LFP cathode materials reach 65.4% share of global EV market

Global electric vehicle (xEV) cathode material loading increased by 21.8% year-on-year from January to August, reaching 1.917 million tons, according to SNE Research. The market is seeing a significant shift toward Lithium Iron Phosphate (LFP) materials, which now account for 65.4% of the total market, up 5.0 percentage points from the previous year.

LFP loading grew by 31.8%, significantly outpacing ternary (NCx) materials, which grew by only 6.4%. This trend is particularly pronounced in markets outside of China, where LFP's share rose by 14.1 percentage points to 34.9%. Chinese suppliers currently dominate the market with an 87.3% share, while South Korean suppliers saw their share decrease from 12% to 9%, and Japanese suppliers fell from 4% to 3.6%.

Among individual suppliers, L&F recorded the highest growth rate among the top 10 companies at 36.5%, rising to a 7.8% market share. Conversely, EcoPro saw its loading decrease by 30% to 34,300 tons. Industry analysts note that competition is increasingly focused on establishing production bases and product lineups that comply with regional supply chain regulations, such as North American requirements and the European Union's upcoming battery passport mandates.