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Second-life EV Batteries Market worth $47.46 billion by 2030, growing at a CAGR of 10.49% - Exclusive Report by 360iResearch
Second-life EV Batteries Market | 360iResearch
The Global Second-life EV Batteries Market to grow from USD 23.59 billion in 2023 to USD 47.46 billion by 2030, at a CAGR of 10.49%.
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Second-life Electric Vehicle (EV) batteries are repurposed or reutilized batteries originally designed for powering electric vehicles. These batteries generally retain approximately 70% to 80% of their initial capacity when retired from EVs, making them viable for various secondary applications. The growing proliferation of electric vehicles initiates an increasing necessity to manage the end of-life for first-life car batteries. The growing focus on sustainability and government initiatives for recycling and reusing products to minimize environmental impact is expanding applications of second-life electric vehicle (EV) batteries. However, safety issues and a lack of battery assembling professionals may impede using second-life electric vehicle (EV) batteries in end-use applications. Moreover, the expansion of microgrid structure and favorable ecosystem for startups is expected to create immense potential for the second-life electric vehicle (EV) batteries market globally.
The second-life EV batteries market is evolving in the Americas owing to the significant adoption of electricity, technological advancements, and investments in renewable energy storage solutions. Moreover, initiatives by public and private entities to establish guidelines for battery repurposing and recycling are expected to further boost the Americas's regional market growth. The Asia-Pacific region represents a growing second-life EV battery market driven by the robust EV manufacturing facilities, the government's focus on renewable energy and sustainability, and the presence of major EV and battery manufacturers. EMEA's market for second-life EV batteries is characterized by robust regulatory frameworks aimed at promoting a circular economy and reducing the carbon footprint. Besides, the increasing adoption of second-life electric vehicle batteries in commercial and industrial energy storage applications is anticipated to encourage the growth of the second-life EV batteries market worldwide.
Market Segmentation & Coverage:
This research report categorizes the Second-life EV Batteries Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Type, market is studied across Lead Acid, Lithium-Ion, Nickel, and Sodium-ion. The Lithium-Ion commanded largest market share of 60.15% in 2023, followed by Lead Acid.
Based on Application, market is studied across Commercial and Industrial Energy Storage, EV Charging, Grid Charging, Off-grid, and Residential Energy Storage. The EV Charging commanded largest market share of 31.05% in 2023, followed by Grid Charging.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 37.82% in 2023, followed by Asia-Pacific.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Second-life EV Batteries Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Second-life EV Batteries Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Second-life EV Batteries Market, highlighting leading vendors and their innovative profiles. These include Bayerische Motoren Werke AG, BYD Company Ltd., Connected Energy Ltd., EcarACCU, Enel X S.r.l., Fortum Corporation, Fortum Oyj, Hyundai Motor Company, Li-Cycle Corp., Mercedes-Benz Group AG, MG Motor, Nissan Motor Co., Ltd., Nunam Technologies India Pvt. Ltd., Nuvation Energy, Proterra, Inc., ReJoule Inc., Relectrify Pty Ltd., Renault Group, RePurpose Energy Inc., Rivian Automotive, Inc., RWE AG, Second Life EV Batteries Ltd., Toyota Motor Corporation, and Zenobē Energy Limited.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Second-life EV Batteries Market, by Type
7. Second-life EV Batteries Market, by Application
8. Americas Second-life EV Batteries Market
9. Asia-Pacific Second-life EV Batteries Market
10. Europe, Middle East & Africa Second-life EV Batteries Market
11. Competitive Landscape
12. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Second-life EV Batteries Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Second-life EV Batteries Market?
3. What is the competitive strategic window for opportunities in the Second-life EV Batteries Market?
4. What are the technology trends and regulatory frameworks in the Second-life EV Batteries Market?
5. What is the market share of the leading vendors in the Second-life EV Batteries Market?
6. What modes and strategic moves are considered suitable for entering the Second-life EV Batteries Market?
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About 360iResearch
360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
We are a dynamic, nimble company that believes in carving ambitious, purposeful goals and achieving them with the backing of our greatest asset - our people.
Quick on our feet, we have our ear to the ground when it comes to market intelligence and volatility. Our market intelligence is diligent, real-time and tailored to your needs, and arms you with all the insight that empowers strategic decision-making.
Our clientele encompasses about 80% of the Fortune Global 500, and leading consulting and research companies and academic institutions that rely on our expertise in compiling data in niche markets. Our meta-insights are intelligent, impactful and infinite, and translate into actionable data that support your quest for enhanced profitability, tapping into niche markets, and exploring new revenue opportunities.
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