(MENAFN- PR Newswire) Asia Pacific is expected to be the largest lithium iron phosphate batteries market during the forecast period. The Asia Pacific region, comprising major economies such as China, India, Japan, South Korea, and the Rest of Asia Pacific, which have a huge potential for several application areas within the lithium iron phosphate. In recent years, this region has emerged as a hub for automobile production. Recent infrastructure developments and industrialization activities in emerging nations have opened new avenues and opportunities for OEMs. Additionally, the increasing purchasing power of the population has stimulated the demand for automobiles, which would be a driving force for the growth of the lithium iron phosphate batteries market. Asia-Pacific region has a significant presence in the lithium-ion battery industry, both in terms of battery production and demand. Countries, particularly China, South Korea, and Japan, are major manufacturers of lithium-ion batteries. These countries have a well-established battery industry, with large-scale production facilities operated by companies such as BYD Company Ltd, CATL, CALB, LG Chem, and few other key players. They produce batteries for a wide range of applications, including electric vehicles, consumer electronics, and energy storage systems.
Key Market Players:
Some of the major players in the lithium iron phosphate batteries companies are BYD Company Ltd. (China), Contemporary Amperex Technology Co., Limited. (China), Gotion, Inc. (US), CALB (China), and A123 Systems LLC (US). The major strategies adopted by these players include product launches, contracts, agreements, and expansions.
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Recent Developments
In August 2022, Lithium Werks Inc. inaugurated the largest North American based Cathode Powder and Electrode production facility for lithium batteries. In May 2022, Arun Plus Company Limited and Contemporary Amperex Technology Co., Limited have signed a strategic MOU to explore potential cooperation and development opportunities in battery-related business in ASEAN market. In April 2022, BYD Company Ltd. had planned the construction of a new production facility in Zhejiang, China. In December 2021, Byd Company Ltd. has released plans to increase battery production capacities in Jiangxi province, China.
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