The German battery market is estimated to grow at a significant CAGR during the forecast period. The demand for batteries has increased owing to the increased adoption of EVs. Further, major players in the industry are getting involved in the initiative taken by the government to expand domestic manufacturing of batteries in the region.
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On June 30, 2020, German Minister of Economic Affairs and Energy Peter Altmaier officially awarded the government's first grant worth EUR 300 million (around $355 million) to battery company Varta. The initiative is part of a European Union IPCEI, Important Project of Common European Interest. Four other companies (BASF, BMW Group, Opel, and Umicore) with battery-cell projects in Germany will also be receiving grants.
Germany aims to have 7 to 10 million electric vehicles on the roads by 2030, and government-backed incentives of up to $10,696 are available to purchasers of new electric vehicles and hybrids. This will open up business opportunities for German subsidiaries of foreign companies as well. Such initiatives by the government open up new opportunities and provide significant growth to the German battery industry.
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