Market Size of Europe Electric Vehicle Battery Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Electric Vehicle Battery Market Analysis
Europe's electric vehicle battery Market is expected to rise at a CAGR of 6.5% during the forecast period of 2022-2027. Like many other industries, the electric vehicle battery market has been hit by the COVID-19 pandemic. COVID-19 did have some impact on the supply chain of electric vehicles and electric vehicle batteries due to global supply chain disruption, but the effect was short-lived and had a short-term impact on the market. Factors such as the decline in lithium-ion battery prices are expected to drive the market during the forecasted period for the electric vehicle battery market.
Lithium-ion Battery segment is the fastest growing segment in the Europe electric vehicle battery market during the forecast period because, with the increasing penetration and demand for electric vehicles (EV), the country is expected to witness significant growth.
Future growth opportunities for the Europe electric vehicle battery are anticipated to come from advancements in the study and development of battery chemistries. For instance, to encourage innovation and research in the battery value chain, the European Commission authorized a second Important Project of Common European Interest in January 2021. Belgium, Croatia, Austria, Finland, Germany, France, Greece, Poland, Italy, Slovakia, Sweden, and Spain worked together to plan and notify the project, which is titled "European Battery Innovation." The twelve nations will provide up to 2.9 billion euros in funding over the following years, which is anticipated to stimulate about 9 billion euros in private investment.
Germany is the fastest growing country in the Europe electric vehicle battery market during the forecast period. Moreover, In Saarlouis, Germany, SVOLT Energy Technology planned to construct the first European lithium-ion cell gigafactory in November 2020. Production at the 24 GWh project is anticipated to begin by the end of 2023.
