4 battery market, owing to significant decline in the automotive sector. For instance, according to the Society of Motor Manufacturers and Traders, the new car registrations in the U.K. decreased by 44% in March 2020 compared that in March 2019.
Competitive Analysis
Major players operating in the prismatic LiFePO4 battery market include, Panasonic Corporation, Toyota Motor Corporation, HYB Battery Co., Ltd., Humless, JB Battery, Contemporary Amperex Technology (CATL), and LG Chemical Ltd.
Major players operating in the prismatic LiFePO4 battery market are focused on launching new products to expand their product portfolio. For instance, in November 2020, JB Battery launched new LiFePo4 golf cart battery packs ranging from 24-volt, 36-volt, 48-volt, 60-volt,72-volt, 80-volt golf cart batteries packs. Similarly, in January 2020, Humless launched 5kWh Lithium Iron Phosphate 4,000 cycle battery, the newest addition to its line of energy storage solutions for home and commercial use.
In-depth Report on Prismatic LiFePO4 Battery Market by Coherent Market Insights:
https://www.coherentmarketinsights.com/ongoing-insight/prismatic-lifepo4-battery-market-1656
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