EV Battery Reuse Market Analysis

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.
 

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.