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EV Battery Reuse Market size valued at USD 393.6 million in 2023 and is projected to expand at more than 46.6% CAGR from 2024 to 2032.
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 |
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Base Year: | 2024 |
EV Battery Reuse Market Size in 2024: | USD 393.6 Million |
Forecast Period: | 2024 to 2032 |
Forecast Period 2024 to 2032 CAGR: | 46.6% |
2032 Value Projection: | USD 11.4 Billion |
Historical Data for: | 2019 to 2023 |
No. of Pages: | 240 |
Tables, Charts & Figures: | 363 |
Segments covered: | Application, Source |
Growth Drivers: | |
Pitfalls & Challenges: |
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.