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North America EV Battery Reuse Market Trends

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

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North America EV Battery Reuse Market Trends

North America EV battery reuse industry is witnessing a substantial growth owing to factors including the growing emphasis on sustainability and circular economy principles. Technological advancements in battery management systems and energy storage solutions are facilitating the integration of reused batteries into secondary applications such as grid energy storage and stationary power backup. For instance, In July 2020, LG Chemical Ltd. partnered with GS Caltex to develop EV battery services integrated with Big Data, aiming to enhance charging solutions and gain expertise on EV batteries. Moreover, collaborations between automakers, battery manufacturers, and energy companies are fostering innovation and expanding reuse opportunities, further shaping the landscape of the EV battery reuse market in the region.

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.