EV And Energy Storage Markets Together Drive Robust Growth In Global Lithium Battery Demand

NCM battery and LFP battery still dominate the entire lithium battery market. LFP battery will see its penetration rate in the EV and energy storage market steadily increase in the future due to its excellent cost and safety advantages.

With the continued growth in demand for new energy vehicles and the explosive growth of the energy storage market in recent years, battery demand has shown substantial growth.

NCM & LFP batteries occupy an absolutely dominant position in lithium batteries. By 2027, their market share will grow further and occupy 95% of the market share (29% for NCM battery and 66% for LFP battery).