Press release
Europe Lithium Ion Battery Market is expected to touch a US$ 20.5 Bn by 2031 at a CAGR of 7.5%
Europe Lithium Ion Battery Market
The Europe lithium ion battery market is valued at over US$ 10 Billion at present. Sales of lithium ion batteries in Europe are projected to increase at around 7.5% CAGR to top a value of US$ 20.5 Bn by 2031.Direct manufacturer to end user supply chain and establishment of manufacturing facilities against battery imports by suppliers are key trends in the continent.
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The growth can be attributed to increasing demand from renewable energy sources, such as solar and wind power. Europe is home to some of the most advanced research centers researching into re-engineering existing technologies for more efficient use of renewable energy sources. This has led Europe to become one of the leading producers and exporters of lithium ion batteries. Additionally, Europe also offers significant incentives for companies involved in manufacturing or supplying these innovative technologies.
Lithium-ion batteries are widely used in a variety of applications, including consumer electronics, power tools, medical devices, and EVs. In the automotive sector, lithium-ion batteries are the preferred choice for EVs due to their high energy density and long cycle life. The EU is one of the largest markets for EVs, and the demand for these vehicles is increasing as a result of the EU's efforts to reduce greenhouse gas emissions and promote sustainable transportation.
Key Players-
• Panasonic Corporation
• Samsung SDI Co., Ltd.
• LG Chem Ltd
• Enersys Inc.
• SaftGroupe S.A.
• CATL
• Ultralife Corporation
• Leclanché SA
• Energizer Holdings, Inc.
• Northvolt ABB
• Excell Battery Co.
• Triathlon Batteries Solutions, Inc.
• KAYO Battery (Shenzhen) Company Limited
• Duracell Inc.
• Bestgo Battery Co., Ltd. and more
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Europe Lithium Ion Battery Market Segmentation:
The Europe Lithium-Ion Battery Market can be segmented by type, application, and geography.
• Europe Lithium Ion Battery Market By type, the market is segmented into Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Nickel Manganese Cobalt Oxide (NMC), and Lithium Manganese Oxide (LMO).
• Europe Lithium Ion Battery Market By application, the market is segmented into Consumer Electronics, Power Tools, Medical Devices, Automotive, and Energy Storage Systems.
• Europe Lithium Ion Battery Market By geography, the market is segmented into the United Kingdom, Germany, France, Italy, and the Rest of Europe.
Market Trends:
• Growing demand for EVs in Europe: The EU has set a target of having at least 30 million EVs on the road by 2030, which is driving the demand for lithium-ion batteries in the region.
• Increasing demand for ESS in Europe: The demand for ESS in Europe is increasing as a result of the EU's efforts to promote renewable energy sources and reduce greenhouse gas emissions.
• The rise of recycling and second-life applications: There is a growing trend of recycling and second-life applications for lithium-ion batteries in Europe, which is expected to further increase the demand for these batteries in the region.
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Conclusion:
The Europe Lithium-Ion Battery Market is expected to grow significantly over the forecast period, driven by the increasing demand for EVs and ESS in the region. The EU's efforts to reduce greenhouse gas emissions and promote sustainable transportation are expected to drive the demand for lithium-ion batteries in Europe. The market is highly competitive, with several established players and new entrants vying for market share. The rise of recycling and second-life applications is expected to further increase the demand for lithium-ion batteries in Europe.
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