Press release
EV Battery Reuse Market Gains Momentum with Circular Economy Push
EV battery plays a vital role in the electric vehicle, as it provides power for the motor. In recent years, the awareness among the people regarding the environment has led to increase in the demand for electric vehicles. The presence in the demand for electric vehicles led to the release of various policies to make the EV industry sustainable and eco-friendly.
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Asia-Pacific EV battery reuse market is projected to exhibit CAGR of 34.9% during 2022-2031.
The major companies profiled in this report include BYD Co, Ltd., Global Battery Solutions, Ltd., Daimler AG, Samsung SDI Co., Ltd, LG Chem Ltd., Groupe PSA, GS Yuasa Corporation, General Motors, Toshiba Corporation, Envision AESC, Nissan Motor Co., Ltd., Toyota Motor Corporation, BMW Group, Tesla Inc, Johnson Controls, Inc., Lithium Wrecks, and Mitsubishi Electric.
Electric vehicle (EV) batteries can be reused for a variety of purposes after their initial use in an electric vehicle. Here are a few examples of EV battery reuse:
Energy storage: EV batteries can be used to store excess renewable energy generated from solar panels or wind turbines, which can then be used during peak energy demand times. This helps to reduce the need for additional power plants and decreases carbon emissions.
Home energy storage: EV batteries can also be used to power homes during power outages or peak energy demand times. This allows homeowners to rely less on the grid and can help to reduce energy costs.
Electric vehicle charging: EV batteries can be used to power electric vehicle charging stations, providing a reliable and sustainable energy source for charging EVs.
Second-life EV applications: EV batteries that are no longer suitable for use in a vehicle can be repurposed for second-life applications, such as powering forklifts, golf carts, or other types of small electric vehicles.
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Increase in emphasis on paradigm shift from traditional vehicles to electric vehicles on account of escalating carbon footprint is projected to propel the market demand for EV battery reuse. The EV battery reuse market is anticipated to witness growth on account of rise in energy demand across the globe.
The technology finds its applications across energy storage, base stations, low speed vehicles and EV charging stations. Surge in concerns toward energy security coupled with cost saving potential is anticipated to positively compliment the adoption of EV battery reuse market growth during the forecast period.
On the basis of source, it is divided into battery electric vehicles, hybrid electric vehicle, plug-in hybrid electric vehicle, and fuel cell electric vehicle.
On the basis of battery chemistry, the market is classified into Lithium-Iron Phosphate, Lithium-Manganese Oxide, Lithium-Nickel-Cobalt-Aluminum Oxide, Lithium-Nickel-Manganese Cobalt, and Lithium-Titanate Oxide.
On the basis of vehicle type, the market is bifurcated into passenger cars, and commercial vehicles.
On the basis of application, the market is categorized into low speed vehicles, base stations, EV charging, and Energy storage.
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Impact of Covid-19
Post pandemic crisis, major electric vehicle manufacturers have launched electric vehicles of various types, as there is a huge demand for eco-friendly automotive after the pandemic outbreak due to increase in awareness among the people toward the environment. Furthermore, the breakthrough in various technologies which are used in the EVs is another factor boosting the growth of the EV industry.
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