Used Electric Vehicle Battery Market to be dominated by Energy Storage Applications through 2027
Increased demand for
zero-emission vehicles and growing demand for recycled products & materials
are expected to drive the growth of the global used electric vehicle battery
market in the forecast period, 2023-2027.
According to TechSci Research report, “Used Electric Vehicle Battery Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global used electric vehicle battery market is
anticipated to grow at a significant rate in the forecast period, 2023-2027.
Growing energy requirements across the globe for different purposes is making
the market players look for cost-effective solutions that meet requirements.
Electric vehicle batteries are replaced after they lose around 20 percent of
their capacity, and there is still 80 percent of the battery capacity that can
be used for stationary storage applications. Used electric vehicle battery
manufacturers are making efforts to tap into the remaining battery life to cut
costs and greenhouse emissions. Lithium-ion batteries can have up to 12 years
of life and still have the possibility to be utilized for a second life. It can
provide industrial and commercial backup for consumers and the grid. The
economic benefits offered by battery reuse can lower the upfront costs of
electric vehicle battery costs and enhance the value of the electric vehicle.
However, the
availability of a large number of battery packs available in the market and
falling costs of new batteries may restrain the global used electric vehicle
battery market in the forecast period.
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data Figures spread through 110 Pages and an in-depth TOC on "Used Electric Vehicle Battery Market"
The global used electric
vehicle battery market is segmented into vehicle type, type, application,
regional distribution, and competitive landscape.
Based on vehicle type, the
market is divided into two-wheeler, passenger cars and commercial vehicles.
Passenger car is expected to hold the largest market share in the forecast period.
Increased preference of consumers for private vehicle ownership and the comfort
and convenience offered by the vehicles is driving the segment demand.
Based on the type, the
market is divided into lead acid and lithium-ion. The lithium-ion segment is
expected to capture the highest market share over the next five years.
Lithium-ion batteries offer a significant advantage over their counterparts,
such as high efficiency, high power-to-weight ratio, and low power discharge
rate, amongst others. The rise in the sales and production of electric vehicles
is expected to accelerate the demand for lithium-ion batteries over the next
five years.
Based on application, the
market is divided into energy storage, electric vehicle charging, base station,
low-speed EV, and others. Energy storage applications are expected to account
for a significant market share in the forecast period as they require less
frequent recycling to make them usable. It can be used to store energy and can
be further utilized for other applications.
On the basis of regional
analysis, Asia-pacific is expected to witness substantial market growth in the
forecast period, 2023-2027. The high growth of the electric vehicle market in
the region and the favorable government policies providing incentives, income
tax benefits, and rebates are producing a large number of batteries that needs
to be recycled or disposed of after usage. It is expected to be a lucrative
market due to high government support and the need to utilize a large number of
electric vehicle batteries.
Major operating companies
operating in global used electric vehicle battery market are:
- BMW AG
- Nissan Motor Co. Ltd.
- General Motors Company
- Toyota Corporation
- Daimler AG
- Tesla Inc.
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“Several companies are working on the development of effective recycling
techniques that can recycle lithium-ion batteries in an optimized manner and
recycle raw materials such as cobalt, lithium, and others. The advent of novel
recycled batteries having low cost and are environment friendly, and the
high-end investments in research and development activities are expected to
create lucrative growth opportunities for the global used electric vehicle
battery market in the forecast period. The countries moving towards achieving
the net-zero carbon emission target and the huge popularity of electric
vehicles are expected to influence the market demand. Also, the rapid entry of
market players to commercialize the used electric battery applications are
expected to propel the global used electric vehicle battery market growth till
2027” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Used Electric Vehicle
Battery Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2017-2027 Segmented By Vehicle Type (Two-Wheeler, Passenger Car,
Commercial Vehicle), By Type (Lead Acid, Lithium-Ion), By Application (Energy
Storage, Electric Vehicle Charging, Base Station, Low-Speed EV, Others), and By
Region”,
has evaluated the future growth potential of global used electric vehicle
battery and provides statistics & information on market size, structure,
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in global used electric
vehicle battery market.
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