The lithium–iron phosphate batteries market will reach USD 35,195 million by 2030, powering at a rate of 13.40% in the years to come, according to market research company P&S Intelligence.
Portable batteries had the larger share of revenue, of over 60%, in the recent past.
This is because of the increasing acceptance of HEVs, BEVs, and PHEVs. EVSE providers are developing portable chargers that can replenish EV batteries on the go, in the same way a power bank charges a mobile phone.
The regular AC/DC chargers, with which EVs must be plugged into the EVSE, are also considerably slower than the portable ones.