EV NMC Battery Market Share Driven by Vehicle Electrification and High-Energy Density Demand | Valuates Reports

EV NMC Battery Market
The global market for EV NMC Battery was valued at $22.8 billion in the year 2024 and is projected to reach a revised size of $70.8 billion by 2031, growing at a CAGR of 14.8% during the forecast period.

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The EV NMC battery market is witnessing strong market growth, driven by the accelerating shift toward electric mobility and the demand for high-performance energy storage solutions. Nickel Manganese Cobalt (NMC) batteries are widely adopted in electric vehicles due to their high energy density, long cycle life, and balanced thermal stability. Market size is expanding in tandem with global electrification trends, while market trends such as fast-charging capabilities, reduced cobalt content, and enhanced safety profiles are pushing NMC technologies forward in next-generation vehicle platforms.

Among the type segments, 48V batteries currently hold the largest market share, owing to their growing use in mild hybrid and electric vehicle systems that require efficient energy recovery and extended driving range. At the same time, the 24V segment is experiencing the fastest market growth, particularly in compact EVs and hybrid applications where lower voltage systems meet performance and cost requirements. Other voltage categories like 12V and 36V also serve specific mobility segments and remain relevant in auxiliary systems or light-duty vehicles.

In terms of application, EVs represent the largest share of the EV NMC battery market, fueled by increasing consumer adoption, government incentives, and advances in vehicle range and charging infrastructure. Automakers are prioritizing NMC chemistries to meet evolving energy demands while optimizing vehicle weight and cost. Meanwhile, HEVs (Hybrid Electric Vehicles) are the fastest-growing segment, supported by their dual-energy systems and broader adoption in markets transitioning from conventional to fully electric vehicles.

Looking ahead, the market forecast remains highly promising, supported by rapid developments in battery technology, rising production capacities, and growing investments in EV infrastructure. As energy density and charging speed continue to improve, EV NMC batteries are expected to remain a cornerstone technology for the evolving landscape of electric and hybrid mobility.

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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