Government Initiatives along with Increasing Investment in Automotive and Industrial Sectors to Surge the Demand for Lithium Ion Batteries in Europe – 6Wresearch
Government support for renewable energy and electric vehicle infrastructural projects as well as increased usage of electric vehicles, smart portable electronics, and rising grid storage market are some of the key applications which have driven lithium ion battery market in Europe and are expected to play a significant role during the forecast period. Additionally, the market is further expected to nurture on account of heavy investments on manufacturing plants of lithium ion batteries, especially focusing on electric vehicles and energy storage systems.
According to 6Wresearch, Europe Lithium Ion Battery Market is projected to grow at a CAGR of 15.9% during 2018-24. Growing adoption of eco-friendly electric vehicles, rising demand for smart wearable devices, increasing investments in infrastructure and industrial projects such as renewable energy storage projects for residential and automotive sectors are some of the key factors which would drive the Europe Lithium Ion Battery market over the next six years. Moreover, the European governments initiatives to phase out petrol and diesel cars would fuel the market in the coming years, resulting in high deployment of lithium ion batteries in the automotive industry. For instance, Norway, being the highest user of electric cars, targets to have 100% electric or plug-inn hybrid cars by 2025. Similarly, Netherland proposed ban for diesel and petrol cars by 2025, and some federal states in Germany target to phase-out by 2030.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, “The consumer electronics application dominated the overall Europe lithium ion battery market in 2017 and would continue to maintain its dominance during the forecast period as well, owing to high penetration of smartphones and laptops in the region. Further, rising demand for wearable devices particularly wristwear, activity tracker systems and bodywear products among youth population would fuel lithium ion battery market over the coming years.”
“Moreover, industrial application lithium ion battery market is also expanding in Europe owing to high installation of energy storage systems. Also, Nordic countries are expected to register strong demand for lithium ion based energy storage systems for commercial and industrial energy storage devices, along with growth in data centers in the region,” Prijo Samuel concluded.
According to Sathi Paul, Research Analyst, Research and Consulting, 6Wresearch, “Germany accounts for highest share in Europe lithium ion battery market and is expected to lead the market during the forecast period, attributed to feed-in-tariff, increasing renewable energy installations, rising demand for wearable devices and growing demand for electric vehicles. Germany is followed by UK and France due to government support for providing incentives on the purchase of electric vehicles and subsidy for installing energy storage systems.”
“Additionally, in terms of power capacity, 5-25 Wh power capacity segment held the largest share in the overall Europe lithium ion market, owing to high usage in consumer electronics. However, 15-99 KWh power capacity lithium ion battery market revenues are anticipated to grow at a higher CAGR during 2018-24, as a result of growing demand for electric vehicles in the region,” Sathi concluded.
Some of the key companies in Europe lithium Ion battery market include Panasonic, Amperex Technology, GS Yuasa, Exide Technologies, Johnson Matthey Battery Systems, Saft Groupe, LG Chem, BYD, Samsung SDI, and Tesla.
“Europe Lithium Ion Battery Market (2018-2024)” provides in-depth analysis with 80 figures and 61 tables covered in more than 150 pages. The report estimates and forecast the overall Europe Lithium Ion Battery market by revenue, by components, by materials, by power capacities, by countries (including the United Kingdom, France, Italy, Netherlands, Germany, Spain, Nordic countries and rest of the Europe) and end user segment such as consumer Electronics, Automotive, Industrial and others. The report also offer insights on competitive landscape, market share by companies, company profiles, recent trends and developments, opportunities, market drivers and restraints.