This is due to a balance of cost, safety, and durability that fits the Indian market’s practical needs. LFP cathodes now command 40% of the global EV battery market in GWh terms, up from 32% in 2023, signalling strong global confidence in this chemistry.
LFP batteries are well-positioned to dominate the mass-market segment, enabling affordable, safe, and durable electric mobility solutions. With government policies incentivising battery manufacturing and EV adoption, alongside growing consumer demand, LFP batteries will play a pivotal role in shaping India’s sustainable transport future.
LFP cathodes now command 40% of the global EV battery market in GWh terms, up from 32% in 2023, signalling strong global confidence in this chemistry. As India expands its local battery manufacturing under the Production Linked Incentive (PLI) scheme, LFP batteries stand to benefit from domestic supply chains and cost reductions.
The unique chemistry of LFP batteries involves the use of iron, a naturally abundant and stable element, and phosphate groups, which form a robust crystal lattice. This structure allows lithium ions to move efficiently during charging and discharging cycles, contributing to the battery’s remarkable cycle life, often exceeding 4,000 charge cycles.
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