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Market share of lithium iron phosphate batteries in electric vehicle battery market worldwide in 2022, with a forecast for 2023 and 2024

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Release date

March 2023

Region

Worldwide

Survey time period

2022

Special properties

*Forecast as of March 2023.

Citation formats

Projected market share of LFP batteries for EV worldwide 2022-2024

Published by ÌÇÐÄÆƽâ°æ Research Department, Feb 16, 2024

Lithium iron phosphate (LFP) batteries accounted for a ** percent share of the global electric vehicle battery market in 2022. This figure is forecast to increase up to ** percent by 2024.

LFP chemistry had a ** percent improvement rate for EV battery applications in 2023, making this battery type a front-runner in the global EV battery market.

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