USD 300 million
Global EV Battery Reuse Market Size, Share, Growth Analysis, By Application(Energy Storage, EV Charging), By Source(BEV, HEV & PHEV) - Industry Forecast 2024-2031
Report ID:
SQMIG55E2035 |
Region:
Global |
Published Date: March, 2024
Pages:
182
|
Tables:
63 |
Figures:
70
Global EV Battery Reuse Market Insights
Global EV Battery Reuse Market Size was valued at USD 300 million in 2022 and is poised to grow from USD 435 million in 2023 to USD 8500.28 million by 2031, growing at a CAGR of 45% in the forecast period (2024-2031).
The electric vehicle (EV) battery reuse market is emerging as a critical component of the sustainable energy landscape, driven by the rapid growth of the electric vehicle industry and the need to address the environmental impact of battery disposal. As electric vehicles reach the end of their life cycle, their batteries often retain a significant portion of their capacity, making them suitable for secondary use. This market focuses on repurposing these used EV batteries for applications such as energy storage systems, grid stabilization, and renewable energy integration.
Several factors propel the EV battery reuse market's growth. Firstly, repurposing used batteries reduces the need for raw materials and minimizes the environmental footprint associated with battery production. Secondly, the demand for energy storage solutions is rising, driven by renewable energy integration and grid stability requirements. Reused EV batteries can store excess energy generated by renewable sources and release it during peak demand periods. Additionally, regulatory incentives and initiatives to promote circular economies further bolster market expansion.
However, challenges persist, including standardization of battery formats, degradation of battery capacity over time, and ensuring safety and reliability in reused battery systems. To overcome these hurdles, stakeholders in the EV battery reuse market are investing in research and development, innovative technologies, and partnerships to ensure effective repurposing of batteries, prolonging their useful life, reducing waste, and advancing sustainable energy practices.
US EV Battery Reuse Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Energy Storage
Fastest Growth
Energy Storage
Growth Rate
45% CAGR
Global EV battery reuse market ($ Bn)
Country Share for Asia Pacific Region (%)
Global EV battery reuse market By Application ($ Bn)
Global EV battery reuse market By Application (%)
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Global EV Battery Reuse Market Segmental Analysis
The Global EV Battery Reuse Market is segmented on the basis of Application, Source, and Regions. Based on Application the market is segmented as, Energy Storage, EV Charging, Base Stations, and Low Speed Vehicles. Based on Source the market is segmented as, BEV, HEV & PHEV. Based on Region the market is segmented as, North America, Europe, APAC, LATAM
EV Battery Reuse Market Analysis By Source
In the global EV battery reuse market, the "Battery Electric Vehicle (BEV)" segment is dominating the Market. BEVs solely rely on battery power for propulsion, making their batteries a crucial component. As these batteries are central to the vehicle's operation, they are often the focus of reuse initiatives to prolong their lifespan and minimize waste. The substantial presence of BEVs in the electric vehicle market has contributed to the dominance of this segment.
Among the source categories, the "Plug-in Hybrid Electric Vehicle (PHEV)" segment is emerging as the fastest-growing segment. PHEVs combine both battery power and an internal combustion engine, allowing them to be charged externally. The increasing adoption of PHEVs, driven by their versatility and potential for reduced emissions, has led to a growing focus on reusing their batteries for various applications. PHEV batteries still have significant capacity left after their initial use in the vehicle, making them attractive candidates for secondary applications such as energy storage.
EV Battery Reuse Market Analysis By Application
In terms of classification by Application, the "Energy Storage" application segment is dominating the Market. As electric vehicles (EVs) become more prevalent and their batteries reach the end of their useful life for automotive applications, repurposing these batteries for energy storage solutions has gained significant traction. The energy storage segment encompasses a wide range of applications, including grid stabilization, renewable energy integration, and peak demand management, making it a dominant application for repurposed EV batteries.
Among the various application categories, the "EV Charging" segment is emerging as the fastest-growing segment. As the EV market expands, the need for efficient and sustainable EV charging infrastructure is paramount. Repurposed EV batteries can be used in charging stations to store and deliver energy, thus improving the stability of the grid and reducing peak demand during charging events. This application not only addresses the growing demand for EV charging but also contributes to grid reliability and energy management.
Global EV battery reuse market By Application, 2023 (%)
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Global EV Battery Reuse Market Regional Insights
In 2022, the Asia-Pacific region established its dominance in the global EV battery reuse market. The region's substantial demand for diverse batteries across various sectors has driven the need for battery recycling and reuse facilities. This demand surge is fueled by a large population and expanding industrial opportunities. The electric vehicle (EV) market, coupled with investments in charging infrastructure and declining EV prices, is set to stimulate sales growth over time. Tesla, the U.S. automaker, exemplified this trend by inaugurating a manufacturing plant in Shanghai in 2019, as part of its global electric vehicle push. The company boasts the world's largest EV charging station network with 1.2 million charging points, a figure slated to rise annually.
