China’s Grip on the Global LFP Battery Market

Lithium iron phosphate (LFP) batteries are rapidly reshaping the global electric vehicle (EV) industry. In 2024, these more affordable and durable batteries power nearly half of all EVs sold worldwide. China leads this fast-growing market, meeting the majority of its own demand and exporting a significant volume to the U.S., Europe, and emerging markets. While LFP battery adoption is surging across Southeast Asia, Brazil, and India, these regions remain heavily reliant on Chinese manufacturing, cementing the nation's near-monopoly in this critical EV technology.