The global Lithium Iron Phosphate (LiFePO4) Battery market is anticipated to reach USD 34.5 billion by 2026, according to a new research published by Polaris Market Research. In 2017, the automotive segment dominated the global market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global Lithium Iron Phosphate Battery market revenue during the forecast period.
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The rising demand of Lithium Iron Phosphate battery from the automotive sector primarily drives the growth of Lithium Iron Phosphate Battery market. The demand for battery electric vehicles has increased significantly over the years resulting in 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 of lithium iron phosphate batteries during the forecast period.
Asia-Pacific generated the highest revenue in the market in 2017, and is expected to lead the global Lithium Iron Phosphate Battery market 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 market growth.
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The companies operating in the Lithium Iron Phosphate Battery market include Panasonic Corporation, Toshiba Corporation, Samsung SDI Co., Ltd, Toshiba Corporation, BYD Company Ltd., GS Yuasa Corporation, Valence Technology, Inc., A123 Systems, LLC., Formosa Energy & Material Technology, and Bharat Power Solutions. 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.
- Lithium Iron Phosphate Battery Market Size and Forecast by Power Capacity, 2018-2026
- Less Than 3,000 mAh
- 3,000 mAh to 10,000 mAh
- 10,000 mAh to 60,000 mAh
- More Than 60,000 mAh
- Lithium Iron Phosphate Battery Market Size and Forecast by Component, 2018-2026
- Cathode
- Anode
- Electrolytes
- Separators
- Others
- Lithium Iron Phosphate Battery Market Size and Forecast by End-user, 2018-2026
- Consumer Electronics
- Automotive
- Industrial
- Healthcare
- Others
- Lithium Iron Phosphate Battery Market Size and Forecast by Region, 2018-2026
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Latin America
- Brazil
- Middle East & Africa
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About Polaris Market Research
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