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Europe Industrial Traction Battery Market Trends

Report ID: GMI9093
Published Date: Apr 2024
Report Format: PDF

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Europe Industrial Traction Battery Market Trends

The market is witnessing several significant trends that are shaping its growth trajectory. Rapid adoption of electric vehicles (EVs) in region is driving demand for advanced battery technologies, with lithium-ion batteries gaining prominence due to their high energy density and efficiency. Market sees increased collaboration among industry players for innovative battery technologies amid rising demand for clean energy with government initiatives further propelling market trends. For instance, in July 2023, European Commission announced investment of USD 3.82 billion in 41 clean tech projects through EU Innovation Fund, focusing on REPowerEU Plan and reducing reliance on Russian fossil fuels. Projects include cement, steel, biofuels, aviation fuels, wind, solar, and renewable hydrogen. The aim is to decarbonize challenging sectors of the European economy.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

Europe industrial traction battery market size was USD 378.9 million in 2023 and is expected to register 14.4% CAGR from 2024-2032 owing to increasing demand for electric vehicles (EVs) and the need for more sustainable energy solutions in the region.

Europe industrial traction battery industry from the lithium-ion batteries segment is expected to exceed USD 850 million by 2032 due to their high energy density, extended cycle life, and enhanced safety features.

Germany industrial traction battery industry is expected to cross USD 270 million by 2032 due to a strong emphasis on innovation and sustainability, driving demand for advanced battery technologies in the country.

Exide Industries Ltd., LG Energy Solutions, MIDAC S.p.A., Mutlu Corporation, Northvolt, Panasonic Corporation, Robert Bosch GmbH, Samsung SDI Co., Ltd, Toshiba Corporation, Volkswagen AG, and XALT Energy, are some of the major industrial traction battery companies in Europe.