Berlin, June 16 (SocialNews.XYZ) The German battery market grew 35 per cent to 5.9 billion euros (7.2 billion US dollars) last year, faster than in 2019, the German Electrical and Electronic Manufacturers' Association (ZVEI) said on Wednesday.
Lithium-ion batteries, which are used in electric cars and e-bikes, accounted for the largest share of the market at three billion euros, according to the ZVEI.
The segment increased by 63 per cent year-on-year, Xinhua reported.
"Despite the coronavirus pandemic, the German battery market is on an upward trend," said Christian Eckert, managing director of ZVEI's batteries division, in a statement. The volume of the market for lithium-ion batteries in particular "increased enormously."
The market volume for lithium-ion batteries was partly due to the "high growth in imports" of battery cells to Germany, the association noted. Imports of lithium-ion batteries from Asia grew 14 per cent in 2020, with imports from China even increasing 16 per cent.
"China is by far the most important battery supplier for Germany from Asia," the ZVEI noted. In total, 1.9 billion euros worth of batteries were imported by Germany from China in 2020.
"Almost all of Germany's battery imports come from Asia and Europe," the ZVEI said. Europe accounted for 52 per cent of total imports, and Asia, 46 per cent.
Source: IANS
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