The Difference in Market Share Between Nickel-Cobalt-Manganese (NCM) and Lithium Iron Phosphate (LFP) Batteries in 2024

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Erlina Fury Santika 26/04/2025 11:00 WIB

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According to data processed by Visual Capitalist, nickel-based (NCM) and iron-based (LFP) batteries have differing market shares. NCM shows higher growth in North America, while LFP shows higher growt

NCM and LFP Battery Market Share in Several Regions (2024)

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NCM and LFP Battery Market Share in Several Regions (2024)

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Nickel-based batteries or nickel cobalt manganese (NCM) batteries have a different market share than iron-based or lithium iron phosphate (LFP) batteries.

Data processed by Visual Capitalist from Benchmark Mineral Intelligence shows that NCM batteries thrive in Japan and North America, unlike LFP batteries, which grow faster in China.

In China, LFP dominates up to 64% of the market in 2024. Visual Capitalist states that this figure is projected to grow to 76% by 2030, driven by affordability in the world's largest electric vehicle market.

"Specifically, more than 70% of all electric vehicle (EV) batteries ever produced have been manufactured in China, contributing to deep manufacturing expertise," wrote Visual Capitalist on Wednesday (23/4/2025).

(Read also: [Link to Indonesian article about China's highest EV battery demand in 2023])

Meanwhile, NCM is more widely used in North America (71%), Europe (69%), South Korea (62%), and Japan (58%). The NCM market in China is only 27%.

Visual Capitalist explains the characteristics of both battery types. NCM offers higher energy density and performs better in cold climates, but is more expensive and has a shorter lifespan.

Meanwhile, LFP is known for its lower cost and better thermal stability, although it provides a shorter driving range and adds weight. Currently, LFP cathodes account for 40% of the EV market in terms of gigawatt-hours (GWh).

Besides passenger vehicles, LFP batteries are widely used in systems that frequently undergo charging and discharging, such as household and grid-scale energy storage, when additional weight is not a major concern.

"These batteries are also ideal for everyday use applications such as buses and delivery fleets," said Visual Capitalist.

(Read also: [Link to Indonesian article about Indonesia's ranking as a top cobalt producer in 2024])

Editor : Erlina Fury Santika

"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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The Difference in Market Share Between Nickel-Cobalt-Manganese (NCM) and Lithium Iron Phosphate (LFP) Batteries in 2024

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The Difference in Market Share Between Nickel-Cobalt-Manganese (NCM) and Lithium Iron Phosphate (LFP) Batteries in 2024

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