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Europe Traction Battery Market Trends

Report ID: GMI8826
Published Date: Apr 2024
Report Format: PDF

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Europe Traction Battery Market Trends

In Europe, the latest trends in traction batteries are majorly centered around enhancing energy density, extending range, and improving sustainability. Lithium-ion remains a crucial technology, with advancements focused on increasing energy density to enable longer driving ranges per charge. Additionally, there's a rising focus on sustainability, with efforts to reduce the environmental impact of battery production and disposal. This includes exploring recycling technologies and utilizing more eco-friendly materials in battery construction.

Furthermore, there's a push towards standardization and interoperability to facilitate battery swapping and charging infrastructure development, fostering greater adoption of electric vehicles. Thus, the trajectory of traction battery technology in Europe is towards higher performance, improved sustainability, and greater accessibility to support the continent's transition towards electrified transportation.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of Europe traction battery was reached USD 18.7 billion in 2023 and is set to grow at 18.1% CAGR up to 2032, driven by a surge in demand for electric vehicles (EVs).

Europe traction battery market from the lithium-ion battery chemistry segment is set to exceed USD 56.5 billion by 2032, owing to its properties such as higher energy density and longer lifespan.

Germany traction battery market is set to surpass USD 19.5 billion by 2032, owing to a robust R&D infrastructure, with significant investments in battery technology.

Hitachi Energy Ltd., Toshiba Corporation, Samsung SDI Co., Ltd., Panasonic Corporation, LG Energy Solution, Ecovolta, Camel Group Co., Ltd, Mutlu Corporation and MIDAC S.p.A among others.