LFP Batteries Increasingly Erode Nickel Battery Market in 2023

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Adi Ahdiat 26/04/2024 11:13 WIB

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According to IEA data, the trend of using LFP batteries for electric vehicles strengthened in 2023, further eroding the market share of nickel-based batteries.

Electric Vehicle Battery Market Segmentation by Type (2021-2023)

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Electric Vehicle Battery Market Segmentation by Type (2021-2023)

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The use of lithium iron phosphate (LFP) batteries for electric vehicles is strengthening.

According to the International Energy Agency (IEA), in 2021, newly installed LFP batteries accounted for approximately 28% of the global electric vehicle capacity sold. However, in 2023, its market share rose to 40%.

"LFP batteries have evolved from a small player to a rising star in the battery industry," the IEA stated in its Global EV Outlook 2024 report.

"In 2023, LFP batteries supplied about 40% of the total global electric vehicle capacity demand, more than doubling its market share from 2020," it continued.

This increasing trend of LFP batteries is eroding the market for nickel-based batteries.

Between 2021 and 2023, the market share of high-nickel batteries fell from 61% to 54%.

During the same period, the market share of low-nickel batteries also decreased from 11% to 6%, as shown in the graph.

The IEA revealed that the increased use of LFP batteries occurred significantly in China, the world's largest electric vehicle market.

"Global production and adoption of LFP batteries are primarily located in China, where two-thirds of electric vehicle sales in 2023 used this type of battery," said the IEA.

Meanwhile, in 2023, the share of LFP battery use in Europe and the United States remained below 10%, with high-nickel batteries still dominating.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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LFP Batteries Increasingly Erode Nickel Battery Market in 2023

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LFP Batteries Increasingly Erode Nickel Battery Market in 2023

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