Emerging Product Trends & Lithium Iron Phosphate Battery Market Opportunities Forecast to 2030
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.
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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.
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 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.
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Over-The-Top Video Market Segmentation:
The market report delivers complete data about the market vertical with a comprehensive analysis of the market segmentation. The market is segmented by type, application, company, and region (country). The segmental analysis includes estimates of revenue and product by type and application and the forecast period of 2021-2028. In addition, based on regional aspects, the global Over-The-Top Video market is categorized into key geographic regions.
Impact of COVID-19:
The COVID-19 pandemic has profoundly affected the economy and society, and customer behavior in a short period of time. The COVID-19 (global pandemic) pandemic is disrupting businesses around the globe. However, the dominating players are adopting new strategies and looking for new funding resources to overcome the rising obstacles in the global Over-The-Top Video market growth due to the pandemic.
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