Europe Lithium-ion battery market Overview
Europe Lithium-ion battery market is gaining momentum in Europe owing to government initiatives to promote electric vehicles and growing efficient power demand, along with the declining cost of energy storage systems and shift towards cleaner fuels. Lithium-ion batteries are rechargeable and are widely used in consumer electronics products such as mobiles, laptops, and other portable electronic devices which further beholds the Europe Lithium-ion battery market growth.
According to 6Wresearch, the Europe Lithium Ion Battery market size is projected to grow at a CAGR of 15.9% during 2018-24. The lithium-ion battery has emerged as the most favored power source for a wide range of consumer goods including mobile phones, toys, e-bikes, and passenger vehicles due to its high efficiency and rechargeable feature. Currently, consumer electronics applications accounted for the major Europe lithium-ion battery market share, followed by industrial and automotive applications. However, during the forecast period, the automotive application is expected to depict the highest growth due to strict regulations enforced by the government and initiatives resulting in increasing demand for electric vehicles. By capacity, 5-25Wh and 48-95Wh together dominated the market and registered a major share in consumer electronics applications, followed by the 15-99KWh sub-segment in the electric automotive industry.
The rising need for power backup devices, especially residential inverters are increasing the need for lithium-ion battery across the European region. Also, the increasing adoption of electric vehicles in developed countries such as the UK, Russia, Spain, and Italy is projected to drive potential demand projections for lithium-ion batteries across the region in the near future. Further, due to the mass increase in the manufacturing of lithium-ion batteries, the cost of the batteries is expected to decrease the prices of the batteries and would increase potential revenues for the Europe lithium-ion battery market in the upcoming six years.
The Europe lithium-ion battery market is projected to witness substantial growth during the forecast period backed by the rising automotive sector. Increased government initiative in using renewable energy-based electric vehicles where lithium-ion batteries are used in the electrification process of essential vehicle parts is estimated to leave a positive impact on the product demand in the market.
Key Highlights of the Report:
- Europe Lithium-Ion Battery Market Overview
- Europe Lithium-Ion Battery Market Outlook
- Europe Lithium-Ion Battery Market Forecast
- Market Drivers and Restraints.
- Europe Lithium-Ion Battery Market Trends and Developments.
- Europe Lithium-Ion Battery Market share, by Players
- Europe Lithium-Ion Battery Market Overview on
- Competitive Landscape
- Company Profiles.
- Key Strategic Pointers.
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