European electric vehicle (EV) battery market is anticipated to grow at a lucrative CAGR during the forecast period (2020-2026). As per the American Chemical Society (ACS), Europe held only a 3.0% share of the global lithium-ion battery market in 2020. Therefore, to compete with the other countries globally, EV battery manufacturers are striving to approve the construction of EV battery plants in the region. Several major gigafactories are approved for construction in Europe and will be ready in the next few years to meet an anticipated surge in demand for EV batteries in the region. Reduction in production costs and risks by recycling and by sourcing raw materials within Europe is a key propellant for the construction of EV battery facilities in the region.
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The expansion of major EV battery market players in the region is anticipated to increase the potential of the EU to become an EV battery powerhouse. For instance, in February 2020, Saft and the PSA Group announced plans for two lithium-ion EV battery cell plants in Europe. The French-German alliance intends to establish a joint venture named Automotive Cell Company (ACC), with a total output of 48 GWh annually by 2030, through around a $5.9 billion investment, supported by nearly $1.5 billion in public funding from the EU.
European Electric Vehicle Battery Market Report Segment
By Battery Type
- NiMH
- Li-ion
- Others
By Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
By Propulsion Type
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
European Electric Vehicle Battery Market Report Segment
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
