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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