Europe Lithium Ion Battery Market
The market size of lithium ion batteries in Europe is estimated to record 12.9% growth in 2021 with a market value of US$ 10.2 Bn. Persistence Market Research foresees the market to grow on a robust rate, albeit the product pricing to be slashed by 50% over the coming years on the backdrop of mass production as against customized manufacturing on selective order quantity basis by OEMs with patented technology during the previous 8-10 years.
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Europe’s lithium-ion battery market is growing at a rapid rate as Europe becomes increasingly reliant on renewable energy sources. This growth is driven by the rising demand for portable electronics and electric vehicles, which require high capacity lithium-ion batteries to run. Europe has the potential to become one of the largest producers of such batteries due to its advanced technological infrastructure, expertise in research and development (R&D) and available resources. As Europe continues to expand its renewable energy infrastructure, it will need more efficient and cost effective storage solutions which are provided by lithium-ion batteries.
Large companies like Samsung SDI, LG Chem, Panasonic and BYD have seen success in Europe's market due to their ability to supply large volumes of high quality lithium-ion batteries. Europe has also become a hub for battery research and development, with several universities and research institutions leading the way in innovations of battery technologies.
Competitive Landscape
According to the Persistence Market Research’s analysis, Panasonic Corporation, Samsung SDI Co. Ltd., LG Chem Ltd. Saft Groupe S.A., CATL, Northvolt AB, Enersys Inc., and Duracell Inc. are identified as key manufacturers of lithium ion batteries in Europe.
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The Europe lithium ion battery market is expected to experience strong growth over the next few years due to increasing demand from consumer electronics and electric vehicle applications. Europe’s supportive policies for renewable energy will be a major factor in driving this growth as well as increased investment from large companies that are looking to capitalize on Europe's potential. The future of Europe’s lithium-ion battery market looks bright, as it is poised to become one of the largest producers and users of such batteries in the world.
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