NMC Battery Pack Market Size

NMC Battery Pack Market Analysis

The NMC Battery Pack Market size is estimated at 34.49 billion USD in 2024, and is expected to reach 60.62 billion USD by 2029, growing at a CAGR of 11.94% during the forecast period (2024-2029).

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34.49 Billion

Market Size in 2024 (USD)

60.62 Billion

Market Size in 2029 (USD)

23.56 %

CAGR (2017-2023)

11.94 %

CAGR (2024-2029)

Largest Segment by Body Type

79.86 %

value share, Passenger Car, 2023

Affordable models, government rebates and subsidies, EV advantages over conventional automobiles, and regulatory requirements drove electric car sales globally.

Largest Segment by Propulsion Type

89.53 %

value share, BEV, 2023

BEVs have the strongest global electric vehicle sales growth due to their easy affordability, low maintenance cost, zero emissions, and no fuel costs.

Largest Segment by Battery Form

67.57 %

value share, Prismatic, 2023

Prismatic batteries dominate the worldwide NCM battery pack market due to cheap cost, easy construction due to less electrical joints, high energy density, and safety.

Leading Market Player

35.72 %

market share, Contemporary Amperex Technology Co. Ltd. (CATL), 2022

Contemporary Amperex Technology Co., Ltd. dominates global NMC battery pack market due to its strong manufacturing, well established sales channel, and large exports.

Largest Segment by Capacity

47.49 %

value share, 15 kWh to 40 kWh, 2023

The global NMC battery packs market is dominated by sales of cost-effective EVs, which account for the vast bulk of EV sales with battery capacity 15 kWh to 40 kWh.

NMC battery demand is rising with a shift toward battery electric passenger cars

There is growth in EVs and a shift in consumers toward performance-oriented vehicles

NMC Battery Pack Industry Segmentation

Bus, LCV, M&HDT, Passenger Car are covered as segments by Body Type. BEV, PHEV are covered as segments by Propulsion Type. 15 kWh to 40 kWh, 40 kWh to 80 kWh, Above 80 kWh, Less than 15 kWh are covered as segments by Capacity. Cylindrical, Pouch, Prismatic are covered as segments by Battery Form. Laser, Wire are covered as segments by Method. Anode, Cathode, Electrolyte, Separator are covered as segments by Component. Cobalt, Lithium, Manganese, Natural Graphite, Nickel are covered as segments by Material Type. Asia-Pacific, Europe, Middle East & Africa, North America, South America are covered as segments by Region.

• Electric mobility in various countries globally has grown significantly over the past few years, positively impacting the demand for various types of batteries. NMC battery type is being opted for by various auto manufacturers in BEV and PHEV. However, the battery type is growing gradually, and major demand is coming from European manufacturers. As a result of the government's stringent norms and banning of fossil fuel vehicles in the near future, people are shifting to opt for BEVs and PHEVs. Due to these factors, the NMC battery type registered a growth of 109.56% in 2021 over 2017 globally.
• The major demand for NMC batteries for PHEV and BEV comes from European countries such as Italy, one of the prominent users of NMC batteries, accounting for more than 25% of overall battery usage in BEV and PHEV, followed by France and Germany. Various regions, such as Asia-Pacific and North America, are also witnessing a significant growth in the demand for BEV and PHEV, contributing to the growth of NMC battery demand globally. As a result, NMC batteries used in electric vehicles grew by 115.66% in 2022 over 2021 globally.
• Various automakers are launching new products expected to enhance the battery industry. In November 2022, Audi launched its all-new battery electric SUV q8 e-tron for the European market. The car is equipped with a 114 kWh NMC battery, offering a range of 600 km on a single charge. Such launches in other countries are expected to accelerate the demand and sales of the NMC batteries in BEV and PHEV during the forecast period globally.