Lithium Iron Phosphate (LiFePO4) Battery market is estimated to record a valuation of $34.5 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
A lithium iron phosphate battery is a type of lithium-ion battery that has the ability to charge and discharge at high speeds compared to other variants. These are rechargeable batteries consisting of LiFePO4 as their cathode material. These products have several distinctive features that include better power density, flat discharge curve, less heating, low discharge rate, increased safety, and a higher number of charge cycles.
In 2017, the automotive segment dominated the LiFePO4 market, with regards to revenue generation. In terms of geographical penetration, Asia-Pacific is projected to be the topmost contributor to the rapidly growing lithium iron phosphate battery market during the forecast period, cites the report.
The report further mentions that the growing demand for lithium iron phosphate battery is primarily backed by the automotive sector. The demand for electric vehicles has grown significantly in the last few years, increasing the adoption of lithium iron phosphate batteries. The exponential surge in gas and diesel prices due to depleting fossil fuel reserves, as well as increasing concerns pertaining to the environment has persuaded customers to switch to battery electric vehicles, which will positively impact the lithium iron phosphate battery market demand in the coming years.
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Some of the key findings of the report include:
• The demand for the lithium iron phosphate battery market will be primarily propelled by technological advancements, stringent government regulations, rising smart devices adoption, and increasing applications across a plethora of industries.
• Asia-Pacific recorded the highest profits in the market in 2017 and is anticipated to dominate the worldwide lithium iron phosphate battery market throughout the estimated duration.
• The rising demand for electric vehicles is projected to fuel the lithium iron phosphate battery market growth in Asia-Pacific.
• The rising demand for consumer electronics from nations like India, China, and Japan coupled with strict government mandates will also boost the lithium iron phosphate battery market growth in Asia-Pacific.
• The product’s growing use in renewable energy storage systems will further augment market growth.
The competitive landscape of the lithium iron phosphate battery market includes major players such as Toshiba Corporation, Panasonic Corporation, Samsung SDI Co, BYD Company Ltd., Valence Technology, Inc., GS Yuasa Corporation, Formosa Energy & Material Technology, A123 Systems, LLC., and Bharat Power Solutions. These companies are practicing expansion strategies such as launch of new products and collaboration with other market leaders to innovate and introduce new products that meet the increasing demands and customer requirements, thereby boosting the lithium iron phosphate market growth during the forecast timeline.