Press release
Second-life EV Batteries Market to be Worth $20.25 Billion by 2030
According to this latest publication from Meticulous Research®, the second-life EV batteries market is projected to reach $20.25 billion by 2030, at a CAGR of 39.1% from 2023 to 2030. The growth of the second-life EV batteries market is driven by efforts towards mitigating the environmental impact of battery disposal, the growing adoption of renewable energy sources, and the increasing demand for electric vehicles (EVs).
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The Efforts to Mitigate the Environmental Impacts of Battery Disposal is Expected to Provide Opportunities for the Second-life EV Batteries Market
Improper battery disposal can have significant environmental impacts. Batteries contain various chemicals and metals that can be harmful to the environment if they leach into the soil or water. Efforts to address the environmental impacts of Electric Vehicle (EV) battery disposal are increasing, encompassing the implementation of robust recycling systems, exploration of alternative battery chemistries with reduced environmental footprints, and the establishment of regulations to ensure responsible disposal practices. However, certain battery materials are lost during the recycling process, necessitating the sourcing of those materials in the production of new batteries. Hence, battery refurbishing/repurposing has emerged as a new way of promoting sustainability and limiting the adverse environmental impacts of end-of-life batteries. The repurposing of end-of-life batteries offers the following benefits :
Resource Conservation: Unlike battery recycling, the refurbishing of end-of-life batteries does not require the replacement of materials lost during the recycling process, conserving critical battery materials/resources.
Reduced Pollution: The manufacturing of batteries using recycled materials has a considerable environmental footprint, which can be avoided through battery repurposing.
Efficient Energy Management: Batteries allow for the storage of excess energy during periods of high generation and can support electricity grids during periods of peak demand. However, the environmental footprint of new batteries is high, which can be reduced through the use of second-life batteries.
Based on application, the second-life EV batteries market is segmented into EV charging, grid connections, renewable energy storage, power backup, and other applications. In 2023, the power backup segment is expected to account for the largest share of the global second-life EV batteries market. The large market share of this segment is attributed to the growing demand for power backup applications in the residential and commercial sectors and rising efforts towards mitigating the environmental impact of battery disposal.
However, the EV charging segment is projected to register the highest CAGR during the forecast period. The rising demand for cleaner and more efficient energy systems and increasing adoption of EV charging applications in industrial, residential, and commercial sectors are expected to support the growth of this segment.
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Based on end use, the global second-life EV batteries market is segmented into commercial use, residential use, and industrial use. In 2023, the commercial use segment is expected to account for the largest share of the global second-life EV batteries market. The large market share of this segment is attributed to the increasing use of second-life EV batteries for stationary applications, such as providing backup power for buildings, data centers, or telecommunications infrastructure.
However, the residential use segment is also expected to record the highest CAGR during the forecast period. The growth of this segment is driven by increasing demand for energy storage systems in the residential sector and increasing strategic developments by market players to explore second-life EV batteries for residential and commercial use for grid-scale energy storage applications.
Based on geography, the global second-life EV batteries market is segmented into five major regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global second-life EV batteries market. The large share of this market is attributed to the rising initiatives aimed at promoting the utilization of second-life batteries, addressing end-of-life EV battery concerns, and organizing the battery waste sector.
Moreover, Europe is expected to record the highest CAGR during the forecast period. The growth of this market is attributed to the rising initiatives by automakers to create second-life energy storage systems from used EV batteries.
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Key Players:
Some of the key players operating in the global second-life EV batteries market are B2U Storage Solutions, Inc. (U.S.), RePurpose Energy Inc. (U.S.), BeePlanet Factory SL (U.S.), ReJoule (U.S.), Cactos Oy (Finland), ECO STOR AS (Norway), Connected Energy Ltd. (U.K.), Smartville Inc. (U.S.), Lohum Cleantech Private Limited (India), and DB Bahnbau Gruppe GmbH (Germany).
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