Dublin, Ireland, June 27, 2022 (GLOBE NEWSWIRE) -- The Europe electric vehicle battery market is estimated at US$ 5.8 billion in 2022 and is forecasted to surpass a valuation of US$ 10.3 billion by the end of 2032. As per Fact.MR, a market research and competitive intelligence provider, the market registered 4.1% CAGR during the 2017-2021 historical years, and is projected to rise faster at 5.9% CAGR during 2022-2032.
Manufacturers in the automotive industry are emphasizing reducing the weight of vehicle parts and working towards making them more compact to enhance vehicle performance. As such, manufacturers of electric vehicle batteries are developing batteries that offer higher functionality, leading to more compact designs to be used in vehicles.
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Several companies have introduced bipolar batteries in which the cells are stacked together in a sandwich-type construction. This reduces the size and weight of the batteries drastically and aids in improving their performance. Battery size reduction will be a major factor in this market over the coming years.
Why is Demand for Electric Vehicle Batteries in Europe Set to Rise Rapidly?
“Increasing Private Equity Investments and Government Incentives on Electric Vehicles”
A major factor driving market growth is the rising number of investments by private equity firms in the European region. Firms are seeking investment opportunities in the market by following the buy-and-build concept. Investors are targeting Germany and the U.K. to buy major battery manufacturing start-ups and companies owing to the high growth prospects of OEMs in these countries.
In addition, governments are also offering attractive incentives to consumers for purchasing electric vehicles. This has led to enhanced sales of electric vehicles, majorly in Switzerland and Norway. Consumers are preferring electric vehicles over IC engine vehicles as they are being exempted from vehicle fees such as VAT and purchase taxes.
Rise in the demand for electric vehicles is driving the consumption of electric vehicle batteries and this is likely to support market growth over the coming years as well.
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Key Segments Covered in the Europe Electric Vehicle Battery Industry Survey
- Europe Electric Vehicle Battery Market by Battery Type :
- Lithium-Ion Batteries
- Lead Acid Batteries
- Nickel Hydride Batteries
- Others
- Lithium-Ion Batteries
- Europe Electric Vehicle Battery Market by Battery Capacity :
- Less than 25 kWh
- 25-50 kWh
- 50-100 kWh
- More than 100 kWh
- Less than 25 kWh
- Europe Electric Vehicle Battery Market by Pack Type :
- Prismatic
- Cylindrical
- Pouch
- Prismatic
- Europe Electric Vehicle Battery Market Vehicle Type :
- Hybrid Electric Vehicles (HEVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Europe Electric Vehicle Battery Market Vehicle Category :
- Passenger Vehicles
- Commercial Vehicles
- LCVs
- HCVs
- Buses
- Passenger Vehicles
- Europe Electric Vehicle Battery Market Sales Channel :
- OEMs
- Aftermarket
- OEMs
Competitive Landscape
Key electric vehicle battery manufacturers are investing in R&D to develop new technologies and make batteries that are easier to operate in vehicles. Market players are also undertaking efforts to offer new battery technologies by launching cobalt-free batteries, Wi-Fi-powered batteries, etc., to differentiate themselves from other competitors in the market.
For instance:
- Panasonic Corporation, in collaboration with Japan Fine Ceramic Centre (JFCC) and the Institute of Materials and Systems for Sustainability, Nagoya University, announced the development of a technique to visualize the dynamics in lithium-ion in all-solid-state on a nanometre scale.
- LG Chem, in 2020, declared to reuse and recycle its batteries and would also research and develop technologies to predict the remaining battery life by collecting batteries that are imparted to customers.
- Volkswagen Group is on the way to expand its electric vehicle business. The company is investing in start-ups. It signed a strategic partnership with 24M Technologies in 2022 to improve battery manufacturing.
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Key players in the Europe Electric Vehicle Battery Market
- Panasonic Industry Europe GmbH
- BMZ Germany GmbH
- Volkswagen
- Samsung SDI Co. Ltd.
- Northvolt AB
- Hoppecke Batterien GmbH & Co. KG
- Johnson Controls International Plc
- SK Innovation Co. Ltd.
- LG Chem Europe GmbH
- Contemporary Amperex Technology Co. Limited
Key Takeaways from Europe Electric Vehicle Battery Market Study
- The European electric vehicle battery market is slated to surpass US$ 10.3 billion by 2032-end, expanding at a CAGR of 5.9%.
- Lithium-ion batteries hold the largest market share of 55.3% as compared to lead-acid batteries and nickel hydride batteries.
- Under vehicle type, usage in battery electric vehicles is set to rise at 9.3% CAGR through 2032.
- Russia holds the largest share in the European market at 25.6%.
- Together, Russia and the U.K. are likely to represent 47.8% of the overall market share in 2022.
Fact.MR’s Domain Knowledge in Automotive Division
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automotive team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over a thousand reports and 1 Billion-plus data points, the team has analysed the automotive division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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