| Following a strong recovery in H2 2020, Europe’s electric vehicle (EV) momentum has continued into Q1 2021 with Ford of Europe and Jaguar Land Rover setting out new electrification targets this week.
As automakers expand their electric offerings, the 2020s will see European battery demand enter a new phase, with data from Benchmark’s Lithium ion Battery Database showing that battery demand in Europe is set to increase at an annualised rate of 40.1% between 2020 and 2025.
With these additional demand pressures there is a growing need for investment into the supply chain. This year the EU has promised an additional €2.9 billion of funding and SK Innovation added another battery megafactory to its European pipeline.
But is this enough to support Europe’s rapidly growing EV market? |
European battery demand set to enter new phase
