Press release
EV Battery Reuse Market : Global Opportunity Analysis and Industry Forecast, 2021-2031
EV Battery Reuse Market 2031The global EV battery reuse market size was valued at $0.2 billion in 2021, and the Electric Vehicle battery reuse industry is projected to reach $3.9 billion by 2031, growing at a CAGR of 34.3% from 2022 to 2031. Due to factors like the scarcity of raw materials and the rising demand for battery materials as a result of the expanding global energy demand from other sectors, it is predicted that the market for reusing EV batteries will grow. Throughout the anticipated period, the EV battery reuse market will also profit from growing concerns about energy security and significant cost savings.
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Trends Influencing the Growth of EV Battery Reuse Market
Due to the fast growing EV market, worries have been expressed concerning the long-term availability of battery materials. These include issues with supply caused by significant geopolitical cobalt concentrations, social and environmental impacts of mining, the existence of cobalt and lithium reserves, and the requirement for quick supply chain expansion to meet anticipated demand. The lack of battery raw materials and the rising global energy demand can both be addressed by recycling EV batteries. The market for reusing EV batteries is anticipated to grow as a result of these factors.
The EV battery reuse market in base station applications is anticipated to grow due to rising investments in communication towers across the globe. Reusing EV batteries can give base stations the energy storage system they require to supply a constant power source for effective operation.
One of the simpler solutions is direct reuse, where recovered batteries from insurance write-offs are inspected and put to the test to see whether they are still functional before being offered as replacements in other EVs. This strategy is akin to the markets that exist now for the powertrain components of internal combustion engines.
Batteries could potentially be utilized to replace conventional grid-connected combustion turbine peaker facilities for peak shaving or as grid-scale solar peaker storage. The EV battery reuse market is anticipated to expand as a result of this aspect. This application anticipates battery reuse lives of at least ten years. Using battery energy storage, the grid stability issues with renewable energy can be resolved. DSOs and energy suppliers can use the battery as a grid backup power source.
To improve EV second-life applications, funding is being given to research and proof-of-concept projects. For instance, funding is being provided for investigations and studies that show the potential of EV afterlife applications. This element is also anticipated to fuel the EV battery reuse market.
EV Battery Reuse Market Share Analysis
Asia-Pacific ruled the world market for reusing EV batteries in 2021. Numerous enterprises in this area have a strong demand for various batteries. The need for battery recycling and reuse facilities has grown as a result of the area's substantial population and developing industrial potential.
The commercial vehicle industry dominates the world market for reusing EV batteries. Commercial trucks are powered by electricity rather than diesel or petrol. The increased demand for low-emission transportation and government backing of zero-emission transportation for electric commercial vehicles, including buses, trucks, pickups, and vans, through subsidies and tax breaks, have compelled manufacturers to produce ECVs for the entire world.
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SIMILAR REPORTS
https://reports.valuates.com/reports/QYRE-Auto-0326/global-e-waste-recycling
https://reports.valuates.com/market-reports/QYRE-Auto-32W357/global-electric-vehicle-battery-pack
https://reports.valuates.com/market-reports/QYRE-Auto-31C8564/global-electric-vehicle-battery-recycling
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