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Report
Global EV Battery Reuse Market Report and Forecast 2024-2032
Market Report I 2024-05-01 I 204 Pages I EMR Inc.
Global EV Battery Reuse Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the global EV battery reuse market size reached approximately USD 350 million in 2023. The market is projected to grow at a CAGR of 26.5% between 2024 and 2032. Aided by the growing popularity of electric vehicles and the emergence of the Battery-as-a-Service (BaaS) business model, the market is projected to reach a value of nearly USD 2,910 million by 2032.
EV battery reuse, also known as battery second life, refers to the practice of repurposing electric vehicle (EV) batteries for new applications after they have reached the end of their useful life in automotive applications. While an EV battery might no longer meet the performance standards required for vehicle use, typically when its capacity falls below 70% to 80% of its original capacity, it can still hold and discharge a significant amount of electricity. This residual capacity makes these batteries suitable for less demanding applications.
The primary driver of the EV battery reuse market value is the global acceleration in electric vehicle adoption. This shift, motivated by a collective desire to reduce carbon emissions and combat climate change, has significantly increased the availability of EV batteries for secondary use. Governments worldwide are supporting this transition through incentives, policy frameworks, and investments in EV infrastructure, thereby fuelling the demand for reused EV batteries. This trend is not just a testament to the growing environmental consciousness but also to the economic and operational efficiencies that EVs offer over traditional internal combustion engine vehicles.
Parallel to the expansion of electric vehicle market, advancements in battery technology and management systems play a major role in advancing the market growth. Innovations in lithium-ion batteries, along with the development of sophisticated battery health assessment tools and diagnostic technologies, have significantly improved the viability of reusing EV batteries. These technological advancements ensure that second-life batteries are safe, reliable, and efficient for various applications, thereby extending their lifecycle and reducing waste.
A significant EV battery reuse market trend is the burgeoning demand for stationary energy storage solutions. As the world moves towards greater reliance on renewable energy sources, the need for efficient storage solutions to manage supply and demand fluctuations has become critical. Reused EV batteries, with their high capacity and longevity, offer a sustainable and cost-effective solution for grid storage, renewable energy integration, and backup power systems. This not only aids in stabilising the grid but also in enhancing energy security and sustainability.
The emergence of Battery-as-a-Service (BaaS) models significantly enhances the global EV battery reuse market expansion. BaaS models facilitate a seamless transition of batteries from their primary use in electric vehicles to secondary applications, optimising the lifecycle value of these batteries. This innovative approach supports a circular economy by promoting the reuse and recycling of batteries, thereby minimising environmental impact and fostering sustainability in the EV sector.
The global landscape of the EV battery reuse market is characterised by dynamic growth across various regions, with the Asia Pacific at the forefront. This region's dominance is attributed to its rapidly expanding electric vehicle market, led by countries such as China, Japan, and South Korea. These nations are not only significant markets for electric vehicles but also hubs for technological innovation in battery technology and recycling processes.
While the market is poised for substantial growth, it faces challenges, particularly concerning battery degradation, logistics, and regulatory standards for second-life battery applications. Addressing these challenges requires coordinated efforts from stakeholders across the value chain, including advancements in battery refurbishment technologies, the development of standardised testing and certification processes, and the establishment of clear regulatory frameworks.
Market Segmentation
The global EV battery reuse market can be divided based on battery type, source, vehicle type, application, and region.
Market Breakup by Battery Type
- Lithium-manganese oxide
- Lithium-iron phosphate
- Lithium-titanate oxide
- Lithium-nickel-cobalt-aluminium oxide
- Lithium-nickel-manganese cobalt
Market Breakup by Source
- Hybrid Electric Vehicle
- Battery Electric Vehicles
- Fuel cell Electric Vehicle
- Plug-in Hybrid Electric Vehicle
Market Breakup by Vehicle Type
- Passenger Cars
- Commercial Vehicles
Market Breakup by Application
- Energy Storage
- Base Stations
- Low Speed Vehicles
- EV Charging
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global EV battery reuse market. Some of the major players explored in the report by Expert Market Research are as follows:
- General Motors Co.
