EV NMC Battery Market Share Driven by Rising Electrification and High-Density Power Needs | Valuates Reports

EV NMC Battery Market
The global EV NMC Battery market was valued at US$ million in 2023 and is anticipated to reach US$ million by 2030, witnessing a CAGR of %during the forecast period 2024-2030.

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Electrification trends are accelerating market growth in the EV NMC Battery sector as both manufacturers and consumers place greater emphasis on advanced lithium-ion technology. Market trends such as expanding electric vehicle infrastructure, shifting environmental policies, and increased adoption of energy-dense battery chemistries are significantly driving the overall market size. The push toward high-performance, longer-range batteries is catalyzing broader adoption.

By type, 48 V NMC batteries currently hold the largest market share, as they strike a balance between high energy capacity and compatibility with modern vehicle platforms. These batteries are widely favored in electric vehicles requiring robust power delivery and extended range capabilities. Meanwhile, 36 V systems are experiencing the fastest market growth, fueled by increasing deployment in hybrid electric vehicles and light electric transport solutions that benefit from efficient energy management. Other formats, including 12 V, 24 V, and niche types, continue to contribute to specialized segments.

In application terms, EVs (Electric Vehicles) dominate market share by virtue of their intensive use of NMC battery systems to deliver long driving range, rapid charging support, and high energy density. Conversely, HEVs (Hybrid Electric Vehicles) are showing the fastest application-level growth, owing to expanding hybrid vehicle adoption driven by evolving fuel economy regulations and consumer interest in transitional technologies. HEV demand is boosting adoption of battery configurations that combine efficiency with flexibility. Other vehicle or stationary applications also form part of the market landscape.

The broader market forecast is underpinned by ongoing innovation in NMC formulations, improvements in battery management systems, and scaling of gigafactories worldwide. Technological advancements in cell chemistry, thermal management, and fast-charging infrastructure are expected to shape future growth trajectories. These developments will enhance vehicle performance, safety, and affordability, reinforcing the strategic importance of EV NMC batteries across transportation sectors.

by Type

• 12V
• 24V
• 36V
• 48V
• Others

by Application

• EVs
• HEVs

By Company

Samsung, CATL, EVE, Panasonic, SAFT, BYD, A123 Systems, LG Energy Solution, CALB, Sunwoda, GS Yuasa, TYVA Energie, Coslight India, Molicel, Johnson Matthey Battery Systems, IM3NY, Akasol, Electrovaya, Leclanché, Microvast, InoBat Auto, Primearth EV Energy Co, Northvolt, Octillion Power Systems, SK Innovation Co., Ltd., BMZ, AESC

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