Nickel Manganese Cobalt (NMC) battery Market Trends

Nickel Manganese Cobalt Battery Market Trends

To get key market trends

  Download Free Sample

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.