European EV Batteries Market: Meticulous Research® Uncovers the Reasons for Market Growth at a CAGR of 40% to Reach $57.9 Billion by 2028

November 17 03:52 2021
European EV Batteries Market: Meticulous Research® Uncovers the Reasons for Market Growth at a CAGR of 40% to Reach $57.9 Billion by 2028
The Europe Electric Vehicle Battery Market is expected to reach a value of $57.9 billion by 2028, at a CAGR of 40% during the forecast period 2021–2028.
Europe Electric Vehicle Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors, Solid-state Batteries), Capacity (300 kWh), Bonding Type (Wire, Laser), Form, Application, End User, and Country – Forecast to 2028

Electric vehicle batteries are used to power the electric motors of battery electric vehicles (BEV) or hybrid electric vehicles (HEV). EV batteries are made up of numerous cells and inserted into a frame—known as modules—to provide protection from external shocks such as heat or vibration. EV batteries with high power and high energy density provide an optimal driving range to vehicles.

Meticulous Research®, in its latest publication on the European EV batteries market, states that the market is expected to grow at a CAGR of 40% from 2021–2028 to reach $57.90 billion by 2028.

The growth of this market is backed by factors such as the rising adoption of EVs, decrease in battery prices, and increasing localization of battery manufacturing capacities. Moreover, the growing deployment of battery-as-a-service provides significant growth opportunities in this market.  However, the potential shortfall in lithium mining capabilities is expected to restrain the growth of this market to some extent. In addition, potential safety issues in EV batteries are a major challenge for the growth of the EuropeanEV batteries market.

To provide efficient analysis, Meticulous Research® has segmented this market based on type ( lithium-ion battery, sealed lead acid battery, nickel-metal hydride battery, ultracapacitors, solid-state batteries, and other batteries), capacity (less than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 300 kWh, and more than 300 kWh), bonding type (wire bonding, and laser bonding), form (prismatic, cylindrical, and pouch), application (electric cars, light commercial vehicles, heavy commercial vehicles, e-scooters and motorcycles, and e-bikes), end user (electric vehicle OEMs, and battery swapping stations), and country.

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Scope of the Report

Europe EV Batteries Market, by Type

  • Lithium-ion Batteries
  • Sealed Lead Acid Batteries
  • Nickel-metal Hydride Batteries
  • Ultracapacitors
  • Solid-State Batteries
  • Other Batteries

Europe EV Batteries Market, by Capacity

  • Less Than 50 kWh
  • 51 kWh to 100 kWh
  • 101 kWh to 300 kWh
  • More Than 300 kWh

Europe EV Batteries Market, by Bonding Type

  • Wire Bonding
  • Laser Bonding

Europe EV Batteries Market, by Form

  • Prismatic
  • Cylindrical
  • Pouch

Europe EV Batteries Market, by Application

  • Electric Cars
    • Battery Electric Vehicles
      • Lithium-ion Batteries
      • Nickel-metal Hydride Batteries
      • Ultracapacitors
      • Solid-state Batteries
      • Other Batteries
    • Plug-in Hybrid Electric Vehicles
      • Lithium-ion Batteries
      • Ultracapacitors
      • Solid-state Batteries
      • Other Batteries
    • Pure Hybrid Electric Vehicles
      • Lithium-ion Batteries
      • Nickel-metal Hydride Batteries
      • Ultracapacitors
      • Solid-state Batteries
      • Other Batteries
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
  • E-scooters & Motorcycles
  • E-bikes

Europe EV Batteries Market, by End User

  • Electric Vehicle OEMs
  • Battery Swapping Stations

Europe EV Batteries Market, by Country

  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Poland
  • Hungary
  • Sweden
  • Norway
  • Austria
  • Belgium
  • Croatia
  • Finland
  • Greece
  • Ireland
  • Portugal
  • Romania
  • Slovakia
  • Rest of Europe (RoE)

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Based on type, the lithium-ion battery segment is expected to account for the largest share of the European EV batteries market in 2021. The large market share of this segment is mainly attributed to its lightweight property, compactness, high energy density, and durability. Various automotive OEMs are partnering with battery OEMs to develop lithium-ion batteries, secure battery supply chains for their existing and upcoming electric vehicles, and achieve technology leadership in EV batteries.

Based on capacity, the 51kWh to 100kWh segment is expected to account for the largest share of the European EV batteries market in 2021. The large market share of this segment is mainly attributed to increasing initiatives by leading automotive OEMs to launch long-range and more powerful electric cars, increasing adoption of electric cars in developing economies, and targets set by governments across the region to phase out internal combustion engine vehicles by 2030.

Based on bonding type, the wire bonding segment is expected to account for a larger share of the European EV batteries market in 2021. The large market share of this segment is mainly attributed to the high reliability of wire bonding technology, lower production cost, better thermal relief properties, lower scrap production, and easy replaceability of faulty wire bonds. Wire bonding can handle extreme temperature ranges, shock, and vibrations over increasingly longer lifetimes. Hence, it is increasingly utilized in battery cell-to-cell connections, battery cell-to-busbar connections, and battery management system (BMS) interconnects.

Based on form, the prismatic segment is expected to account for the largest share of the European EV batteries market in 2021. The large market share of this segment is attributed to its thin profile enabling better space utilization and flexibility in battery design and high-power quality. Prismatic cells offer better layering options than other types of cells, due to which they are commonly used in EV batteries. Additionally, prismatic cells are highly stable since they are encased in steel or aluminum casing.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/europe-ev-battery-market-5221

Based on application, the electric cars segment is expected to account for the largest share of the European EV batteries market in 2021. The large market share of this segment is mainly attributed to growing concerns regarding the negative environmental effects of vehicular emissions, supportive government initiatives to decarbonize transportation, and increasing efforts by major automotive OEMs to reduce greenhouse gas emissions and transform their products line-ups into green and clean, environment-friendly vehicles. Battery OEMs are increasingly investing in the R&D of new battery technologies to cost-effectively reduce the battery sizes of cars and improve their performance and power-to-weight ratio.

Based on end user, the electric vehicle OEMs segment is expected to account for a larger share of the European EV batteries market in 2021. The large market share of this segment is mainly attributed to increasing consumer adoption of EVs for personal use, increasing investment by automotive OEMs in EV battery manufacturing capacities to create secure supply chains for their future electric vehicles, and increasing launch of new EV models by automotive OEMs. Moreover, all major EV OEMs currently offer battery warrant coverages for eight to ten years, due to which customers buy replacement batteries for older EVs from OEMs, further supporting the battery demand by EV OEMs.

Based on country, Germany is expected to account for the largest share of the European EV batteries market in 2021. The country’s large market share is mainly attributed to the initiatives by German manufacturers for the development of zero-emission technology, increasing investments by battery OEMs for battery cell research and development, and increasing investments by automotive OEMs for the development of the electric vehicle ecosystem.

France is estimated to hold the second position in terms of market share in the European EV batteries market in 2021. The country’s large market share is attributed to the France Government’s initiatives to ban petrol and diesel vehicles, increasing investments for the battery manufacturing plants, and increasing demand for EVs.

The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence for some of the key players operating in this market, including Northvolt AB (Sweden), Lithium Werks B.V. (Netherlands), Faradion Limited (U.K.), BMZ Group (Germany), DRÄXLMAIER Group (Germany), E4V (France), Britishvolt Limited (U.K.), Ilika plc (U.K.), and Johnson Matthey Plc (U.K.).

 

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About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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