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EV batteries market-converted (2)

According to a new market research report titled "European EV Batteries Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors, Solid-state Batteries), Capacity (<50 kWh, 51-100 kWh, 101-300 kWh, >300 kWh), Bonding Type (Wire, Laser), Form, Application, End User, and Countryu2014Global Forecast to 2028," the European EV batteries market is expected to grow at a CAGR of 40% from 2021 to 2028 to reach $57.90 billion by 2028.

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EV batteries market-converted (2)

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  1. According to a new market research report titled "European EV Batteries Market by Type (Li- ion, Ni-MH, SLA, Ultracapacitors, Solid-state Batteries), Capacity (<50 kWh, 51-100 kWh, 101-300 kWh, >300 kWh), Bonding Type (Wire, Laser), Form, Application, End User, and Country—Global Forecast to 2028," the European EV batteries market is expected to grow at a CAGR of 40% from 2021 to 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 provide protection from external shocks such as heat or vibration. EV batteries with high power and high energy density provide an optimal driving range to vehicles. The major factors driving the European EV batteries market include the rising adoption of EVs, decreasing battery prices, and the increasing localization of battery manufacturing capacities. Potential safety issues in EV batteries are a major challenge for the growth of the EV batteries market. Download Research PDF :- https://www.meticulousresearch.com/download-sample- report/cp_id=5221 According to European Commission, the global manufacturing capacity of lithium-ion cells for electric cars and energy storage is around 150 GWh, and Europe hosts around 3% of global production capacity, and it is estimated that the share ranges from 7%–25%. The European Commission and European industrial companies developed The European Battery Alliance, a central platform for dialogue on the future of battery cell production in Europe. This platform seeks to encourage the production of battery cells in Europe and ensure that the batteries produced are competitive, innovative, and environmentally compatible. Several major battery plants—known as gigafactories—are planned for Europe in the next few years to meet an anticipated surge in demand for electric vehicles in the region. Most are being built by Tesla and Asian firms. But the European Commission and European countries are also attempting to establish a homegrown battery industry to ensure that thousands of R&D jobs stay in Europe along with the related manufacturing supply chains and profits. The Impact of COVID-19 on the European EV Batteries Market The COVID-19 crisis led to disrupted supply chains, limited operations and workforce, and factory closures. This disruption caused a severe decline in electric vehicle sales, which directly affected the sales of batteries, especially in the electric vehicles segment. The energy materials and renewable generation and conversion market, including battery-powered electric vehicles, grid storage, and personal electronic devices, were no exception to the negative impacts of the COVID- 19 outbreak. 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 also severely affected, resulting in production facilities being temporarily shut down and decreased demand for EV batteries. In order to overcome this, various companies started initiatives to boost the sales of the electric vehicles market. For instance, BMW announced 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. Daimler AG announced its plans to launch 130 electrified vehicles, including hybrids and fuel cells, by 2030 and has earmarked $30 billion to

  2. develop batteries. These initiatives are attributed to the growth of the EV batteries market in Europe. In addition, the governments in the region started various initiatives to support the growth of EV 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, the Government of 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 electric vehicles and boosted 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. Based on type, the lithium-ion batteries segment is expected to account for the largest share of the European EV batteries market in 2021. The large market share of this segment is mainly attributed to its higher energy density, lightweight property, compactness, and durability. Various automotive OEMs are partnering with battery OEMs to develop lithium-ion batteries and secure battery supply chain for their existing and upcoming electric vehicles and achieve technology leadership in EV batteries. Several initiatives taken by the European government to promote the adoption of EVs in the market are expected to boost the demand for EV batteries in the region. The European Commission (EC) has put green technology at the heart of its agenda. European Commission is seeking funding from the Spanish government's Programme for the Promotion of Industrial Competitiveness and Sustainability projects. Get More :- https://www.meticulousresearch.com/product/europe-ev-battery-market- 5221 Based on capacity, the 51kWh to 100kWh segment is expected to account for the largest share of the European EV batteries market in 2021. The large market share of this segment is mainly attributed to increasing initiatives by leading automotive OEMs to launch long-range and more powerful electric cars, rising adoption of electric cars in developing economies, and targets set by governments across the world to phase out internal combustion engine vehicles by 2030. Additionally, the Government of France has set a target of completely banning petrol and diesel vehicles by 2040 to meet Key Questions Answered in the Report- · Which are the high-growth market segments in terms of type, capacity, bonding type, form, application, end user, and country? · What is the historical market size for the European EV batteries market? · What are the market forecasts and estimates for the period 2021–2028? · What are the major drivers, restraints, opportunities, and challenges in the European EV batteries market?

  3. · Who are the major players operating in the European EV batteries market, and what shares of the market do they hold? · How is the competitive landscape for the European EV batteries market? · What are the recent developments in the European EV batteries market? · What are the different strategies adopted by the major players in the market? · What are the key geographic trends, and which are the high-growth countries? · Who are the local emerging players in the European EV batteries market, and how do they compete with the other players? For More Information, Download Premium Research PDF { 205 Pages } :- https://www.meticulousresearch.com/Checkout/43280978 Contact: Mr. Khushal Bombe Meticulous Market Research Inc. 1267 Willis St, Ste 200 Redding, California, 96001, U.S. USA: +1-646-781-8004 Europe : +44-203-868-8738 APAC: +91 744-7780008 Email- sales@meticulousresearch.com

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