Europe Lithium Ion Battery Market to Expand at 7.5% CAGR Between 2021-2031

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.

July 06, 2021. By News Bureau

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.

A critical factor driving the sales of lithium ion batteries in Europe is burgeoning demand for use in electric vehicles and battery-powered engines/ drives. Another crucial demand driver has been growing smartphone subscriber base incorporating portable, rechargeable, and higher duty cycles.

Major factor favoring use of lithium ion batteries is that the product has emerged as a viable alternative source of energy addressing zero carbon emissions, and is lightweight, space saving, and high efficiency rate of operation and maintenance, due to which, majority of end users have warmly adopted the technology.

Persistence Market Research's analysis projects the Europe lithium ion battery market to expand at a healthy CAGR of around 7.5% over the forecast period of 2021-2031.

"REACH initiatives and emphasis of zero carbon emissions/ conventional fuel-free solutions will continue to drive demand for lithium ion batteries in Europe. With mass commercialization of the product, Europe will establish itself as a prominent production hub with pricing at reduced levels. In terms of application, demand will be fueled primarily by the transportation sector," says a Persistence Market Research analyst.

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.

The market is identified primarily as a consolidated space with the top players holding nearly 60-65% of the regional market. Direct supply and technology design partnerships between OEMs and end users to devise standardized and customized applications is a key trend observed in the market. Key strategic acquisitions and collaboration initiatives are observed by many players.
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