Europe Battery Market

Europe Battery Market Outlook 2031:

The Europe battery market size was valued at USD 13.53 Billion in 2022 and is projected to reach USD 25.19 Billion by 2031, expanding at a CAGR of 7.15% during the forecast period 2023 - 2031. The growth of the market is attributed to the declining lithium-ion battery prices and increasing sale of consumer electronics.

A battery is a source of electric power that consists of one or more electrochemical cells with external connections. The battery is used for powering electrical devices such as flashlights, mobile phones, calculators, remote controllers, clocks, and electric cars. Therefore, the electrical battery has wide-range applications in consumer electronics.

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When a battery is connected to an external electric load, the high-energy reactants are converted to the lower-energy products through the redox reaction. Therefore, the free-energy difference is delivered to the external circuit as electrical energy. Primary batteries, also called as single-use or disposable batteries are used once and discarded.

The electrode materials in primary batteries are irreversibly changed during the discharge. An alkaline battery which is used for flashlights and a multitude of portable electronic devices is a basic example of primary battery. On the other hand secondary batteries, also called as rechargeable batteries can be recharged multiple times using an applied electric current.

The lead-acid battery used for vehicles and lithium-ion battery used for portable electronics are example of secondary battery. A battery ranges from a very small-sized miniature cells used to a huge room sized battery banks that provide standby power for computer data centers.

Batteries have much lower specific energy than common fuels such as petrol and gasoline. Batteries allow for better use of renewable energy and minimize electric bills. The use of batteries for energy storage allows the reproduction of energy and eliminates the obstacle caused by the intermittent production. The battery enables less dependency on power grid and reduces carbon footprint. It creates much less pollution than traditional fossil fuels. Additionally, the battery storage systems ensure efficient storage of energy without any wastage.

The COVID-19 pandemic had a dramatic impact on the dynamics of various industries. The outbreak of coronavirus had negatively affected the expansion of the automotive, aerospace, and consumer electronics industry owing to the world-wide lockdowns. The stringent regulations had resulted into the disruption in supply-chain, production, transportation, and research & development activities. Therefore, the pandemic situation has hampered the growth of the battery market.

Europe Battery Market Trends, Drivers, Restraints and Opportunities

• Rising consumption of batteries for automotive applications is the major factor propelling the market expansion during the projected period.
• Growing renewable sector and rapid adoption of electric vehicles are estimated to contribute to the market expansion during the forecast period.
• Increasing demand for portable electronics and growing popularity of wearable devices are estimated to positively influence the market growth in the coming years.
• Demand-supply mismatch of raw materials is expected to hamper the market growth during the projected timeline.
• Rising industrial investments and increasing demand from emerging market is expected to create numerous opportunities for the market growth during the forecast period.

Scope of the Europe Battery Market Report

The report on the Europe battery market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Europe Battery Market Segment Insights

Primary battery segment is projected to expand at a rapid pace

Based on types, the market is bifurcated into primary battery and secondary battery. The primary battery segment is projected to expand at a rapid pace during the forecast period owing to its wide application across consumer electronics, including calculators, clocks, flashlights, and smoke alarms.

Furthermore, the rising demand for primary batteries in military applications and low cost are expected to encourage the growth of the market segment. On the other hand, the secondary battery segment is anticipated to hold a significant market share during the forecast period due to the increasing demand for  secondary battery to meet meet heavy discharge requirement in energy & power sector.

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Lithium-ion battery segment is anticipated to register a substantial CAGR

On the basis of technologies, the market is segmented into lithium-ion battery, lead-acid battery, and others. The automotive & transportation segment is anticipated to register a substantial CAGR during the forecast period owing to the growing sales for smartphones, increasing demand for electronics devices, and rising popularity of electric vehicles.

Furthermore, the higher energy efficiency requirement for technologically updated consumer gadgets is expected to propel the growth of the market segment in the coming years. However, the lead-acid battery segment is anticipated to hold a significant market share during the forecast period due to the increasing SLI applications in the automotive industry, growing renewable energy production, and rising demand for energy storage devices. Moreover, growing consumption of UPS systems for power back up is expected to encourage the growth of the market segment during the forecast period.

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Automotive batteries segment is expected to dominate the market

Based on applications, the market is segmented into portable batteries, industrial batteries, automotive batteries, and others. The portable batteries segment is further segregated into consumer electronics and others. The industrial batteries segment is bifurcated into stationary and motive.

The stationary segment is further divided into energy storage systems, telecom, UPS, and others. The automotive batteries segment is categorized as PHEV, HEV, and EV. The automotive batteries segment is projected to hold a major market share during the forecast period owing to the increasing demand for advanced vehicles production in the region.

Furthermore, the growing adoption of lithium-ion battery is estimated to fuel the growth of the market in the coming years. However, the industrial batteries segment is anticipated to exhibit a substantial growth during the projected period owing to the declining lithium-ion battery prices and increasing demand from data centers & telecom sector. Moreover, the rising renewable energy integration access the region is projected to boost the market growth in the upcoming years.

Germany is anticipated to constitute a key market share

In terms of geography, the Europe battery market is classified as the UK, Germany, Italy, France, and Rest of Europe. Germany is anticipated to constitute a key share of the market during the projected period owing to the increasing advancement in automotive, aerospace, & electronic industry and rising demand for durable, cost-effective, and smart wearables in the country.

, the rising focus on technologically advanced batteries by end users and manufacturers is expected to boost the market growth during the forecast period. On the other hand, the market of the UK is anticipated to exhibit a robust CAGR during the forecast period due to increasing exportation of electrical gadgets, growing industrial investments, and high consumption of industrial & automotive batteries in the country.

Furthermore, the strong renewable growth, dwindling thermal generation capacity, and well-established legislative framework for the technology is projected to spur the market growth in the upcoming years.

Segments

The Europe battery market has been segmented on the basis of

Types

• Primary Battery
• Secondary Battery

Technologies

• Lithium-ion Battery
• Lead-acid Battery
• Others

Applications

• Portable Batteries
  • Consumer Electronics
  • Others
• Industrial Batteries
  • Stationary
    • Energy Storage Systems
    • Telecom
    • UPS
    • Others
  • Motive
• Automotive Batteries
  • PHEV
  • HEV
  • EV
• Others

Geography

• The  UK
• Germany
• Italy
• France
• Rest of Europe

Key Players

• FIAMM SpA
• BYD Co Ltd
• Tesla Inc.
• Contemporary Amperex Technology Co. Ltd
• Saft Groupe SA

Competitive Landscape

Key players competing in the Europe battery market are FIAMM SpA; BYD Co Ltd; Tesla Inc.; Contemporary Amperex Technology Co. Ltd; and Saft Groupe SA. Companies are focusing on growing manufacturing facilities, increasing investments, and forming strong distribution networks with other industry players in order to expand their market shares.

In November 2021, BYD Co Ltd announced to increase the capital at its automobile unit by USD 1.7 billion to step up its investment for energy car business. The capital increment is anticipated to boost the operation and production capabilities of the BYD automobile unit. Additionally, the company aimed to enhance its research ability through the investment.

In July 2021, Contemporary Amperex Technology Co. Ltd launched its first online event “Tech Zone. The company unveiled the its first-generation sodium-ion battery with AB battery pack solution. The AB battery pack solution is able to integrate sodium-ion cells and lithium-ion cells into one pack. As another milestone of in the exploration of basic science and technology, the company aimed to provide solutions over the use of clean energy and transportation electrification and promote the early realization of the goal of carbon neutrality.