Press release
EV Battery Reuse Market Development Status and Growth Projection to 2031
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The report divides the global EV battery reuse market on the basis of source, battery chemistry, vehicle type, application, and region.
Based on source, the battery electric vehicles (BEVs) segment held the largest share in 2021, accounting for nearly two-fifths of the market. However, the fuel cell electric vehicle (FCEV) segment is projected to manifest the highest CAGR of 34.8% during the forecast period.
On the basis of battery chemistry, the lithium-manganese oxide segment held the lion's share in 2021, contributing to nearly one-third of the market. However, the lithium-titanate oxide segment is estimated to portray the highest CAGR of 35.3% from 2022 to 2031.
Based on vehicle type, the commercial segment is projected to showcase the highest CAGR of 34.5% during the forecast period. In addition, the segment held the largest share in 2021, accounting for nearly two-thirds of the market.
On the basis of application, the low speed vehicle segment is expected to register the highest CAGR of 35.0% during the study period. However, the base stations segment dominated the market in terms of revenue generation in 2021, contributing to around two-fifths of the market.
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The global EV battery reuse market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion's share in 2021, accounting for more than one-third of the market. In addition, the region is anticipated to showcase the highest CAGR of 34.9% during the forecast period.
The global EV battery reuse market includes an in-depth analysis of the prime market players such as Global Battery Solutions, Ltd., BYD Co, Ltd., Samsung SDI Co., Ltd, Daimler AG, Groupe PSA, LG Chem Ltd., General Motors, GS Yuasa Corporation, Envision AESC, Toshiba Corporation, Toyota Motor Corporation, Nissan Motor Co., Ltd., Tesla Inc, BMW Group, Johnson Controls, Inc., Lithium Wrecks, and Mitsubishi Electric Corporation.
Key findings of the study
• Asia-Pacific is projected to exhibit CAGR of 34.9% during 2022-2031.
• As per global EV battery reuse market analysis, by source, the solid biofuel segment accounted for the largest share in 2021.
• By battery chemistry, the lithium manganese oxide segment was the leading segment in 2021.
• By vehicle type, the commercial vehicle segment occupies 64% of total market share
• By application, the base stations segment has held the largest market share in 2021.
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