Europe Battery Systems For Electric Vehicles Market – Growth, Trends, And Forecast (2020 – 2025)
Europe Battery Systems For Electric Vehicles market has been thoroughly scrutinized and then carefully demarcated by geographic locations which are based on major economic regions and their topographical regions. Growing competition and the changing market dynamics has been highlighted. Aggressive market players are profiled with attributes of company overview, financial overview, business strategies, product portfolio and recent developments. The Market share and Market size prominent players for 2020 to 2025 are profiled in this report.
The Europe Battery Systems For Electric Vehicles market is highly competitive and consists of a number of major players: Contemporary Amperex Technology, LG Chemicals, BYD, Samsung SDI, Toshiba Corporation, Hitachi, Banner batteries, Sunlight
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Scope of the Report
The Europe battery systems for electric vehicles market?is anticipated to register a CAGR of around 15% during the forecast period (2020- 2025).
The sales of electric vehicles in Europe grew with around 32% CAGR during the period 2014-19 and is expected to grow further during the forecast period. As per the center for automotive management, during the 2016-2019 sales volume of electric vehicles in Germany grew with a CAGR of 44%, Norway with 16%, UK with 18%, France with 20% and Netherlands with 30%. This growth in sales of electric vehicles will be key to the growth of battery systems for EVs in Europe.
Key Market Trends
Demand for Zero Emission Vehicles will Drive Demand in the Region
With the increasing pollution levels all around the world, climate change, government initiatives like subsidies on purchase of electric vehicles for increasing awareness among people and encourage them to buy electric vehicles will drive the demand for electric vehicles in the region. In Finland, the purchase subsidy for electric cars was introduced at the start of 2018. For the period 2018-2021, people who are either buying a new electric car or signing a long-term lease agreement for an electric car may receive a Euro 2,000 purchase subsidy from the Finnish government. The Finnish Ministry of Transport also commissioned a Task Force to analyze how the country is expected to reach its goal to eliminate CO2 emissions from the transport sector by 2045. To achieve this target, the task force has proposed a gradual increase in taxes on fossil fuel vehicles and more subsidies for electric vehicles. These kinds of developments are expected to help EV sales grow, which in-turn would drive the market for battery systems in the region.
Norway is Expected to Dominate the European Battery System for Electric Vehicles
In 2018, out of all new vehicles registered about 30% vehicles are Battery electric vehicles and 18% are plugin hybrid electric vehicles. During the forecast period, the trend is expected to continue, because of the financial benefits provided by the government to the electric vehicle buyers. Also, continuous development by the global leaders in technology is improving the performance of the vehicles such as the drive range and fast charging which is further helping the cause. Norway has the highest rate of electric car ownership in the world 58 percent of new cars sold in March 2019 were electric vehicles. With high adaption rate of EVs in the region the country aims a 100% EV adaption by 2025 and elimination of IC engines. The Government is not only incentivizing the EV buyers but also spending and promoting EV based infrastructure development and innovations. For instance, in March 2019, the government announced they will install the worlds first wireless electric car charging stations for taxis in the countrys capital.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Europe Battery Systems For Electric Vehicles Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2015 to 2020 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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