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Europe Lithium Ion Battery Market to expand at a healthy CAGR of around 7.5% over the forecast period of 2021-2031NEW YORK, July 5, 2021 /PRNewswire/ -- The market size of lithium ion batteries in Europe is estimated to record 12.9% growth in 2021 with a market value of US$ 10.2 Bn. Persistence Market Research foresees the market to grow on a robust rate, albeit the product pricing to be slashed by 50% over the coming years on the backdrop of mass production as against customized manufacturing on selective order quantity basis by OEMs with patented technology during the previous 8-10 years. A critical factor driving the sales of lithium ion batteries in Europe is burgeoning demand for use in electric vehicles and battery-powered engines/ drives. Another crucial demand driver has been growing smartphone subscriber base incorporating portable, rechargeable, and higher duty cycles. Major factor favoring use of lithium ion batteries is that the product has emerged as a viable alternative source of energy addressing zero carbon emissions, and is lightweight, space saving, and high efficiency rate of operation and maintenance, due to which, majority of end users have warmly adopted the technology. Persistence Market Research's analysis projects the Europe lithium ion battery market to expand at a healthy CAGR of around 7.5% over the forecast period of 2021-2031. Request for sample PDF of report: https://www.persistencemarketresearch.com/samples/32518 Key Takeaways from Market Study
"REACH initiatives and emphasis of zero carbon emissions/ conventional fuel-free solutions will continue to drive demand for lithium ion batteries in Europe. With mass commercialization of the product, Europe will establish itself as a prominent production hub with pricing at reduced levels. In terms of application, demand will be fueled primarily by the transportation sector," says a Persistence Market Research analyst. Key Highlights of Market Evolution
Competitive Landscape According to the Persistence Market Research's analysis, Panasonic Corporation, Samsung SDI Co. Ltd., LG Chem Ltd. Saft Groupe S.A., CATL, Northvolt AB, Enersys Inc., and Duracell Inc. are identified as key manufacturers of lithium ion batteries in Europe. Get full access of report: https://www.persistencemarketresearch.com/checkout/32518 The market is identified primarily as a consolidated space with the top players holding nearly 60-65% of the regional market. Direct supply and technology design partnerships between OEMs and end users to devise standardized and customized applications is a key trend observed in the market. Key strategic acquisitions and collaboration initiatives are observed by many players. Explore More Valuable Insights Persistence Market Research, in its new report, offers an impartial analysis of the Europe lithium ion battery market, presenting estimation statistics for the period of 2021-2031. The study offers compelling insights on the market based on celltype, chemistry, voltage, application, and country. Related Reports:
About Persistence Market Research: Persistence Market Research (PMR), as a 3rd-party research organization, does operate through an exclusive amalgamation of market research and data analytics for helping businesses ride high, irrespective of the turbulence faced on the account of financial/natural crunches. Overview: Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies'/clients' shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part. Contact Rajendra Singh View original content:https://www.prnewswire.com/news-releases/europe-lithium-ion-battery-market-to-expand-at-a-healthy-cagr-of-around-7-5-over-the-forecast-period-of-2021-2031--301325470.html SOURCE Persistence Market Research Pvt. Ltd. |