Meticulous Research® has unveiled a report titled "Europe EV Batteries 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 2029".
The European EV battery market is anticipated to grow at a CAGR of 45.8% from 2022, reaching $94.41 billion by 2029.
This growth is primarily driven by the increasing adoption of electric vehicles, declining battery prices, and the localization of battery production. The rise of battery-as-a-service models also offers significant growth opportunities.
Potential lithium mining shortages, however, may restrict market growth. Safety concerns with EV batteries are another major challenge.
The market is segmented by type, capacity, bonding type, form, application, end user, and country. The report also evaluates industry competitors and provides a country-level market analysis.
The market is divided by battery type, including lithium-ion, sealed lead acid, nickel-metal hydride, ultracapacitors, solid-state, and other batteries. The lithium-ion segment is expected to hold the largest market share in 2022 due to its high energy density, compact size, lightweight, low maintenance, fast charging, and durability. Battery OEMs are partnering with automotive OEMs to increase lithium-ion battery production.
Capacity segments are less than 50kWh, 51kWh to 100kWh, 101kWh to 300kWh, and more than 300kWh. The 51kWh to 100kWh segment is projected to lead in 2022, driven by partnerships between automotive OEMs and battery manufacturers, and government goals to phase out combustion engines by 2030.
Bonding types include wire bonding and laser bonding. Wire bonding is expected to dominate in 2022 due to its fast, automated connections, thermal relief, lower scrap production, high reliability, low cost, and easy replacement of faulty bonds.
Forms include prismatic, cylindrical, and pouch. The prismatic segment is expected to lead in 2022, owing to its thin profile, space efficiency, design flexibility, low energy consumption, and high power quality.
Applications are electric cars, light commercial vehicles, heavy commercial vehicles, e-scooters & motorcycles, and e-bikes. Electric cars are expected to dominate in 2022, driven by adoption for private and shared mobility, environmental concerns, supportive policies, and OEMs' emission reduction efforts.
End users are electric vehicle OEMs and battery swapping stations. Electric vehicle OEMs are expected to dominate in 2022 due to increased EV adoption, investments in battery manufacturing, and new model launches.
Germany is projected to lead the market in 2022, driven by EV adoption, investments by automotive OEMs, and government R&D initiatives. France is expected to follow, driven by investments in battery manufacturing and government incentives.
Key players in the market include 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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Key Questions Answered in the Report002D
- Which are the high-growth market segments in terms of type, capacity, bonding type, form, application, end user, and country?
- What is the historical market size for European EV batteries across the globe?
- What are the market forecasts and estimates for the period 2022–2029?
- What are the major drivers, restraints, opportunities, and challenges in the European EV batteries market?
- Who are the major players operating in the market, and what are their market shares?
- How is the competitive landscape for the European EV batteries market?
- What are the recent developments in the European EV batteries market?
- What are the different strategies adopted by the major players in the European EV batteries market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the European EV batteries market, and how do they compete with other players?
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