The global Lithium Iron Phosphate (LiFePO4) battery market size is anticipated to reach over USD 15.25 million by 2028, according to a new research report published by Polaris Market Research. The report “Lithium Iron Phosphate Battery Market Share, Size, Trends, Industry Analysis Report, By Component; By Power Capacity; By End-Use; By Region, Segments & Forecast, 2021 - 2028” provides a comprehensive analysis of present market insights and future market trends.
In 2020, the automotive segment dominated the global industry, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global lithium iron phosphate battery industry revenue during the forecast period.
The rising demand for LiFePO4 batteries from the automotive sector primarily drives the growth of the industry. The demand for battery electric vehicles has increased significantly over the years resulting in the increasing adoption of lithium iron phosphate batteries.
The exponential growth in the prices of gasoline and diesel owing to the depleting fossil fuel reserves, along with increasing environmental concerns has encouraged consumers to switch to battery electric vehicles. Technological advancements, rising adoption of smart devices, stringent government mandates, and increasing applications are factors expected to further increase the demand for batteries during the forecast period.
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The Asia Pacific generated the highest revenue in the industry in 2020 and is expected to lead the global industry throughout the forecast period. The increasing demand for electric vehicles in the region is expected to drive the growth of lithium iron phosphate batteries in this region.
The growing use of lithium iron phosphate batteries in renewable energy storage systems also accelerates the adoption. The increasing demand for consumer electronics from countries such as China, Japan, and India, along with stringent government regulations boost the lithium iron phosphate battery industry growth.
The companies operating in the market include Toshiba Corporation, Panasonic Corporation, Samsung SDI Co., Ltd, BYD Company Ltd., Valence Technology, Inc., GS Yuasa Corporation A123 Systems LLC., Bharat Power Solutions, Formosa Energy & Material Technology, and others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.