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Nickel Manganese Cobalt (NMC) battery Market Trends

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

Nickel Manganese Cobalt Battery Market Trends

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.

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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