Europe EV Battery Market is Anticipated to Reach USD 9.05 Billion by 2028 at a CAGR of 7.1% from 2022-2028; Increasing Adoption of Electric Mobility to Propel Market Growth
SkyQuest's latest research report on the Europe EV battery market is a comprehensive guide for businesses seeking to expand or enter this market. The report presents key technological advancements and case studies of successful businesses operating in the global market. The report also highlights the primary drivers and challenges in the market, including competitive dynamics, regional scope, expansion plans, and successful growth strategies.
Westford, USA, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Germany is set to be a key player in the Europe EV battery market, with projections indicating over fourteen million EVs on German roads by 2030. This growth is largely due to the country's efforts to meet increasingly stringent emissions regulations and support the sales of electric vehicles. In addition, Europe has been attracting investments from around the world to develop lithium-ion battery manufacturing facilities, supporting the market progress. This growth is further fueled by the increasing adoption of EVs globally, decreasing battery prices, and investments by leading automotive OEMs to secure their battery supply chains. The opportunities for growth in this market are also fueled by the growing adoption of electric mobility in emerging economies, investments in developing lithium-ion battery capacity, and the deployment of battery-as-a-service.
The latest report by SkyQuest suggests that the Europe electric car market is set to achieve a significant milestone by surpassing USD 854.15 billion by the year 2028. With a projected CAGR of 29%, the growth of the Europe electric car market will prove to be a crucial factor for the thriving of the Europe EV battery market.
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Electric vehicle batteries are a crucial component that stores energy in electric power motors in battery electric vehicles (BEVs) or hybrid electric vehicles (HEVs). These batteries are typically made up of many individual cells connected in a module or pack. The battery modules are typically designed to protect the cells from external factors like heat, vibration, or impact, ensuring that the battery maintains its performance and reliability over time.
Lithium-Ion Segment to Dominate the Europe EV Battery Market Thanks to Its High Energy Density Feature and Reduced Prices
The lithium-ion segment held the largest Europe EV battery market share in 2022 and is projected to continue its lead in the coming years. The cost of lithium-ion batteries has significantly decreased over the years, from USD 1100/KWH in 2010 to USD 137/KWH in 2020, making them a cost-effective option for different industries. This, coupled with the increasing demand for electric vehicles and renewable energy storage solutions, is likely to boost market progress in the future. Lithium-ion batteries have a higher energy density per weight than other batteries and are widely used in various automotive applications, such as electric and hybrid vehicles.
Germany held the largest market revenue share in the European EV batteries market in 2022 and is projected to maintain its dominance throughout the forecast period. This can be attributed to the several gig factories that are planned to be installed in the country, leading to increased production capacity and driving the market growth. In addition, the German government has implemented several initiatives to boost the use of electric vehicles, resulting in a rise in demand for EV batteries.
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Passenger Vehicle Segment to Drive Higher Traction owing to Government Initiatives to Promote Electric Passenger to Reduce Air Pollution Stemming
The passenger vehicle segment is expected to dominate the European EV battery market from 2023 to 2028 due to the increasing number of government initiatives aimed at reducing air pollution levels by promoting the adoption of electric passenger vehicles. This has led to increasing demand for EV batteries to power these vehicles, and as a result, the passenger vehicle segment held the largest market share in 2022. Furthermore, several leading automotive companies are investing in developing highly advanced electric passenger vehicles to encourage their adoption by consumers.
The European EV battery market is anticipated to experience strong growth from 2023 to 2028, with France projected to be the second-fastest-growing nation in this period. This growth is being driven by an increase in the automotive industry in France and the growing investments made by various OEMs to enhance and develop EV batteries. In addition, France has seen a rapid increase in the adoption of electric vehicles, with the French government providing incentives for consumers to switch to EVs. This has created a significant market for EV batteries in the country.
SkyQuest's recently published research report on the Europe EV battery market is a comprehensive resource that provides valuable insights into the market's current state and future prospects. The report is designed to help market players stay up-to-date with the key developments and emerging trends in the market. In addition, it provides critical information on the key factors driving market growth, the industry's challenges, and the regulatory landscape.
Key Developments in Europe EV Battery Market
Stellantis N.V., the multinational automotive manufacturer, and Terrafame Ltd., the Finnish state-owned mining company, have announced the agreement for nickel sulfate that will be utilized for electric vehicle (EV) batteries. Under the terms of the agreement, Terrafame will supply Stellantis with nickel sulfate for five years, beginning in 2025. The deal with Terrafame is part of Stellantis' ambitious electrification strategy, which aims to bring more sustainable EVs to market.
Ford Motor Company has recently unveiled its plan to invest $3.5 billion in building an electric vehicle (EV) battery plant in Michigan. The American automaker is confident that producing EV batteries in the United States will help the company and its Chinese partner, Contemporary Amperex Technology Co. Limited (CATL), attract American customers to embrace the cost-effective technology pioneered in China. The joint venture between Ford and CATL aims to create a reliable and affordable source of high-quality EV batteries in the United States as demand for electric cars continues to surge nationwide.
InoBat, a leading European supplier of electric vehicle (EV) batteries, and Hefei Gotion High-Tech Power Energy Co., Ltd ("Gotion"), a prominent Chinese manufacturer of batteries and energy storage solutions, have announced the signing of a Memorandum of Understanding (MoU). The two companies plan to explore the possibility of a Joint Venture that will revolutionize the EV battery and energy storage technology industry.
Toyota, one of the leading automakers in the world, has recently announced plans to invest $5.6 billion into producing more electric vehicle (EV) batteries. The investment will be made in the United States and Japan, focusing on increasing the production capacity of a recently announced plant in North Carolina. As part of the investment, Toyota plans to expand its global battery supply by up to 40 gigawatt hours.
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