Nickel Manganese Cobalt (NMC) battery Market Analysis

Nickel Manganese Cobalt Battery Market Analysis

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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.

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.