The global Lithium Iron Phosphate (LiFePO4) Battery market is anticipated to reach USD 34.5 billion by 2026. 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 change to battery electric vehicles. Technological advancement, 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 supposed 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 boosts the Lithium Iron Phosphate Battery market growth.