The Second-life EV Batteries Market is projected to reach $20.25 billion by 2030, at a CAGR of 39.1% during the forecast period of 2023–2030. The growth of the second-life EV batteries market is driven by efforts towards mitigating the environmental impact of battery disposal, the growing adoption of renewable energy sources, and the increasing demand for electric vehicles (EVs).
Improper battery disposal can have significant environmental impacts. Batteries contain various chemicals and metals that can be harmful to the environment if they leach into the soil or water. Efforts to address the environmental impacts of Electric Vehicle (EV) battery disposal are increasing, encompassing the implementation of robust recycling systems, exploration of alternative battery chemistries with reduced environmental footprints, and the establishment of regulations to ensure responsible disposal practices. However, certain battery materials are lost during the recycling process, necessitating the sourcing of those materials in the production of new batteries. Hence, battery refurbishing/repurposing has emerged as a new way of promoting sustainability and limiting the adverse environmental impacts of end-of-life batteries. The repurposing of end-of-life batteries offers the following benefits :
Resource Conservation: Unlike battery recycling, the refurbishing of end-of-life batteries does not require the replacement of materials lost during the recycling process, conserving critical battery materials/resources.
To address the environmental repercussions of battery manufacturing, producers are actively participating in efforts to bring refurbished/repurposed batteries to the market. Also, governments are establishing regulations to promote sustainability in the battery ecosystem. For instance, in August 2022, the Government of India introduced the Battery Waste Management Rules targeting electric vehicle batteries, portable batteries, automotive batteries, and industrial batteries. These rules promote the principle of Extended Producer Responsibility (EPR), wherein battery producers bear the responsibility to collect and recycle/refurbish waste batteries.
EPR mandates the collection and proper disposal of all waste batteries, prohibiting their disposal through incineration and landfills—this can be further supported by battery repurposing. This proactive approach aligns with the broader global effort to promote more sustainable practices in the rapidly expanding energy industry. By enforcing stringent rules, governments aim to ensure a more environment-friendly and sustainable lifecycle for batteries, contributing to the overall eco-friendliness of the energy sector. These factors are driving the development of second-life batteries, supporting the growth of this market.
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Based on Application, the Power Backup Segment is Expected to Account for the Largest Share of the Second-life EV Batteries Market
Based on application, the second-life EV batteries market is segmented into EV charging, grid connections, renewable energy storage, power backup, and other applications. In 2023, the power backup segment is expected to account for the largest share of the global second-life EV batteries market. The large market share of this segment is attributed to the growing demand for power backup applications in the residential and commercial sectors and rising efforts towards mitigating the environmental impact of battery disposal.
Based on End Use, the Commercial Use Segment is Expected to Account for the Largest Share of the Second-life EV Batteries Market
Based on end user, the global second-life EV batteries market is segmented into commercial use, residential use, and industrial use. In 2023, the commercial use segment is expected to account for the largest share of the global second-life EV batteries market. The large market share of this segment is attributed to the increasing use of second-life EV batteries for stationary applications, such as providing backup power for buildings, data centers, or telecommunications infrastructure.
North America: The Largest Regional Market
Based on geography, the global second-life EV batteries market is segmented into five major regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global second-life EV batteries market. The large share of this market is attributed to the rising initiatives aimed at promoting the utilization of second-life batteries, addressing end-of-life EV battery concerns, and organizing the battery waste sector.
In addition, the increasing initiatives to establish a comprehensive ecosystem for the reuse and life-cycle management of used EV batteries are contributing to the second-life EV battery market. For instance, in June 2023, MG Motor India, a British automobile brand with a 99-year-old legacy, collaborated with LOHUM, India’s largest producer of sustainable energy transition material, to develop second-life solutions for batteries.
Key Players:
Some of the key players operating in the global second-life EV batteries market are B2U Storage Solutions, Inc. (U.S.), RePurpose Energy Inc. (U.S.), BeePlanet Factory SL (U.S.), ReJoule (U.S.), Cactos Oy (Finland), ECO STOR AS (Norway), Connected Energy Ltd. (U.K.), Smartville Inc. (U.S.), Lohum Cleantech Private Limited (India), and DB Bahnbau Gruppe GmbH (Germany).
