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11/11/2022· The need for efficient batteries – for transport, power and industrial applications – is growing fast and at an increasing pace. The European Commission launched the European Battery Alliance in October 2017 to address this industrial challenge. The annual market value is estimated at €250 billion from 2025 onwards.
The Europe battery market is expected to grow at a CAGR of 7.15%, accounting from USD 14.5 billion in 2020 to USD 23 billion in 2027. In 2020, due to disruptions in supply chains of battery raw materials such as lithium and cobalt, the major battery manufacturers and end-users witnessed a significant slowdown in their businesses.
