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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.
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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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| EV Battery Reuse Market Size in 2022: | 300 Million (USD) |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 45.4% |
| 2032 Value Projection: | 11.4 Billion (USD) |
| Historical Data for: | 2019 to 2022 |
| No. of Pages: | 240 |
| Tables, Charts & Figures: | 363 |
| Segments covered: | Application, Source |
| Growth Drivers: | |
| Pitfalls & Challenges: |
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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
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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.
EV battery reuse market from the base station applications is slated to depict over 33% growth rate through 2032, driven by the growing emphasis on the development of vehicles with low carbon footprints. In May 2022, the U.S. government announced a USD 3 billion investment in domestic EV battery production, as part of the nation’s goal to electrify half of its vehicle sales by 2030. However, the electrification of car fleets is becoming a challenge, owing to a gap between critical mineral demand and future production. Such factors are expected to promote the reuse of EV batteries as a power source for base stations, and in turn, generate lucrative opportunities for industry growth.
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Europe EV battery reuse market is poised to register nearly 47% gains between 2023 and 2032, given the increasing fuel prices and strict emission norms and targets. The EU, for example, set a 100% reduction target for vehicular carbon dioxide emissions from 2035 onward. Such initiatives will compel automakers to shift toward electric vehicles, which will amplify the usage of components such as EV batteries. The growing concerns about the effective handling of discharged batteries will also contribute to the imposition of favorable regulations and policies for battery unit recycling, in turn, bolstering product penetration in the region.
EV Battery Reuse Market Share
Top companies operating in the global EV battery reuse market are
- OCATVE BV
- BatteryLoop
- evyon.com
- Connected Energy Ltd.
- Moment Energy
- B2U Storage
- Stena Metall
- RWE + Audi
- Renault Group
- Nissan Motor Co., Ltd
- Spiers New Technologies Inc.
- RePurpose Energy Inc.
- Tesla
- Second Life EV Batteries Ltd.
These firms are incorporating varied strategies such as business funding and expansions to reinforce their presence in the global industry.
For example, in November 2022, second-life battery energy storage system providers, Cactos and Smartville, secured investments for energy storage projects in Finland and U.S. Under these projects, the companies intended to use the repurposed batteries from Tesla’s EVs procured from third-party providers. This initiative was intended to pave a pathway for second-life projects and enable the companies to establish a strong presence in the global market.
Impact of the COVID-19 pandemic
The COVID-19 pandemic and the resultant lockdowns led to an unprecedented drop in global car sales, especially in the initial months of 2020. However, the electric vehicle industry remained more resilient than the general automobile sector. Based on statistics from the IEA, in 2020, electric car sales rose to more than 3 million and recorded over 4% market share, making it a record-breaking year for electric mobility. Such factors are anticipated to foster the uptake of battery recycling projects and subsequently, assert a positive influence on the global industry over the forthcoming years.
The EV battery reuse market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MWh” & “USD Million” from 2019 to 2032, for the following segments:
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Market Insights, By Application
- Energy Storage
- EV Charging
- Base Stations
- Low Speed Vehicles
Market Insights, By Source
- BEV
- HEV & PHEV
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- Russia
- France
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of the world
Frequently Asked Questions (FAQ) :
EV Battery Reuse Market Scope
