Electric Vehicle Battery Market Size, Share, Trend Report
Added: (Wed Apr 03 2024)
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The Europe EV Battery Market is expected to reach a value of $94.41 billion by 2029, at a CAGR of 45.8% during the forecast period 2022–2029. The rising adoption of EVs, decreasing battery prices, and increasing investment by leading automotive OEMs to secure battery supply chains for their future electric vehicles are some of the major factors driving the growth of this market. The growing deployment of battery-as-a-service provides significant growth opportunities for players operating in this market.
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. However, 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.
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The European EV batteries market is segmented based on type, capacity, bonding type, form, application, end user, and country. The study also evaluates industry competitors and analyses the market at the country level.
The Impact of COVID-19 on the Europe EV Battery Market
The pandemic severely impacted several sectors, including the automotive sector, with major manufacturers temporarily shutting down their operations or operating with limited capacities in accordance with the directives issued by their respective governments. The energy materials and renewable generation & conversion industry, including battery-powered electric vehicles, grid storage, and personal electronic devices, were no exception to the negative impacts of the COVID-19 outbreak. These factors caused a severe decline in electric vehicle sales, which directly affected the sales of batteries, especially in the electric vehicles segment.
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Based on type, the European EV batteries market is mainly segmented into lithium-ion battery, sealed lead acid battery, nickel-metal hydride battery, ultracapacitors, solid-state battery, and other batteries. In 2022, the lithium-ion battery segment is expected to account for the largest share of the European EV batteries market. The large market share of this segment is mainly attributed to its higher energy density, compactness, lightweight property, less maintenance, fast charging capability, and durability. Battery OEMs in this region are actively investing in the production of lithium-ion batteries for existing and upcoming electric vehicles by partnering with various automotive OEMs.
Based on capacity, the European EV batteries market is mainly segmented into less than 50kWh, 51kWh to 100kWh, 101kWh to 300kWh, and more than 300kWh. In 2022, the 51kWh to 100kWh segment is expected to account for the largest share of the European EV batteries market. The large market share of this segment is mainly attributed to increasing initiatives such as partnerships by leading automotive OEMs with battery OEMs for advancement in battery technology and targets set by governments across Europe to phase out internal combustion engine vehicles by 2030.
Based on bonding type, the European EV batteries market is mainly segmented into wire bonding and laser bonding. In 2022, the wire bonding segment is expected to account for a largest share of the European EV batteries market. The large market share of this segment is mainly attributed to its ability of fast and fully automated connection, thermal relief properties, lower scrap production, high reliability, lower production cost, and easy replaceability of faulty wire bonds. Wire bonding can handle extreme temperature ranges, shock, and vibrations over increasingly longer lifetimes. Hence, wire bonding is increasingly utilized in battery cell-to-cell connections, battery cell-to-busbar connections, and battery management system (BMS) interconnects.
Based on form, the European EV batteries market is mainly segmented into prismatic, cylindrical, and pouch. In 2022, the prismatic segment is expected to account for the largest share of the EV batteries market. The large market share of this segment is attributed to its thin profile, which enables low space utilization and allows flexibility in battery design, low energy utilization, and high-power quality. Automotive OEMs are partnering with battery OEMs to develop prismatic cells and secure battery supply chain for their existing and upcoming electric vehicles and achieve technology leadership in EV batteries.
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Based on application, the European EV batteries market is segmented into electric cars, light commercial vehicles, heavy commercial vehicles, e-scooters & motorcycles, and e-bikes. In 2022, the electric cars segment is expected to account for the largest share of the European EV batteries market. The large market share of this segment is mainly attributed to the rising adoption of electric cars for private transportation and shared mobility services, 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. Also, automotive OEMs have announced plans to develop batteries for electric vehicles.
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Based on end user, the European EV batteries market is segmented into electric vehicle OEMs and battery swapping stations. In 2022, the electric vehicle OEMs segment is expected to account for a largest share of the European EV batteries market. 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 2022. The large market share is mainly attributed to the increasing adoption of electric vehicles in this country, growing investments by leading automotive OEMs to develop the electric vehicle ecosystem, and government initiatives for the research and development of battery cells. German manufactures are investing in zero-emission technology development, which is driving the growth of this market in the country.
However, France is estimated to hold the second position in terms of market share in the European EV batteries market in 2022. The country's large market share is mainly attributed to increasing investments by battery OEMs for battery manufacturing plants to meet the increasing demand for EV batteries and the government's incentive plans for the adoption of EVs in the region.
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Key Players:
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.).
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