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EV Battery Reuse Market Size By Application (Energy Storage, EV Charging, Base Stations, Low Speed Vehicles), By Source (BEV, HEV & PHEV), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023– 2032

  • Report ID: GMI4812
  • Published Date: Feb 2023
  • Report Format: PDF

EV Battery Reuse Market Size

EV Battery Reuse Market size valued at USD 300 million in 2022 and is projected to expand at more than 45% CAGR from 2023 to 2032, on account of the increased preference for low-emission vehicles.

EV Battery Reuse Market

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Electric car sales are witnessing strong growth, as part of the ongoing clean energy transition. Based on the IEA’s Global Electric Vehicle Outlook, in 2021, plug-in hybrids and fully electric vehicle sales doubled to reach 6.6 million. As a result, battery recycling has become a crucial aspect of the electric vehicle sector to ensure compliance with strict emission regulations. With the high emphasis on carbon footprint reduction and limiting the adoption of fossil fuel vehicles, battery electric vehicle production is set to rise and consequently boost the development of EV battery recycling plants.

Due to limited regulations pertaining to EV battery recycling and reuse, the market is still in its nascent stage. As EV batteries reached their end of service, policymakers are being encouraged to formulate effective methods to use second-life batteries, in turn, creating lucrative opportunities for industry expansion. Moreover, the rapid advancement in lithium-ion technology and the declining battery cost may limit EV battery recycling processes over the estimated timeline.

EV Battery Reuse Market Analysis

EV Battery Reuse Market Share By Source Size

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In terms of source, the EV battery reuse market value from BEV segment surpassed USD 120 million in 2022. This growth is attributed to the rising government efforts to limit the use of vehicles powered by internal combustion engines. Citing an instance, in October 2022, the European Parliament and the Council reached a provisional agreement to impose strict carbon dioxide emission performance standards for new vans and cars. The introduction of stringent emission targets will therefore add impetus to BEV development and consequently propel the supply of lithium-ion batteries for reuse applications.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The global EV battery reuse market size crossed USD 300 million in 2022 and is anticipated to exhibit over 45% gains through 2032, on account of the increased preference for low-emission vehicles.

The BEV source segment reached USD 120 million in 2022, considering government efforts to limit the adoption of internal combustion engine-powered vehicles.

The Europe EV market is expected to register over 47% CAGR between 2023 and 2032, given the increasing fuel prices and strict emission norms and targets.

Key players operating in the global industry include Connected Energy Ltd., Moment Energy, Renault Group, Nissan Motor Co., Ltd., Spiers New Technologies Inc., RePurpose Energy Inc., Tesla, and Second Life EV Batteries Ltd., among others.

EV Battery Reuse Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 14
  • Tables & Figures: 363
  • Countries covered: 13
  • Pages: 240
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