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.
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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.
Rise in awareness among people regarding the advantages of electric passenger cars on the environment and launch of various EV passenger cars by top automotive companies have boosted the growth of the global EV battery reuse market. The market across Asia-Pacific held the lion’s share in 2021, accounting for more than one-third of the market. The demand for several input products declined during the pandemic as only a few industrial operations were operating.
The global EV battery reuse market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share in 2021, accounting for more than one-third of the market. In addition, the region is anticipated to showcase the highest CAGR of 34.9% during the forecast period.
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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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