EV Battery Reuse Market size is set to surpass USD 11 billion by 2032, according to a new research report by Global Market Insights Inc.
The report indicates that the strong focus on grid load reduction will proliferate EV battery recycling and reuse. The aging of energy infrastructure and power outages owing to climate crises have boosted the requirement for effective energy storage units. According to data from Climate Central, from 2000 to 2021, weather-related events were responsible for 83% of power cuts in the U.S. With the rising construction of commercial and residential spaces, alongside the emphasis on accelerating the shift from fossil fuels to clean energy technologies.
Lack of vehicle charging infrastructures will bolster demand for EV battery recycling processes
EV battery reuse market from the EV charging application segment is expected to cross USD 2 billion by 2032, on account of the increasing EV deployment and concerns regarding limited charging infrastructure. Considering the shortage of essential charger components and precious metals including lithium, the creation of new charging points has also been sluggish. These trends are likely to influence EV service providers to utilize second-life batteries as a backup storage option. Likewise, the high awareness of the economic feasibility of battery reuse will further strengthen the industry outlook.
Emphasis on emission reduction will drive HEV & PHEV battery recycling and reuse
In terms of source, the EV battery reuse market from HEV and PHEV segment is slated to depict over 35% CAGR between 2023 and 2032, impelled by to the escalating vehicle sales. Based on the U.S. Department of Energy, from 2020 to 2021, sales of light-duty plug-in electric vehicles, including PHEVs, rose from 308,000 to 608,000. Moreover, the focus on reaching carbon emission targets is set to amplify the recycling and reuse of batteries sourced from HEVs and PHEVs to contribute to a low-carbon economy.
Browse key industry insights spread across 240 pages with 332 market data tables & 31 figures & charts from the report, “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”, in detail along with the table of contents:
Increasing power outages and automobile demand may spur EV battery reuse in APAC
Asia Pacific EV battery reuse market is anticipated to register more than 43% growth rate through 2032, due to the rising disposable income and EV production. China has also emerged as the leading producer of lithium-ion batteries, thereby expanding the scope of battery recycling. Furthermore, with the growing disturbances in power supply, the EV battery reuse for energy storage applications will gain momentum and consequently, add impetus to the regional business growth.
Strategic mergers & acquisitions to emerge as a prominent strategy for industry development
Key participants operating in the global EV battery reuse market are BatteryLoop, evyon.com, Stena Metall, Connected Energy Ltd., RePurpose Energy Inc., Moment Energy, B2U Storage, Renault Group, Second Life EV Batteries Ltd., RWE + Audi, Nissan Motor Co., Ltd., and Spiers New Technologies Inc. Mergers and acquisitions are among the key strategies being adopted by these firms to expand their product portfolio and customer base to strengthen their presence in the global industry.
For instance, in September 2021, Cox Automotive, an automotive solution provider, acquired Spiers New Technologies Inc. This acquisition deal was intended to help Cox offer innovative end-of-life EV battery solutions to automakers and aid SNT in gaining a larger market share through an expanded outreach to manufacturers.