Selbyville, Delaware, Sept. 14, 2020 (GLOBE NEWSWIRE) — Based on Global Market Insights Inc., report, the EV Battery Reuse Market was estimated at $250 million in 2019 and is slated to exceed $1.5 billion by 2026, registering a CAGR of 32% from 2020 to 2026. The report provides a detailed analysis of the key investment avenues, competitive scenarios, market estimations as well as size, major winning strategies, drivers and opportunities, wavering industry trends.
Second life EV battery deployment is anticipated to rise across base station application on account of growing investment in communication towers across the globe. The base stations require an energy storage system to provide continuous power supply for smooth operations, which can be provided by the reuse of EV batteries.
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The EV battery reuse market from battery electric vehicle is anticipated to witness significant growth on account of growing replacement of batteries. Altering discharge rates, harsh operational temperatures and numerous partial cycles per year are some of the key factors which affect the battery performance in the EVs. As a result, batteries which fail to meet the performance standards are increasingly being made available for reuse. In addition, stringent regulations to reduce mass battery disposal coupled with growing battery demand across stationary storage applications will positively impact the business growth over the forecast period.
Some major findings in EV battery reuse market report include:
- Growing deployment of electric vehicles across the globe will significantly increase the number of available EV batteries for reuse.
- Fluctuating pricing of fossil fuels will generate a shift towards adoption of electric vehicles, which will benefit the market growth over the forecast time-period.
- Increasing investments toward fast EV charging infrastructure will complement the adoption of used batteries across EV charging stations.
Rising purchasing power along with shifting trends toward electric mobility will propel the Asia Pacific EV battery reuse market. China, Japan, South Korea and India are anticipated to emerge as key markets for repurposed EV batteries on account of growing penetration of EVs. According to International Energy Agency (IEA), a total of 7.2 Million electric vehicles were sold globally in 2019, with China accounting for over 45% of the total sales. Furthermore, soaring energy demand across the developing nations will fuel a requirement for energy storage systems and EV charging stations. Growing investments toward enhancing EV charging infrastructure coupled with EV battery’s ability to perform as an ESS or as a charging station for EVs will escalate the technology adoption across the region.
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Key players operating in EV battery reuse industry include Relectrify Pty Ltd., Mitsubishi Electric, Global Battery Solutions, Groupe Renault, Connected Energy, BYD Co, Ltd., Daimler AG amongst others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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