"To Enter the European Electric Vehicle Battery Market"... KOTRA Publishes Strategic Guide
[Asia Economy Reporter Kim Heung-soon] KOTRA announced on the 26th that it has published the '2021 Europe Electric Vehicle Battery Market Entry Strategy Guide' to support the entry of Korean companies into the European electric vehicle battery industry, where the global value chain (GVC) is being reorganized.
This report includes ▲the current status and outlook of the European electric vehicle battery industry ▲analysis of major technology trends such as battery cells and battery management systems (BMS) ▲growth prospects of upstream and downstream industries such as battery manufacturing equipment and recycling markets ▲entry strategies and implications for Korean companies.
Europe became the world's largest market by selling 1.4 million electric vehicles in 2020. It also plans to invest 6.1 billion euros (approximately 8 trillion won) in the electric vehicle battery market to reduce dependence on offshore production and expand supply chain autonomy.
KOTRA analyzed that by 2023, opportunities for Korean companies to enter the upstream equipment market will increase due to the expansion of battery factories and the establishment of new battery cell manufacturers in Europe. Furthermore, it is expected that the growth of the European electric vehicle market will continue until 2030, expanding even to the downstream battery recycling market.
KOTRA presented four key keywords for Korean companies to target the European electric vehicle battery market in the report: ▲participation in domestic industry promotion programs ▲local production ▲joint research and development (R&D) ▲participation in exhibitions and forums. The report can be downloaded from the KOTRA overseas market website.
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Lee Gil-beom, head of KOTRA's Europe Regional Headquarters, said, "The European battery market is expected to grow explosively over the next five years," and added, "We will actively support Korean companies to seize new market opportunities in Europe."
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