Europe Lithium Ion Battery Market To Raise At A CAGR Of 7.5%

Posted by Steve Sharma on November 1st, 2021

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. 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.

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