Market Research Report
Europe Electric Vehicle Battery Market Forecast 2021-2028
|Europe Electric Vehicle Battery Market Forecast 2021-2028|
Published: August 23, 2021
Content info: 125 Pages
Delivery time: 2-3 business days
The Europe electric vehicle battery market is projected to grow with a CAGR of 19.19% over the estimated years of 2021 to 2028. Some of the key factors associated with the regional market's growth include the presence of several battery manufacturing companies, the augmenting electric vehicle industry, and the initiatives promoting the production of batteries.
The Europe electric vehicle battery market growth evaluation encompasses the analysis of Germany, Austria, Norway, France, the United Kingdom, the Netherlands, Sweden, and the rest of Europe. France's President Emmanuel Macron visited Saft's Nersac plant in January 2020 in order to inaugurate a new €200 million electric vehicle batteries' pilot line. It is the first phase of a strategic joint venture proposed between Groupe PSA/Opel and Total/Saft, to be called Automotive Cell Company. The 24,000 m2 pilot line will begin production in 2021 to qualify, develop, and industrialize novel and innovative technologies for high-performance Li-ion batteries within the French electric vehicle market.
On the other hand, battery cell production is swiftly evolving in Norway. In this regard, Freyr is planning to establish a 32 GWH Li-ion battery cell factory at Mo Industrial Park, with manufacturing expected to begin in 2023. Similarly, Morrow Batteries, backed by Noah and Agder Energi, announced plans to build a giga-cell factory in March 2020. Thus, the aforementioned drivers are anticipated to strengthen the Europe electric vehicle battery market growth in Europe during the forecast period.
Some of the prominent firms operating in the market are CATL, SK Innovation, Tesla, etc.