Europe EV Battery Market Size, Share, Growth Analysis, By Battery Type(Lithium-Ion, Lead-Acid, Sodium-Ion, others), By Vehicle Type(Passenger Vehicles, Commercial Vehicles), By Propulsion(Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle), By Li-ion battery type(positive electrode, negative electrode, electrolyte, and separators), By method(wire bonding and laser bonding), By battery capacity(<50kWh, 50-110kWh, 111-200kWh, 201-300kWh), By material type(lithium, cobalt, manganese, and natural graphite), By battery form(prismatic, cylindrical, and pouch), By Region - Industry Forecast 2024-2031

Europe EV Battery Market size was valued at USD 50.12 billion in 2019 and is poised to grow from USD 59.6 billion in 2023 to USD 225.55 billion by 2031, growing at a CAGR of 18.9% in the forecast period (2024-2031).

Continuously rising emphasis of global automobile manufacturers such as General Motors, Ford Motors, and Nissan Motor Co. Ltd., on the rolling out of electric vehicles around the globe is key factor expected to drive growth of the Europe EV battery market during the forecast period. Moreover, increasing government policies on the installation of charging stations through direct investment or public-private partnership, especially in urban areas is also likely to boost the demand for EV batteries at a high rate over the coming years.

For instance, the European Union announced to support its battery sector by establishing a European battery alliance for the manufacturing, charging infrastructure, and electric-vehicle intake. And, in January 2021, European commission announced that they will spend USD 3.5 billion for subsidizing Tesla, BMW, and other companies for higher production of batteries in European region.

Furthermore, a continuous roll-out of various integrated charging stations and establishment of green power-generation capability would likely to influence market growth extensively in the coming years. Additionally, availability of advanced technologies and increasing number of innovations for ensuring powerful propulsion are highly encouraging automakers for pursuing these technologies in their electric vehicles, which is projected to have positive impact on the Europe EV battery market.

Europe EV Battery Market is poised to grow at a sustainable CAGR for the next forecast year.