Lithium ion battery equipped with phosphate as a cathode offers safety to the battery and temperature stability leading to balance in short circuit and overcharge conditions. This is thus, surging lithium iron phosphate batteries usage across various applications. Lithium phosphate provides better electrochemical performance along with low resistance as compared to other available variants of lithium batteries. Benefits associated with use of lithium phosphate batteries includes improved battery performance, battery safety, internal cell balancing, less maintenance, low weight, high energy density, among others. Owing to aforementioned benefits, lithium iron phosphate batteries usage in electric vehicles, power tools, .portable instruments, cell phones, laptops, small medical equipment is expected to witness surge in the next five to six years. Manufacturers across the globe are focused on developing new and advanced electrode materials in order to enhance applications of lithium iron phosphate batteries. Currently, lithium iron phosphate batteries are widely used in automotive industry. Batteries used in electric vehicles require long charging, high-performance, strong charging capabilities, which has led towards development of efficient batteries along with cost optimisation to the manufacturer.