Wilmington, Delaware, United States, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global second-life EV battery market is projected to flourish at a CAGR of 44.7% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 9.93 billion is anticipated for the market in 2031. As of 2023, the demand for second-life EV batteries is expected to close at US$ 528.06 million.
As the number of electric vehicles on the roads rises, so does the availability of retired EV batteries. This surge in supply feeds into the second-life market, fostering its growth.
Continuous innovation in battery management systems and refurbishment technologies enhances the performance and reliability of second-life EV batteries. This trend leads to better efficiency and increased applications for these batteries beyond their primary use in electric vehicles.
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Second-life EV batteries find applications in various sectors beyond transportation. They are utilized in energy storage systems for homes, businesses, and grid-level applications. The need for sustainable energy solutions and grid stabilization drives this trend.
Second Life batteries offer a cost-effective alternative for energy storage solutions compared to new batteries. These used batteries might have reduced capacity for EVs but can still serve other applications effectively, driving the market demand. The increasing need for energy storage in various sectors like residential, commercial, and industrial is expected to boost the market demand.
Key Takeaways from the Market Study
- As of 2022, the second-life EV battery market was valued at US$ 364.9 million.
- Based on application, the EV charging segment is expected to dominate the global market during the forecast period.
- Based on end-use, the industrial segment is expected to account for high revenue in the market.
Second-life EV Battery Market: Key Trends and Opportunistic Frontiers
- Improved battery management systems enable better monitoring and assessment of second-life batteries, ensuring their optimal performance in various applications. This trend contributes to increased confidence in utilizing repurposed batteries.
- Companies are exploring innovative business models, such as battery leasing, to retain ownership of EV batteries even after their primary vehicle use. This allows for easier collection and refurbishment for secondary applications, thus stimulating market growth.
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Second-life EV Battery Market – Regional Analysis
- Asia Pacific is witnessing high demand for second-life EV battery primarily due to the significant growth of the electric vehicle industry in the region. Asia Pacific dominated the global second life EV battery market with 36.9% share in 2021. Its share is expected to rise during the forecast period. China accounts for major share of the second-life EV battery market in the Asia Pacific.
- North America is expected to grow at a moderate pace during the forecast period owing to the rise in demand for energy storage systems in various industries and the increase in emphasis on environmental protection in these regions. The United States accounts for major share of the market in North America, while demand for second life EV batteries in Canada is projected to rise at a moderate pace during the forecast period.
Competative Landscape
The global second life EV battery market is consolidated, with a small number of large-scale vendors controlling majority of the share. Top market players of second life EV battery market are focused on investments in R&D of environment-friendly products. Expansion of product portfolios and mergers and acquisitions are major strategies adopted by key players.
- Enel X S.r.l.
- Nissan Motors Corporation
- Fortum
- Renault Group
- Mercedes-Benz Group
- Hyundai Motor Company
- RWE
- Mitsubishi Motors Corporation
- BELECTRIC
- BeePlanet Factory
Key Developments
- Nissan has initiatives focusing on giving used EV batteries a second life. They are engaged in projects that repurpose these batteries for energy storage solutions, contributing to sustainable practices.
- Tesla a prominent EV manufacturer, Tesla has been exploring ways to repurpose and recycle EV batteries. Their focus on battery technology and energy storage systems positions them to play a significant role in the second-life battery market.
- LG Energy Solution is a major battery manufacturer and has been investing in second-life battery projects. They are working on technologies to refurbish and repurpose EV batteries for various applications beyond automotive use.
- Panasonic is a significant player in battery manufacturing. Panasonic collaborates with various companies to develop technologies for recycling and extending the lifespan of EV batteries.
Second-life EV Battery Market – Key Segments
End-use
- Commercial
- Residential
- Industrial
Application
- EV Charging
- Grid Connected
- Renewable Energy Storage
- Power Backup
- Telecom
- Gas Turbine Power Plant
- UPS
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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