BANGALORE, India, Nov. 7, 2022 /PRNewswire/ — EV Battery Reuse Market by Source (Battery Electric Vehicles (BEVs), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)), by Battery Chemistry (Lithium-Iron Phosphate, Lithium-Manganese Oxide, Lithium-Nickel-Cobalt-Aluminum Oxide, Lithium-Nickel-Manganese Cobalt, Lithium-Titanate Oxide), by Vehicle Type (Passenger Cars, Commercial Vehicles), by Application (Low speed vehicles, Base Stations, EV charging, Energy Storage): Global Opportunity Analysis and Industry Forecast, 2021-2031. It is published in Valuates Reports under the Hybrid & Alternative Vehicles Category.
The global EV battery reuse market size was valued at USD 0.2 billion in 2021, and the EV battery reuse industry is projected to reach USD 3.9 billion by 2031, growing at a CAGR of 34.3% from 2022 to 2031.
Major Factors Driving The Growth Of The Ev Battery Reuse Market are
The EV battery reuse market is anticipated to increase as a result of factors like the shortage of raw materials and the rising demand for battery materials due to expanding global energy demand from other sectors.
Furthermore, the EV battery reuse market will benefit from rising concerns about energy security and significant cost savings throughout the predicted period.
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TRENDS INFLUENCING THE GROWTH OF EV BATTERY REUSE MARKET
Concerns about the sustainable availability of battery materials have been raised as a result of the rapidly expanding EV market. These include supply concerns brought on by large geopolitical cobalt concentrations, social and environmental effects of mining, the availability of cobalt and lithium reserves, and the necessity for swift supply chain upscaling to meet anticipated demand. Reusing EV batteries will aid in addressing the lack of battery raw materials and rising global energy demand. These factors are expected to drive the growth of the EV battery reuse market.
Due to increasing investments in communication towers worldwide, it is predicted that the EV battery reuse market would expand across base station applications. Reusing EV batteries can provide the energy storage system that base stations need to provide a steady power supply for efficient operation.
Direct reuse is one of the easier options, where salvaged batteries from insurance write-offs are evaluated and tested to be usable before being offered as replacements in other EVs. This approach is comparable to current markets for internal combustion engine powertrain components.
Batteries could also be used as grid-scale solar storage or to replace conventional grid-connected combustion turbine peaker facilities for peak shaving. This factor is expected to drive the growth of the EV battery reuse market. The battery reuse lifetimes anticipated by this application are at least ten years. The grid stability problems with renewable energy can be solved using battery energy storage. The battery can be used as a grid backup power source by DSOs and energy providers.
Research and proof-of-concept projects are receiving funding in an effort to enhance EV second-life applications. For instance, funding is being given to research and studies that demonstrate the viability of EV second-life uses. This factor is further expected to drive the EV battery reuse market.
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EV BATTERY REUSE MARKET SHARE ANALYSIS
In 2021, Asia-Pacific dominated the global market for reusing EV batteries. In this region, there is a high need for diverse batteries across a number of industries. The existence of a sizable population and expanding industrial prospects in the area have increased the demand for battery recycling and reuse facilities.
The EV battery reuse market is dominated by the commercial vehicle segment globally. Electricity is used to power commercial vehicles instead of diesel or fuel. Manufacturers have been forced to create ECVs for the entire world by the rising demand for low-emission transportation and official support of zero-emission transportation for electric commercial vehicles, including buses, trucks, pickups, and vans, through subsidies and tax refunds.
The global EV battery reuse market is dominated by the lithium manganese oxide segment. Electricity, gas, and water meters, fire and smoke alarms, security equipment, and other devices frequently use lithium manganese oxide batteries.
The expansion of the worldwide EV battery reuse market is dominated by the category of battery electric cars. The market is expanding as a result of rising demand for environmentally friendly mobility solutions to reduce pollution levels and the availability of tax incentives.
In 2021, the base station application held the greatest market share.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- BYD
- Global Battery Solutions
- Daimler AG
- Samsung SDI Co
- LG Chem Ltd
- Groupe PSA
- GS Yuasa Corporation
- General Motors
- Toshiba Corporation
- Envision Aesc
- Nissan Motor Co
- Toyota Motor Corporation
- BMW Group
- Tesla
- Johnson Controls
- Lithium Wrecks
- Mitsubishi Electric Corporation
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