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Europe Traction Battery Market Size
- Report ID: GMI8826
- Published Date: Apr 2024
- Report Format: PDF
Europe Traction Battery Market Size
Europe Traction Battery Market was valued at USD 18.7 billion in 2023 and is anticipated to grow at a CAGR of 18.1% from 2024 to 2032. There is a surge in demand for electric vehicles (EVs) with increasingly stringent emissions regulations and a growing awareness of environmental concerns. As EV sales rise, so does the demand for traction batteries, which are essential components powering these vehicles.
Ongoing government incentives and subsidies promoting the adoption of EVs, and its infrastructure are further fuelling market growth. For instance, in October 2022, in a move toward achieving net zero emissions, the German government has given the green light to a USD 6.1 billion initiative spanning three years. The objective is to realize a 14-fold surge in charging infrastructure, escalating from the current 70,000 to 1 million by 2030. Moreover, technological advancements along with improved energy density and longer battery life, are also making electric vehicles more attractive to consumers. Therefore, these factors will create a favourable environment for the expansion of the traction battery market in Europe.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Europe Traction Battery Market Size in 2023: | USD 18.7 billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 18.1% |
| 2032 Value Projection: | USD 81.8 billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 315 |
| Tables, Charts & Figures: | 105 |
| Segments covered: | Chemistry, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Frequently Asked Questions (FAQ) :
Europe Traction Battery Market Scope
