Second-life EV Batteries Market to be Worth $28.17 Billion by 2031 - Exclusive Report by Meticulous Research®

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May 21, 2024, 10:16 ET

REDDING, Calif., May 21, 2024 /PRNewswire/ -- According to a new market research report titled, 'Second-life EV Batteries Market by Application (Power Backup, Grid Connection, EV Charging, Renewable Energy Storage, Other Applications), End Use (Commercial, Residential, Industrial) & Geography - Forecasts to 2031', the second-life EV batteries market is projected to reach $28.17 billion by 2031, at a CAGR of 43.9% from 2024 to 2031.

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Second-life batteries are batteries that have reached the end of their "automotive" life but still have a residual capacity of about 70-80%. This means they can be used in stationary systems, in combination with renewable energy generation, such as wind and solar, and/or to supply services to the electricity network. Extending the life of batteries means reducing their carbon footprint and increasing the amount of renewable energy available on the grid. Second-life EV batteries can be used in various applications such as EV charging, grid connections, renewable energy storage, and power backup.

Some of the factors driving the growth of this market are 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 global second-life EV batteries market is segmented by application (EV charging, grid connections, renewable energy storage, power backup, and other applications) and end use (commercial use, residential use, and industrial use). The study also evaluates industry competitors and analyses the market at the regional level.

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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 2024, the power backup segment is expected to account for the largest share of 55% of the 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 global second-life EV batteries market is segmented into commercial use, residential use, and industrial use. In 2024, the commercial use segment is expected to account for the largest share of 51% of the 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.

However, the residential use segment is also expected to record the highest CAGR during the forecast period. The growth of this segment is driven by increasing demand for energy storage systems in the residential sector and increasing strategic developments by market players to explore second-life EV batteries for residential and commercial use for grid-scale energy storage applications.

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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 2024, Asia-Pacific is expected to account for the largest share of 68.7% of the second-life EV batteries market. The Asia-Pacific second-life EV batteries market is estimated to be worth USD 1.51 billion in 2024. 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 Electric Vehicle 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.

The Europe second-life EV batteries market is expected to record the highest CAGR during the forecast period.

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).

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Scope of the report:

Second-life EV Batteries Market Assessment—by Application

Power Backup
Grid Connections
EV Charging
Renewable Energy Storage
Other Applications

Second-life EV Batteries Market Assessment—by End Use

Commercial Use
Industrial Use
Residential Use

Second-life EV Batteries Market Assessment—by Region

North America
Asia-Pacific
Europe
Latin America
Middle East & Africa

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Related Reports:

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