Global LiFePO4 battery market size to surpass $15 million by 2028 – report

The report Lithium Iron Phosphate Battery Market By Power Capacity; By Component; By End-User; By Region, Segments & Forecast, 2018 – 2026 details the rising demand for lithium iron phosphate (LiFePO4) batteries.

The report, released by ResearchandMarket, evaluates present market insights and future market trends. Its analysis provides a look into the LiFePO4 market, detailing its predicted growth.

Rising demand

Rising demand for LiFePO4 batteries from the automotive sector acts as the sector’s prime driver. Its demand comes in direct correspondence with increased demand and use of battery electric vehicles (EVs).

As fossil fuel reserves empty, a correspondent price increase for gasoline and diesel can be observed. With this and the resulting environmental concerns comes a drive for consumers to switch over to battery EVs. Technological advancements, rising smart device adoption and stringent government mandates all concurrently contribute to the demand for batteries during the forecast period.

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Industry growth

The growing use of LiFePO4 batteries in renewable energy storage systems, increasing demand for consumer electronics and resulting stringent government regulations all contribute to the battery’s industry growth.

In 2020, the automotive segment dominated the global industry. Asia-Pacific is expected to be the leading contributor to the global LiFePO4 battery industry revenue during the forecast period.

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.

A link to the report is available here.