The second-largest region in the global EV battery reuse market is Europe. The European Union has set ambitious targets for reducing carbon emissions and promoting sustainable transportation. The increasing adoption of electric vehicles across European countries, along with stringent regulations regarding battery disposal and recycling, has fostered a growing interest in battery reuse and recycling initiatives. European countries are investing in research and development to develop innovative solutions for repurposing EV batteries beyond their primary vehicle use. This region's emphasis on environmental sustainability and circular economy practices contributes to its prominence in the EV battery reuse market.
Global EV Battery Reuse Market By Geography, 2024-2031
- Largest
- Fastest
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Global EV Battery Reuse Market Dynamics
EV Battery Reuse Market Drivers
Sustainable Resource Management:
- With the proliferation of electric vehicles, the need for sustainable resource management has become crucial. Reusing EV batteries extends their lifecycle, reducing the demand for raw materials and minimizing environmental impact.
Energy Storage Demand:
- The growing demand for energy storage solutions, both at grid and individual levels, drives the adoption of reused EV batteries. These batteries can store renewable energy generated during off-peak hours and release it during peak demand, enhancing grid stability.
EV Battery Reuse Market Restraints
Battery Degradation:
- Over time, batteries undergo capacity degradation, affecting their performance. Ensuring the quality and reliability of reused batteries is a challenge, particularly for applications requiring consistent performance.
Standardization Challenges:
- Different electric vehicle models use varying battery chemistries, formats, and designs, making standardization for repurposing a complex task.
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Global EV Battery Reuse Market Competitive Landscape
The competitive landscape of the EV battery reuse market is characterized by a mix of established industry players, innovative startups, and collaborations between various stakeholders. Leading companies such as Tesla, Lithium Recycling, and 24M Technologies are driving innovation in battery repurposing technologies and establishing their positions in the market. These companies are leveraging their expertise in battery technology and energy storage to develop efficient and cost-effective solutions for repurposing used EV batteries.
In addition to established players, startups and research institutions are actively contributing to the market's growth through breakthrough research and development in battery reconditioning, recycling, and second-life applications. Partnerships and collaborations between battery manufacturers, automakers, energy storage companies, and recycling firms are fostering a multidisciplinary approach to address technical challenges and explore new business models.
EV Battery Reuse Market Top Player’s Company Profile
- Tesla, Inc.
- Lithium Recycling Inc.
- 24M Technologies
- Accure Battery Intelligence GmbH
- Aceleron Ltd.
- Sunnova Energy International Inc.
- A123 Systems LLC
- Relectrify Pty Ltd.
- Battery Resourcers LLC
- Lithium Werks B.V.
- ReVolt Technology
- Battery Energy Storage Systems (BESS)
- Fortum Corporation
- NexWafe GmbH
- Li-Cycle Corp.
EV Battery Reuse Market Recent Developments
- In August 2023, Ford announced that it is partnering with Redwood Materials to recycle EV batteries. Redwood Materials is a battery recycling company that is developing a closed-loop system for recycling EV batteries. The partnership will see Ford send its used EV batteries to Redwood Materials, which will then extract the valuable materials from the batteries and reuse them in new batteries or other products
- In July 2023, Tesla opened its first battery recycling facility in Nevada. The facility is designed to recycle the batteries from Tesla's electric vehicles and solar panels. Tesla says that the facility will be able to recycle 100,000 tons of batteries per year.
- In June 2023 In 2019, Rivian, an electric vehicle maker, will follow General Motors and Ford onto Tesla's charging network. The new truck, SUV, and delivery van maker claims that, similar to GM and Ford, Rivian vehicles will have ports for Tesla's connector beginning in 2025.
Global EV Battery Reuse Key Market Trends
- Circular Economy Emphasis: The growing emphasis on sustainability and circular economy principles is driving the trend of reusing electric vehicle (EV) batteries after their initial life in vehicles. This approach aligns with environmental goals by extending the usefulness of battery resources..
Global EV Battery Reuse Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global EV Battery Reuse Market analysis, the increasing demand for sustainable energy solutions. Asia-Pacific dominates the market, owing to high EV adoption rates, industrial opportunities, and supportive policies. The market is segmented by application, including energy storage, grid stabilization, and more. The surge in renewable energy integration and the need for economical energy storage drive the adoption of repurposed EV batteries. Government regulations promoting circular economy practices also contribute to market expansion. As the electric vehicle industry expands, the availability of used batteries for repurposing increases. These trends, combined with advancements in battery technology, emphasize the potential of reusing EV batteries to extend their lifecycle, reduce waste, and meet the rising demand for energy storage solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 300 million |
| Market size value in 2031 | USD 8500.28 million |
| Growth Rate | 45% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global EV Battery Reuse Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global EV Battery Reuse Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global EV Battery Reuse Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global EV Battery Reuse Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global EV Battery Reuse Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global EV Battery Reuse Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global EV Battery Reuse Market Report Snapshots
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