Report Summary:
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Particular |
Details |
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Number of Pages |
93 |
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Format |
|
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Forecast Period |
2023-2030 |
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Base Year |
2022 |
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CAGR |
39.1% |
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Market Size (Value) |
$20.25 Billion |
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Segments Covered |
Applications (Power Backup, Grid Connection, EV Charging, Renewable Energy Storage, Other Applications), End User (Commercial, Residential, Industrial) |
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Regions Covered |
North America, Asia-Pacific, Europe, Latin America, Middle East & Africa |
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Key Companies |
B2U Storage Solutions, Inc. (U.S.), RePurpose Energy Inc. (U.S.), BeePlanet Factory SL (U.S.), ReJoule (U.S.), Cactos Oy (Finland), ECO STOR AS (Norway), Connected Energy Ltd. (U.K.), Smartville Inc. (U.S.), Lohum Cleantech Private Limited (India), and DB Bahnbau Gruppe GmbH (Germany) |
Scope of the Report:
Second-life EV Batteries Market Assessment, by Application
Second-life EV Batteries Market Assessment, by End Use
Second-life EV Batteries Market Assessment, by Region
Key questions answered in the report:
The second-life EV batteries market is projected to reach $20.25 billion by 2030, at a CAGR of 39.1% during the forecast period.
The power backup segment is expected to account for the largest share of the global second-life EV batteries market.
The commercial use segment is expected to account for the largest share of the global second-life EV batteries market.
The growth of the second-life EV batteries market is driven by efforts towards mitigating the environmental impact of battery disposal, the growing adoption of renewable energy sources, and the increasing demand for electric vehicles (EVs).
The key players operating in the second-life EV batteries market are B2U Storage Solutions, Inc. (U.S.), RePurpose Energy Inc. (U.S.), BeePlanet Factory SL (U.S.), ReJoule (U.S.), Cactos Oy (Finland), ECO STOR AS (Norway), Connected Energy Ltd. (U.K.), Smartville Inc. (U.S.), Lohum Cleantech Private Limited (India), and DB Bahnbau Gruppe GmbH (Germany).
Europe is projected to register the highest CAGR during the forecast period and offer significant growth opportunities for market players.
This report provides pre & post COVID-19 market estimates.