- BMW AG
- LG Corporation
- Ecobat, LLC
- ATC Drivetrain, Inc.
- Stena Metall AB (BatteryLoop)
- Ganfeng Lithium Group Co., Ltd.
- Li-Cycle Holdings Corp.
- Redwood Materials Inc.
- Lithion Technologies
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global EV Battery Reuse Market Analysis
8.1 Key Industry Highlights
8.2 Global EV Battery Reuse Historical Market (2018-2023)
8.3 Global EV Battery Reuse Market Forecast (2024-2032)
8.4 Global EV Battery Reuse Market by Battery Type
8.4.1 Lithium-Manganese Oxide
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Lithium-Iron Phosphate
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Lithium-Titanate Oxide
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Lithium-Nickel-Cobalt-Aluminium Oxide
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Lithium-Nickel-Manganese Cobalt
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.5 Global EV Battery Reuse Market by Source
8.5.1 Hybrid Electric Vehicle
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Battery Electric vehicles
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Fuel Cell Electric Vehicle
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Plug-in Hybrid Electric Vehicle
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.6 Global EV Battery Reuse Market by Vehicle Type
8.6.1 Passenger Cars
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Commercial Vehicles
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global EV Battery Reuse Market by Application
8.7.1 Energy Storage
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Base Stations
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Low Speed Vehicles
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 EV Charging
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.8 Global EV Battery Reuse Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America EV Battery Reuse Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe EV Battery Reuse Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific EV Battery Reuse Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America EV Battery Reuse Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa EV Battery Reuse Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 General Motors Co.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 BMW AG
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 LG Corporation
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Ecobat, LLC
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 ATC Drivetrain, Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Stena Metall AB (BatteryLoop)
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Ganfeng Lithium Group Co., Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Li-Cycle Holdings Corp.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Redwood Materials Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Lithion Technologies
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global EV Battery Reuse Market: Key Industry Highlights, 2018 and 2032
2. Global EV Battery Reuse Historical Market: Breakup by Battery Type (USD Million), 2018-2023
3. Global EV Battery Reuse Market Forecast: Breakup by Battery Type (USD Million), 2024-2032
4. Global EV Battery Reuse Historical Market: Breakup by Source (USD Million), 2018-2023
5. Global EV Battery Reuse Market Forecast: Breakup by Source (USD Million), 2024-2032
6. Global EV Battery Reuse Historical Market: Breakup by Vehicle Type (USD Million), 2018-2023
7. Global EV Battery Reuse Market Forecast: Breakup by Vehicle Type (USD Million), 2024-2032
8. Global EV Battery Reuse Historical Market: Breakup by Application (USD Million), 2018-2023
9. Global EV Battery Reuse Market Forecast: Breakup by Application (USD Million), 2024-2032
10. Global EV Battery Reuse Historical Market: Breakup by Region (USD Million), 2018-2023
11. Global EV Battery Reuse Market Forecast: Breakup by Region (USD Million), 2024-2032
12. North America EV Battery Reuse Historical Market: Breakup by Country (USD Million), 2018-2023
13. North America EV Battery Reuse Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Europe EV Battery Reuse Historical Market: Breakup by Country (USD Million), 2018-2023
15. Europe EV Battery Reuse Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Asia Pacific EV Battery Reuse Historical Market: Breakup by Country (USD Million), 2018-2023
17. Asia Pacific EV Battery Reuse Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Latin America EV Battery Reuse Historical Market: Breakup by Country (USD Million), 2018-2023
19. Latin America EV Battery Reuse Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Middle East and Africa EV Battery Reuse Historical Market: Breakup by Country (USD Million), 2018-2023
21. Middle East and Africa EV Battery Reuse Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Global EV Battery Reuse Market Structure
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