New York City, 22 January 2019: 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.
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.
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Competitive Landscape and Key
Vendors:
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.
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.
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