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North America EV Battery Reuse Market Size

Report ID: GMI8654
Published Date: Mar 2024
Report Format: PDF

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North America EV Battery Reuse Market Size

North America EV Battery Reuse Market size surpassed USD 32.8 million in 2023 and is anticipated to grow at a CAGR of 53.3% between 2024 and 2032, driven by the increasing adoption of electric vehicles, leading to a surge in retired EV batteries available for repurposing.

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As per IEA, U.S. witnessed a total sale of 1.6 million EVs in 2023, which grew from only 0.2 million units in 2016. Initiatives promoting sustainability drive companies to explore reuse options, reducing waste. Advancements in battery management technologies enhance the feasibility of repurposing batteries for secondary applications like grid energy storage. Government incentives supporting battery recycling initiatives further stimulate market growth, fostering investment and innovation in this sector.

North America EV Battery Reuse Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America EV Battery Reuse Market Size in 2023:	USD 32.8 Million
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	53.3%
2032 Value Projection:	USD 1.52 Billion
Historical Data for:	2019 - 2023
No. of Pages:	110
Tables, Charts & Figures:	104
Segments covered:	Application, Source
Growth Drivers:	Growing penetration of electric vehicles Growing demand for energy storage systems
Pitfalls & Challenges:	Declining battery cost and lack of government regulations

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

Industry size for North America EV battery reuse was USD 32.8 million in 2023 and is anticipated to grow at 53.3% CAGR from 2024-2032, driven by the increasing adoption of EVs leading to the surge in retired batteries available for repurposing.

North America EV battery reuse industry from HEV & PHEV source segment is projected to account for over 40% revenue share by 2032 attributed to the advancements in battery technology and the growing emphasis on sustainability.

U.S. EV battery reuse industry is estimated to generate more than USD 1.4 billion in revenue by the end of 2032, on account of the increasing adoption of EVs, leading to a surplus of retired batteries, which are repurposed for secondary applications.

Some of the key North America EV battery reuse market players are Ascend Elements, Inc., B2U Storage, Cirba Solutions, Moment Energy, Nissan Motor Co., Ltd., Renault Group, RePurpose Energy Inc., RWE + Audi, Spiers New Technologies Inc., Stena Metall, and Tesla.