Projected market share of LFP batteries for EV worldwide 2022-2024
Lithium iron phosphate (LFP) batteries accounted for a 34 percent share of the global electric vehicle battery market in 2022. This figure is forecast to increase up to 39 percent by 2024.
LFP chemistry had a 36 percent improvement rate for EV battery applications in 2023, making this battery type a front-runner in the global EV battery market.