The Lithium Iron Phosphate Battery Market Continues to Expand

Recently, data from the global power battery market showed that lithium iron phosphate batteries (LFP) have continued to rise in market share due to their high safety, long cycle life and low cost. According to industry forecasts, global shipments of lithium iron phosphate batteries are expected to exceed 400GWh in 2023, a year-on-year increase of more than 50%, of which China accounts for more than 70%. Industry experts pointed out that with the parity of new energy vehicles and the integrated development of wind, solar and storage, lithium iron phosphate battery technology will dominate the mid-range vehicle model and energy storage market, and global production capacity may exceed 1000GWh in the next three years.