Europe Electric Vehicle Battery Market Worth $57.90 Billion by 2028 — Exclusive Report by Meticulous Research®

Europe Electric Vehicle Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors, Solid-state Batteries), Capacity (<50 kWh, 51-100 kWh, 101-300 kWh, >300 kWh), Bonding Type (Wire, Laser), Form, Application, End User, and Country - Forecast to 2028

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Redding, California, Nov. 04, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled "Europe Electric Vehicle Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors, Solid-state Batteries), Capacity (<50 kWh, 51-100 kWh, 101-300 kWh, >300 kWh), Bonding Type (Wire, Laser), Form, Application, End User, and Country — Global Forecast to 2028," published by Meticulous Research®, the European EV batteries market is expected to grow at a CAGR of 40% from 2021 to 2028 to reach $57.90 billion by 2028.

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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 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.

The major factors driving the European EV batteries market include the rising adoption of EVs, decreasing battery prices, and the increasing localization of battery manufacturing capacities. Potential safety issues in EV batteries are a major challenge for the growth of the EV batteries market.

According to European Commission, the global manufacturing capacity of lithium-ion cells for electric cars and energy storage is around 150 GWh, and Europe hosts around 3% of the global production capacity, and it is estimated that the share ranges from 7%–25%. The European Commission and European industrial companies developed The European Battery Alliance, a central platform for dialogue on the future of battery cell production in Europe. This platform seeks to encourage the production of battery cells in Europe and ensure that the batteries produced are competitive, innovative, and environmentally compatible.

Several major battery plants—known as gigafactories—are planned for Europe in the next few years to meet an anticipated surge in demand for electric vehicles in the region. Most are being built by Tesla and Asian firms. But the European Commission and European countries are also attempting to establish a homegrown battery industry to ensure that thousands of R&D jobs stay in Europe along with the related manufacturing supply chains and profits.

The Impact of COVID-19 on the European EV Batteries Market

The COVID-19 crisis led to disrupted supply chains, limited operations and workforce, and factory closures. This disruption caused a severe decline in electric vehicle sales, which directly affected the sales of batteries, especially in the electric vehicles segment. The energy materials and renewable generation and conversion market, including battery-powered electric vehicles, grid storage, and personal electronic devices, were no exception to the negative impacts of the COVID-19 outbreak.

In Europe, during the lockdowns, manufacturing facilities, supply chains, and consumer demands were paralyzed in the first half of 2020. The European EV batteries market was also severely affected, resulting in production facilities being temporarily shut down and decreased demand for EV batteries. In order to overcome this, various companies started initiatives to boost the sales of the electric vehicles. For instance, BMW announced plans to invest $340 million in a Leipzig EV plant and $225 million in a Munich battery plant. The company has plans to introduce 12 new BEVs and 13 PHEVs in the coming years. Daimler AG announced its plans to launch 130 electrified vehicles, including hybrids and fuel cells, by 2030 and has earmarked $30 billion to develop batteries. These initiatives are attributed to the growth of the EV batteries market in Europe.

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In addition, the governments in the region started various initiatives to support the growth of EV batteries in the market. For instance, in July 2020, the Government of Italy announced its plans to have 1 million electric vehicles on Italy's roads by 2022. The cost of transition to electric mobility is approximately €10 billion, and government incentives for adopting electric vehicles would be around $10,000 per car. Also, the Government of Italy announced its decision to ban diesel vehicles by 2024. In 2020, 32,000 fully electric cars were sold in Italy amidst the COVID-19 pandemic. Renault Zoe recorded the highest number of registrations of 5,470 due to various incentive programs and subsidies allotted to consumers for buying an electric car. These developments positively impacted the demand for electric vehicles and boosted the EV batteries market in Europe.

The European EV batteries market is segmented by type, capacity, bonding type, form, application, end user, and country. The study also evaluates industry competitors and analyzes the market at the country level.

Based on type, the lithium-ion batteries 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 higher energy density, lightweight property, compactness, and durability. Various automotive OEMs are partnering with battery OEMs to develop lithium-ion batteries and secure battery supply chain for their existing and upcoming electric vehicles and achieve technology leadership in EV batteries. Several initiatives taken by the European government to promote the adoption of EVs in the market are expected to boost the demand for EV batteries in the region. The European Commission (EC) has put green technology at the heart of its agenda. European Commission is seeking funding from the Spanish government's Programme for the Promotion of Industrial Competitiveness and Sustainability projects.

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, rising adoption of electric cars in developing economies, and targets set by governments across the world to phase out internal combustion engine vehicles by 2030. Additionally, the Government of France has set a target of completely banning petrol and diesel vehicles by 2040 to meet the targets of the Paris agreement. In May 2020, the French government announced its plans to offer various incentives and invested $9.3 billion (€8 billion) for purchasing electric vehicles.

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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 its better thermal relief properties, higher reliability, lower production cost, 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.

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 a secure supply chain for their future electric vehicles, and increasing launch of new EV models by automotive 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 adoption of electric vehicles in this country, and increasing investment by leading battery OMEs for setting up battery manufacturing capacities in Germany.

Companies have started initiatives by investing in research and development, setting up joint ventures, and investing in new battery production facilities. For instance, In July 2020, the German government invested $2.4 billion in battery cell research and production. This funding supports a new initiative under the European Union's Important Project of Common European Interest (IPCEI) program. In June 2020, Volkswagen's luxury sports car unit Porsche AG set a joint venture with Customcells (Germany) to produce high-performance batteries, significantly reducing charging time. Through these initiatives, European carmakers reduce their dependence on Asia for batteries to meet stricter emissions targets in the European Union. Also, in July 2021, Volkswagen planned to manufacture batteries for electric vehicles in Germany with Guoxuan (China). This plan aimed at industrializing battery cell production.

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 mainly attributed to government initiatives to ban petrol and diesel vehicles, battery OEMs initiatives for the development of EV batteries, and government investment plans for the adoption of EVs in the country.

The Government of France has set a target of completely banning petrol and diesel vehicles by 2040, maintaining the climate decorum, and meeting the country's air quality. Moreover, the government's incentive plans allow buyers to receive up to $13,150 on purchasing an electric vehicle in France. These initiatives drive the adoption of EVs in the country. Such initiatives are expected to boost the demand for lithium-ion batteries for EVs, thus, enhancing the EV batteries market growth.

The key players operating in the European EV batteries market are 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.) among others.

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

Scope of the Report

Europe EV Batteries Market, by Type

  • Lithium-ion battery
  • Sealed Lead Acid Battery
  • Nickel-Metal Hydride Battery
  • 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 Battery
      • Nickel-metal Hydride Battery
      • Ultracapacitors
      • Solid-State Batteries
      • Other Batteries
    • Plug-in Hybrid Electric Vehicles
      • Lithium-ion Battery
      • Ultracapacitors
      • Solid-state Batteries
      • Other Batteries
    • Pure Hybrid Electric Vehicles
      • Lithium-ion Battery
      • Nickel-metal Hydride Battery
      • 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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