Insight
|
August 8, 2024
|
3 minute read
LFP market share outside Asia hits double digits
Penetration of EVs equipped with LFP batteries outside the Asia Pacific region hit 10% year to date after a 48% jump in capacity deployed compared to 2023.
From a near-standing start in 2020, lithium iron phosphate batteries (LFP) now command more than half the Chinese market.
This year through May, the combined battery capacity of newly sold LFP-powered passenger vehicles in China totaled 93.0 GWh.
That compares to just 11.6 GWh of fresh LFP deployed over the same period in the Americas, Europe, and the Middle East and Africa, combined, a rise of 48% year-over-year for 10% share of the market.
