Europe EV Battery Market Trends

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.