EV batteries market Analysis

1. EV batteries market is expected to grow at a CAGR of 40% from 2021–2028 to reach $57.90 billion by 2028. Electric vehicle batteries are used to power the electric motors of battery electric vehicles (BEV) or hybrid electric vehicles (HEV). EV batteries are made up of numerous cells inserted into a frame—known as modules—to protect them from external shocks such as heat or vibration. EV batteries with high power and high energy density provide an optimal driving range to the vehicles. The growth of this market is backed by factors such as the rising adoption of EVs, decreasing battery prices, and increasing localization of battery manufacturing capacities. Moreover, the growing deployment of battery-as-a- service provides significant opportunities for the growth of this market. However, the potential shortfall in lithium mining capabilities is expected to restrain this market's growth to some extent. Additionally, potential safety issues in EV batteries are a major challenge for the growth of the European EV batteries market. For More Information Request free Research PDF Here The Impact of COVID-19 on the European EV Batteries Market The COVID-19 pandemic caused a widespread economic downturn as several countries imposed strict lockdowns to contain the infection, leading to the closure of manufacturing industries and disruptions in supply chains and production schedules. As a result, the light vehicles market suffered a decline in revenue close to 20% in 2020. Furthermore, shifts in consumer purchasing behavior due to the pandemic's uncertainty are expected to have significant consequences for the industry's near-future growth. In Europe, during the lockdowns, manufacturing facilities, supply chains, and consumer demands were paralyzed in the first half of 2020. The European EV batteries market was severely affected as production facilities temporarily shut down and the demand for EV batteries decreased. In order to overcome this, various companies started initiatives to boost the sales of the electric vehicles market. For instance, BMW announced its plans to invest $340 million in a Leipzig EV plant and $225 million in a Munich battery plant. The company has plans to introduce 12 new BEVs and 13 PHEVs in the coming years. Volkswagen, a leading car manufacturer, announced its plans to invest $57 billion in battery procurement through 2025. Additionally, the company announced its plans to introduce 50 battery electric vehicles and 30 hybrid electric vehicles by 2025, including 12 electrified models for Audi. Also, the Volkswagen group announced plans to launch one EV variant over its 300 models in the coming years. These initiatives are attributed to the growth of the EV batteries market in Germany.

2. In addition, several governments in Europe have started initiatives to support the growth of electric vehicle batteries in the market. For instance, in July 2020, the Government of Italy announced its plans to have 1 million electric vehicles on Italy's roads by 2022. The cost of transition to electric mobility is approximately €10 billion, and government incentives for adopting electric vehicles would be around $10,000 per car. Also, Italy announced its decision to ban diesel vehicles by 2024. In 2020, 32,000 fully electric cars were sold in Italy amidst the COVID-19 pandemic. Renault Zoe recorded the highest number of registrations of 5,470 due to various incentive programs and subsidies allotted to consumers for buying an electric car. These developments positively impacted the demand for EVs, thereby boosting the growth of the EV batteries market in Europe. The European EV batteries market is segmented by type, capacity, bonding type, form, application, end user, and country. The study also evaluates industry competitors and analyzes the market at the country level. Check For Discount: https://www.meticulousresearch.com/request-discount/cp_id=5221 Scope of the Report European EV Batteries Market, by Type • • • • • • Lithium-ion Batteries Sealed Lead Acid Batteries Nickel-metal Hydride Batteries Ultracapacitors Solid-state Batteries Other Batteries European EV Batteries Market, by Capacity • • • • Less Than 50 kWh 51 kWh to 100 kWh 101 kWh to 300 kWh More Than 300 kWh European EV Batteries Market, by Bonding Type • • Wire Bonding Laser Bonding European EV Batteries Market, by Form • • • Prismatic Cylindrical Pouch European EV Batteries Market, by Application

3. • Electric Cars o Battery Electric Vehicles ▪ Lithium-ion Batteries ▪ Nickel-metal Hydride Batteries ▪ Ultracapacitors ▪ Solid-State Batteries ▪ Other Batteries o Plug-in Hybrid Electric Vehicles ▪ Lithium-ion Batteries ▪ Ultracapacitors ▪ Solid-state Batteries ▪ Other Batteries o Pure Hybrid Electric Vehicles ▪ Lithium-ion Batteries ▪ Nickel-metal Hydride Batteries ▪ Ultracapacitors ▪ Solid-state Batteries ▪ Other Batteries • • • • Light Commercial Vehicles Heavy Commercial Vehicles E-scooters & Motorcycles E-bikes European EV Batteries Market, by End User • • Electric Vehicle OEMs Battery Swapping Stations European EV Batteries Market, by Country • • • • • • • • • • • • • • • • • • • Germany U.K. France Italy Spain Poland Hungary Sweden Norway Austria Belgium Croatia Finland Greece Ireland Portugal Romania Slovakia Rest of Europe (RoE)

4. Get More Insights, Buy PDF Here(Pages:180):- https://www.meticulousresearch.com/Checkout/15331627 Related Reports : •Asia-Pacific Electric Car Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use (Private, Commercial), and Geography - Forecast to 2028 • Electric Car Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use (Private, Commercial), and Geography — Global Forecast to 2028