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Nickel Manganese Cobalt (NMC) battery Market Size - By Application (Automotive, Energy Storage, Industrial), By Regional Outlook & Forecast, 2024 – 2032

  • Report ID: GMI8150
  • Published Date: Feb 2024
  • Report Format: PDF

Nickel Manganese Cobalt Battery Market Size

Nickel Manganese Cobalt battery Market was valued at USD 25.8 billion in 2023 and is likely to register at a CAGR of over 15.7% between 2024 and 2032, driven by strong demand for electric vehicles and evolving technological trends across diverse industries. The increasing requirement for energy-efficient storage systems and heightened safety concerns regarding battery longevity have accelerated the adoption of nickel manganese cobalt batteries.

Nickel Manganese Cobalt Market

NMC batteries currently stand as among the most widely utilized batteries globally. Their prevalence is largely owed to their high-energy density, whereby a lithium-ion cell of a particular weight and size offers notably greater energy compared to other chemistries including lithium iron phosphate (LFP). Ongoing technological progress in lithium-ion batteries has facilitated the creation of smaller and more streamlined portable electronic devices.

COVID-19 Impact

The COVID-19 pandemic has generated both favorable and adverse effects on the NMC battery market. Positively, the pandemic has spurred a rise in demand for backup power systems and energy storage solutions. With individuals spending more time at home, there's an increased reliance on electricity to operate various devices and appliances. This heightened demand has consequently driven an increase in sales of NMC batteries for deployment across a spectrum of applications.

Nickel Manganese Cobalt Battery Market Trends

NMC Battery Market Size, 2022-2032 (USD Billion)

Strict government regulations, combined with government subsidies for the purchase of electric vehicles, have resulted in a significant surge in electric vehicle sales over the last decade. The Electric Drive Transportation Association, a U.S.-based trade association advocating for electric vehicles, categorizes electric vehicles into three types: Plug-In Hybrid Electric Vehicles (PHEV or HEV), Battery Electric Vehicles (BEV), and Fuel Cell Electric Vehicles (FCEV). Presently, lithium-ion batteries are the most prevalent in plug-in hybrids and BEVs.

The increasing uptake of renewable energy technologies like solar and wind power has presented a lucrative business avenue for battery manufacturers. Continuous government initiatives aimed at reducing carbon emissions have significantly bolstered funding for the implementation of these technologies. Moreover, the declining costs and national mandates for renewable energy generation have led to the gradual phase-out of traditional coal-fired power stations.

Nickel Manganese Cobalt Battery Market Analysis

NMC Battery Market Share, By Application, 2023

NMC batteries are used across various applications including automotive, energy storage, and others. The automotive segment is set to grow at a CAGR of over 14% through 2032. The increasing uptake of electric vehicles, encompassing both hybrid electric vehicles (HEVs) and battery electric vehicles (BEVs), has led to the expansion of the global lithium-ion battery market. Favorable legislation supporting the adoption of low-emission vehicles has additionally fostered a positive outlook for industry growth.

Europe NMC Battery Market Size, 2022-2032 (USD Billion)

The Europe nickel manganese cobalt market is forecasted to exceed USD 21.5 billion by 2032. The surge in demand for electric vehicles, coupled with the expansion of electric vehicle charging infrastructure, particularly in Europe, holds significant implications for the electricity grid. For instance, the region has seen a notable proliferation in the establishment of EV charging stations in recent years, with the European Commission reporting an average increase of over 32% in EV charging from 2018 to 2021. In addition, rising awareness regarding the advantages of electric vehicles and the environmental impacts of conventional vehicles is expected to further drive product demand.

The traction for electric vehicles is increasing, particularly following recent announcements in France and the UK to ban conventional petrol and diesel cars by 2040. Although electric vehicle sales and stocks are on the rise, a considerable share of the market is still held by conventional vehicles. However, aligning with the objectives of the Paris Agreement, the growing awareness regarding the use of electric vehicles is expected to contribute positively to reducing the carbon footprint, thereby enhancing the business landscape.

Nickel Manganese Cobalt Battery Market Share

Global Market Share Analysis, 2023 (%)

Tesla holds a significant stake in the lithium-ion battery market, known for its extensive expertise in engineering and manufacturing various lithium-ion chemistries, including LFP, NMC, among others. With a robust history deeply ingrained in the battery technology sector, the company has provided battery solutions across a wide range of applications, covering energy storage, automotive, and others.

Nickel Manganese Cobalt Battery Market Companies

Some of the key market players operating across the nickel manganese cobalt (NMC) industry are:

  • A123 Systems, LLC
  • Clarios
  • Contemporary Amperex Technology Co., Limited
  • Ding Tai Battery Company Ltd.
  • Duracell, Inc.
  • Exide Technologies
  • Koninklijke Philips N.V.
  • ProLogium Technology CO., Ltd.
  • Saft
  • Tesla

Nickel Manganese Cobalt (NMC) Battery Industry News

  • In September 2022, Tesla initiated the establishment of a lithium EV battery processing facility in Texas. This facility aims to refine raw metal materials into a usable state for battery production, after which the lithium hydroxide will be transported to various Tesla battery manufacturing plants. Tesla's decision also serves as a strategic move to diversify its lithium and battery production supply chain.
  • In May 2022, BYD has acquired six lithium-ion mines in Africa, aiming to secure a significant supply of raw materials for its battery technology and enhance its presence in the region. These resources will be utilized across automotive and stationary applications. The six mines are anticipated to hold more than 25 million tonnes of ores, with a lithium oxide grading of 2.5%.

This nickel manganese cobalt battery market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2019 to 2032, for the following segments:

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Market, By Application

  • Automotive
  • Energy Storage
  • Industrial

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada 
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Spain
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa
  • Latin America
    • Brazil
    • Argentina


Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of nickel manganese cobalt battery was reached USD 25.8 billion in 2023 and is set to grow at a CAGR of over 15.7% through 2032, driven by strong demand for electric vehicles and evolving technological trends across diverse industries.

The automotive segment will showcase 14% CAGR through 2032, attributed to favorable legislation supporting the adoption of low-emission vehicles.

Europe nickel manganese cobalt battery market is expected to exceed USD 21.5 billion by 2032, attributed to rising awareness regarding the advantages of electric vehicles and the environmental impacts of conventional vehicles.

A123 Systems, LLC, Clarios, Contemporary Amperex Technology Co., Limited, Ding Tai Battery Company Ltd., Duracell, Inc., ENERGON, Exide Technologies, Koninklijke Philips N.V., LITHIUMWERKS, ProLogium Technology CO., Ltd., Saft, and Tesla.

Nickel Manganese Cobalt (NMC) Battery Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 12
  • Tables & Figures: 129
  • Countries covered: 18
  • Pages: 120
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