EV battery reuse market is expected to surpass USD 1.5 Billion by 2026, as reported in the latest study by Global Market Insights Inc. The market has witnessed a substantial growth in the recent years on account of rising demand for stationary storage to ensure electricity supply.
Developing nations across Asia Pacific region are subject to frequent shortage of energy supply due to inefficient grid infrastructure. This has positively influenced the market demand for a reliable and cost effective solutions including EV battery reuse. Moreover, growing number of EV vehicles coupled with rising concerns toward mass disposal of hazardous batteries will further augment the EV battery reuse market share.
Soaring requirement of EV charging infrastructure will augment the industry growth of EV battery reuse technology
Market demand from EV charging application is anticipated to grow on account of mounting concerns for space utilization for electric vehicle charging infrastructure. The EV battery reuse provides an efficient charging technology which is sustainable as well as portable. Growing number of electric vehicles has developed a need for charging stations globally.
This has created a concern for the respective governments to develop a sustainable infrastructure for fast charging of the EVs. The second life EV batteries are increasingly being utilized to form an ESS for charging electric vehicles effectively, which is enhancing the EV battery reuse market statistics.
Growing number of hybrid and plug-in hybrid electric vehicles across the globe will profitably boost the market growth
The market share of hybrid and plug in hybrid electric vehicles have witnessed significant growth over the past decade. According to the International Energy Agency (IEA), more than 2.31 million PHEV vehicles were sold globally in 2019. The growth in the number of EVs generate an opportunity to refurbish and reuse the disposed batteries across several applications including energy storage systems, powering commercial appliances and other energy uses.
In addition, the lithium ion batteries, which are used in HEV & PHEV, are reusable and can be deployed across various industries as a secondary power source, further enhancing the EV battery reuse market outlook.
Browse key industry insights spread across 200 pages with 211 market data tables & 50 figures & charts from the report, “EV Battery Reuse Market By Application (Energy Storage, EV Charging, Base Stations, Low Speed Vehicles), By Source (BEV, HEV & PHEV), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market hare & Forecast, 2020 – 2026” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/ev-battery-reuse-market
Ongoing efforts to replace traditional vehicle to minimize the increasing carbon footprint will propel product deployment
The growth in the number of electric vehicles across North America region will drive the growth of EV battery reuse market. Growing number of conventional fuel vehicles have posed a threat to the environment due to rising carbon emission rate. As a result, several efforts are being made to promote the utilization of electric vehicles and minimize the vehicular emissions.
According to Bureau of transportation statistics (BTS), the number of EVs sold in U.S. in 2019 increased to approximately 700 thousand units from just 9 thousand units in 2000. As a result, North America EV battery reuse market is anticipated to witness a substantial growth over the forecast period on account of the growing number of available batteries for reuse from the electric vehicles.
Market leaders operating in the EV battery reuse industry include Connected Energy, GS Yuasa Corporation, Global Battery Solutions, Johnson Controls, Relectrify Pty Ltd., BMW Group, BYD Co, Ltd. amongst others. Moreover, the EV battery companies are strategically collaborating with the vehicle manufacturers to provide collection, refurbishment and redeployment services for old batteries. This in turn has created a considerable market opportunities for EV battery redeployment.