1. Introduction
1.1. Market Definition & Scope
1.2. Currency & Limitations
1.2.1. Currency
1.2.2. Limitations
2. Research Methodology
2.1. Research Approach
2.2. Data Collection & Validation
2.2.1. Secondary Research
2.2.2. Primary Research
2.3. Market Assessment
2.3.1. Market Size Estimation
2.3.2. Bottom-up approach
2.3.3. Top-down Approach
2.3.4. Growth Forecast
2.4. Assumptions for the Study
3. Executive Summary
3.1. Overview
3.2. Market Analysis, by End Use
3.3. Market Analysis, by Application
3.4. Market Analysis, by Geography
3.5. Competition Analysis
4. Market Insights
4.1. Overview
4.2. Factors Affecting Market Growth
4.2.1. Efforts to Mitigate the Environmental Impacts of Battery Disposal Supporting Market Growth
4.2.2. Increasing Reliance on Renewable Energy Generating Opportunities for Market Players
4.2.3. Increasing Adoption of Electric Vehicles Supporting the Development of Second-life Batteries
4.3. Battery Remanufacturing Process
4.4. Second-life EV Batteries Market - Value Chain Analysis
4.5. Battery Reuse Applications
4.6. Second-Life EV Batteries – Evaluation Parameters
4.6.1. Factors Determining Second-life Applications
4.6.2. Opportunities for Implementing Second-life Batteries
4.6.2.1. Providing Power to Those Without Access
4.6.2.2. Supply Chain Challenges for Manufacturers of New Batteries
4.6.2.3. Offsetting Lithium-ion Battery Recycling Costs
4.6.2.4. Scalable Supply of Second-life Batteries
4.7. Regulatory Landscape & Battery Traceability
4.7.1. European Union
4.7.2. China
4.7.3. U.S.
5. Second-life EV Batteries Market Assessment, by Application
5.1. Overview
5.2. Power Backup
5.3. Grid Connections
5.4. EV Charging
5.5. Renewable Energy Storage
5.6. Other Applications
6. Second-life EV Batteries Market Assessment, by End Use
6.1. Overview
6.2. Commercial Use
6.3. Industrial Use
6.4. Residential Use
7. Second-life EV Batteries Market Assessment , by Geography
7.1. Overview
7.2. Asia-Pacific
7.3. North America
7.4. Europe
7.5. Latin America
7.6. Middle East & Africa
8. Competition Analysis
8.1. Overview
8.2. Key Growth Strategies
8.3. Growth Opportunities for Start-up Companies in the Second-life EV Batteries Market
8.4. Challenges for Start-up Companies in the Second-life EV Batteries Market
8.5. Market Landscape for Second-life EV Batteries
8.6. Start-up Ecosystem for the Second-life EV Batteries Market
8.6.1. Diversifying Applications for EV Batteries
8.6.2. Addressing Technological Challenges in Repurposing EV Batteries
8.6.3. Ensuring Safety in Second-life BESS
8.6.4. Navigating EV Batteries Supply Chain Challenges
9. Company Profiles
9.1. BeePlanet Factory SL
9.2. ECO STOR AS
9.3. Connected Energy Ltd.
9.4. B2U Storage Solutions, Inc.
9.5. Cactos Oy
9.6. Smartville Inc.
9.7. Lohum Cleantech Private Limited
9.8. DB Bahnbau Gruppe GmbH
9.9. RePurpose Energy Inc.
9.10. ReJoule
10. Appendix
10.1. Available Customization
10.2. Related Reports
List of Tables:
Table 1 Currency Conversion Rate (2018–2022)
Table 2 Global Second-life EV Batteries Market, by Application, 2021–2030 (USD Million)
Table 3 Global Second-life EV Batteries Market for Power Backup, by Region, 2021–2030 (USD Million)
Table 4 Global Second-life EV Batteries Market for Grid Connections, by Region, 2021–2030 (USD Million)
Table 5 Global Second-life EV Batteries Market for EV Charging, by Region, 2021–2030 (USD Million)
Table 6 Global Second-life EV Batteries Market for Renewable Energy Storage, by Region, 2021–2030 (USD Million)
Table 7 Global Second-life EV Batteries Market for Other Applications, by Region, 2021–2030 (USD Million)
Table 8 Global Second-life EV Batteries Market, by End Use, 2021–2030 (USD Million)
Table 9 Global Second-life EV Batteries Market for Commercial Use, by Region, 2021–2030 (USD Million)
Table 10 Global Second-life EV Batteries Market for Industrial Use, by Region, 2021–2030 (USD Million)
Table 11 Global Second-life EV Batteries Market for Residential Use, by Region, 2021–2030 (USD Million)
Table 12 Global Second-life EV Batteries Market, by Region, 2021–2030 (USD Million)
Table 13 Asia-Pacific: Second-life EV Batteries Market, by End Use, 2021–2030 (USD Million)
Table 14 Asia-Pacific: Second-life EV Batteries Market, by Application, 2021–2030 (USD Million)
Table 15 North America: Second-life EV Batteries Market, by End Use, 2021–2030 (USD Million)
Table 16 North America: Second-life EV Batteries Market, by Application, 2021–2030 (USD Million)
Table 17 Second-life EV battery Projects in Europe
Table 18 Europe: Second-life EV Batteries Market, by End Use, 2021–2030 (USD Million)
Table 19 Europe: Second-life EV Batteries Market, by Application, 2021–2030 (USD Million)
Table 20 Latin America: Second-life EV Batteries Market, by End Use, 2021–2030 (USD Million)
Table 21 Latin America: Second-life EV Batteries Market, by Application, 2021–2030 (USD Million)
Table 22 Middle East & Africa: Second-life EV Batteries Market, by End Use, 2021–2030 (USD Million)
Table 23 Middle East & Africa: Second-life EV Batteries Market, by Application, 2021–2030 (USD Million)
List of Figures
Figure 1 Market Ecosystem
Figure 2 Key Stakeholders
Figure 3 Research Process
Figure 4 Primary Research Techniques
Figure 5 Key Executives Interviewed
Figure 6 Breakdown of Primary Interviews (Supply Side & Demand Side)
Figure 7 Market Sizing and Growth Forecast Approach
Figure 8 Key Insights
Figure 9 Second-Life EV Batteries Market, by End User, 2023 VS. 2030 (USD million)
Figure 10 Second-life EV Batteries Market, by Application, 2023 VS. 2030 (USD million)
Figure 11 Geographic Snapshot: Global Second-Life EV Batteries Market
Figure 12 Battery Remanufacturing Process
Figure 13 Second-Life EV Batteries Market - Value Chain Analysis
Figure 14 Global Second-life EV Batteries Market, by Application, 2023 VS. 2030 (USD Million)
Figure 15 Global Second-life EV Batteries Market, by End Use, 2023 vs. 2030 (USD million)
Figure 16 Global Second-life EV Batteries Market, by Geography, 2023–2030 (USD Million)
Figure 17 Second-life EV Batteries Market Geography Snapshot: Asia-Pacific
Figure 18 Second-life EV Batteries Market Geography Snapshot: North America
Figure 19 Second-life EV Batteries Market Geography Snapshot: Europe
Figure 20 Second-life EV Batteries Market Geography Snapshot: Latin America
Figure 21 Second-life EV Batteries Market Geography Snapshot: Middle East & Africa
Figure 22 Growth Strategies Adopted by Leading Market Players (2020–2023)
This report provides pre & post COVID-19 market estimates.
This report provides pre & post COVID-19 market estimates.
Published Date: Jun-2023
Published Date: Jun-2023
Published Date: Apr-2023
Published Date: Apr-2023
