China is estimated to maintain its dominance in the electric vehicle (EV) battery reuse market, as it is the world’s largest EV market. Rise in number of EVs on the road is anticipated to increase the cost of key materials used in batteries. Rise in purchasing power along with shifting trends toward electric mobility is projected to propel the growth of the EV battery reuse market in Asia-Pacific. China, Japan, South Korea, and India are expected to emerge as key markets for repurposed EV batteries owing to the increase in penetration of EVs in these countries. U.S. administration officials said they want the U.S. to become the leading market for electric vehicles by stressing domestic battery recycling. The U.S. government is also looking for ways to reduce metal use in new battery chemistries through efforts in R&D. The above mentioned are the key factors that provide remunerative EV battery reuse market opportunities during the forecast period.
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Global EV battery reuse market size was valued at $0.2 billion in 2021, and EV battery reuse industry is estimated to reach $3.9 billion by 2031, growing at a CAGR of 34.3% from 2022 to 2031. 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.
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.
The EV battery reuse market forecast is segmented on the basis of source, battery chemistry, vehicle type, application and region. 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. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest EV battery reuse market share, followed by Europe and North America.
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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. Due to rapidly development in the electric automotive across the globe has led to the launch of various new products related to EVs which led to increase in the production of EV batteries. Hence to make the EV more sustainable and economic most of the major manufacturers have started to recycle the old batteries which boost the growth of the EV battery reuse market. Additional growth strategies such as expansion of storage capacities, acquisition, partnership and research & innovation in the recycling technologies have led to attain key developments in the global EV battery reuse market trends.
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 hasheld the largest market share in 2021.
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