In recent years, the global climate problem has become increasingly serious. In order to reduce air pollutant emissions, more and more countries have begun to vigorously develop new energy vehicles, and the global new energy vehicle industry has developed rapidly. According to EVTank statistics, global sales of new energy vehicles will reach 10.824 million in 2022, up 61.6 percent year-on-year. China has also further accelerated the industrialization process of new energy vehicles, promulgated a series of relevant policy documents, and vigorously supported the healthy and rapid development of new energy vehicles and all links of the industrial chain. The domestic new energy vehicle industry has gradually developed and matured, and the market scale has continued to expand. Data from China Automobile Industry Association show that China's new energy vehicles in 2022.

The sales volume of new cars reached 25.6% of the total sales volume of new cars, and the goal of "new energy vehicles sales will reach about 20% of the total sales volume of new cars by 2025" put forward in the new energy vehicle industry development plan (2021-2035) ahead of schedule; the sales volume increased from 1.256 million in 2018 to 6.887 million in 2022, with a compound annual growth rate of 40.54% in the five-year period. China's new energy vehicle industry has gradually achieved large-scale development, coupled with the huge consumer market, making China one of the major new energy vehicle markets in the world. According to the white paper on the development of China's new energy vehicle industry (2023) jointly issued by EVTank and Ivy Economic Research Institute, the proportion of China's new energy vehicle sales in the global new energy vehicle market has reached 63.6%.

The rapid development of the new energy vehicle industry has promoted the accelerated growth of the power battery market demand. According to the statistics of the China Automotive Power Battery Industry Innovation Alliance, the total amount of power battery vehicles in my country will be 294.6GWh in 2022, an increase of 90.7% year-on-year. From the specific technical route, with the decline of subsidy policy and the promotion of cost reduction and efficiency increase in the new energy vehicle market, as well as the breakthrough of power battery technology and the optimization and upgrading of phosphate cathode materials, the advantages of low cost, high safety and long life of lithium iron phosphate battery have become increasingly prominent. In recent years, it has developed rapidly and gradually become one of the mainstream power battery technologies in the market, According to the data released by China automobile power battery industry innovation alliance, in 2022, the cumulative loading volume of lithium iron phosphate batteries in China was 183.8GWh, accounting for 62.4 percent of the total loading volume, with a cumulative year-on-year increase of 130.2 percent.

The new phosphate-based cathode material battery is an advanced product of lithium iron phosphate battery. Compared with lithium iron phosphate material, the energy density can be increased by more than 15%, and the lithium iron phosphate battery retains the characteristics of high safety performance, long cycle life, and low manufacturing cost., While reducing the overall cost. Therefore, the new phosphate-based cathode materials have stronger market competitiveness in the field of power batteries.