Europe EV Battery Market

Europe EV Battery Market Size, Share, Growth Analysis, By Battery Type(Lithium-Ion, Lead-Acid, Sodium-Ion, others), By Vehicle Type(Passenger Vehicles, Commercial Vehicles), By Propulsion(Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle), By Li-ion battery type(positive electrode, negative electrode, electrolyte, and separators), By method(wire bonding and laser bonding), By battery capacity(<50kWh, 50-110kWh, 111-200kWh, 201-300kWh), By material type(lithium, cobalt, manganese, and natural graphite), By battery form(prismatic, cylindrical, and pouch) - Industry Forecast 2024-2031

Report ID: SQMIR25A2286 | Region: Regional | Published Date: February, 2024
Pages: 231 | Tables: 226 | Figures: 81

Europe EV Battery Market Dynamics

Europe EV Battery Market Drivers

  • Growing Technological Advancements in Europe to Fuel Market Growth

Decreasing various types of battery prices owing to the rise in production capacities and higher technological advancements in the European region is key factor projected to drive growth of the market over the forecast period. The price of lithium-ion batteries has decreased by around 89% from USD 1100/KWH in 2010 to USD 137/KWH in 2020, and the prices for these batteries were 13% lower than 2019. Additionally, several players in the market are highly increasing their focus on reducing dependence for EV batteries on Asian countries, which is further anticipated to fuel growth of the market during the forecast period.

Europe EV Battery Market Restraint

  • Limited Supply of Raw Materials to Hamper Market Growth

Lack of charging infrastructure and scarce supply of various materials essential to store and utilize capacity like graphite, nickel, manganese, and cobalt are likely to be the major factors hampering the growth and expansion of the market over the forecast period. Moreover, high installation cost of charging infrastructure is also restraining the market growth in the coming years.

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Europe EV Battery Market size was valued at USD 50.12 billion in 2019 and is poised to grow from USD 59.6 billion in 2023 to USD 225.55 billion by 2031, growing at a CAGR of 18.9% in the forecast period (2024-2031).

The Europe EV battery market is moderately concentrated with the presence of large pool players operating in the region. Major players of the market are focusing on the implementation on various business developing strategies including new technology developments, innovations, collaborations, and partnerships for the expansion of their market reach and strengthen their market position ahead of its competitors. 'Tesla', 'LG Chem', 'Samsung SDI', 'CATL', 'Northvolt', 'Varta', 'BYD Company', 'Automotive Energy Supply Corporation (AESC)', 'SK Innovation', 'GS Yuasa', 'Leclanché SA', 'SAFT Groupe SA', 'EnerSys', 'BMZ GmbH', 'Sonnen GmbH', 'Narada Power Source Co., Ltd.', 'Farasis Energy', 'Microvast Inc.', 'Skeleton Technologies', 'Hydrogenious Technologies GmbH'

Growing Technological Advancements in Europe to Fuel Market Growth

Growing advancement of battery chemistry for the improvement of EV performance coupled with the rising adoption of new batteries chemistries for electric vehicles are major factors propelling the growth and demand for the market. In addition, rising popularity of lithium-nickel-manganese-cobalt-aluminum oxide composition is expected to start over in the next three years. Due to various benefits including higher density and longer life cycle as compared to other materials. Therefore, the development of advanced and innovated battery chemistry is a major trend influencing the market growth.

Germany accounted for the largest market revenue share in Europe EV batteries market in 2021 and is projected to continue its dominance throughout the forecast period. This is simply attributed to the numerous gigafactories, which are planned to be installed during the forecast period. In addition, high adoption of e-mobility in the country coupled with the growing internet users are also propelling the market growth significantly.

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Europe EV Battery Market

Product ID: SQMIR25A2286