As per the report published by Fior Markets, The EV battery reuse Market is expected to grow from USD 263 million in 2020 to USD 2.09 billion by 2028, at a CAGR of 29.61% during the forecast period 2021-2028.
The market demand for EV battery reuse will be fueled by the growing emphasis on a paradigm shift from traditional cars to electric vehicles due to the increasing carbon footprint. Energy storage, base stations, low-speed vehicles, and electric vehicle charging stations are all potential uses for the technology. The adoption of EV battery reuse will be aided by rising worries about energy security and the potential for cost savings. Changing discharge rates, severe operating temperatures, and many partial cycles each year are only a few of the main variables that impact battery performance in electric vehicles. As a result, batteries that do not satisfy performance criteria are increasingly being reused. Furthermore, strict restrictions aimed at reducing bulk battery waste and rising battery demand across stationary storage applications will boost corporate development.
Automobile manufacturers are repurposing and reassembling end-of-life electric vehicle battery packs as low-cost replacement batteries for older electric vehicles. For backup power, both residential and commercial clients utilize them in conjunction with on-site solar power. Lower-range electric vehicles’ batteries, such as the Chevy Volt and Cadillac ELR, might supply half a day’s worth of household energy. In contrast, higher-range electric vehicles’ batteries, such as the Mercedes SLS and Tesla Model S, could give several days’ worth of household electricity.
The epidemic of coronavirus began in the first quarter of FY 2020 all over the world. The COVID-19 epidemic has prompted widespread lockdowns in several countries, leading to the temporary suspension of numerous commercial operations, which has hampered the expansion of the EV battery reuse industry. Furthermore, lockdowns have influenced global supply chains, with significant industrial problems such as battery collecting and resale.
Key players operating in the EV battery reuse market are Mitsubishi Electric, Global Battery Solutions, Connected Energy, BYD Co Ltd., Daimler AG, Relectrify Pty Ltd., Groupe Renault, Battery Solutions, LI-CYCLE CORP., and Retriev Technologies. To earn a significant market share in the EV battery reuse market, the key players now focus on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- In May 2019, Volkswagen constructed 12 mobile charging stations in Wolfsburg, Germany, utilizing second-hand electric vehicle batteries with a total capacity of 360kWh. Furthermore, low-speed electric cars are gaining popularity across Europe.
Energy Storage segment dominated the market and held the largest market share of 35.43% in the year 2020
Based on application, the EV battery reuse market is segmented into Energy Storage, EV Charging, Base Stations, and Low-Speed Vehicles. The energy storage application segment dominated the EV battery reuse market and held the largest market share of 35.43% in 2020. Over the projected period, rising energy consumption due to population growth and a lack of power supply will fuel the EV battery reuse market statistics development. Batteries that do not retain 80% of total useable capacity are expelled from EVs due to non-compliance with performance requirements. The employed Li-ion batteries can also be used as a backup system, with power saved during regular grid supply and discharged during power outages, especially during harsh climatic circumstances. Because of its capacity to power low-energy-demanding applications as part of an energy storage system, the EV battery reuse industry is expected to develop.
Energy Storage segment dominated the market and held the largest market share of 41.18% in the year 2020
Based on the source, the EV battery reuse market is segmented into BEV, HEV & PHEV. The BEV source segment dominated the EV battery reuse market and held the largest market share of 41.18% in 2020. The EV automotive industry, where lithium-ion batteries are used in electric power vehicles, has seen the most significant rise in lithium-ion battery adoption. Difficulty in disposing of batteries and an increase in the number of reused batteries due to the growing number of BEV cars are two of the most important factors driving market expansion. Furthermore, second-life lithium-ion batteries are used as a backup power source in data centers and telecom base stations, boosting the EV battery reuse market share.
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