Lithium-ion battery furnished with phosphate as a cathode provides safety to the battery and temperature stability leading to balance in short circuit and overcharge conditions. The global lithium iron phosphate batteries market is driven by the rising demand for electric and hybrid electric vehicles and increasing environmental concerns. The high requirement of lithium iron phosphate batteries in energy storage applications are also projected to impel the market growth in the forecast period. However, the lack of investments is restraining the market growth at the global level. Growing focus on energy storage technologies is expected to create beneficial opportunities for the key player in the market during the forecast period. Technological drawbacks of lithium iron phosphate batteries and upcoming technologies like solid-state batteries offering greater energy density are the major challenges for the Lithium Iron Phosphate Batteries market soon.