Market Research Report
EV Battery Reuse Market Size By Application (Energy Storage, EV Charging, Base Stations, Low Speed Vehicles), By Source (BEV, HEV & PHEV), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
|Published by||Global Market Insights Inc.||Product code||960328|
|Published||Content info||200 Pages
Delivery time: 2-3 business days
|EV Battery Reuse Market Size By Application (Energy Storage, EV Charging, Base Stations, Low Speed Vehicles), By Source (BEV, HEV & PHEV), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 - 2026|
|Published: September 10, 2020||Content info: 200 Pages||
The EV battery reuse market is likely to register significant gains in coming years owing to the increasing adoption of low speed vehicles such as electric cycles, and scooters. Additionally, the rising use of new technologies and various research initiatives to bring innovation to the industry is also likely to compliment industry outlook.
Several EV batteries are lithium-ion based and generally rely on a mix of graphite, nickel, manganese, and cobalt along with other key components. Batteries have vast potential for reuse in stationary energy storage, thereby creating substantial value. In fact, reusing old batteries significant benefits for the environment since less resources would be utilized for producing novel batteries and energy storage units.
With the rapidly growing EV market along with the launch of new models by manufacturers that are ideal for the end-user needs, the market for reuse or second use EV batteries is likely to increase substantially over the coming years. Numerous car manufacturers are launching recycling programs to promote sustainability and reduce their environmental impact. It is noted that a batteries still continue to hold a good capability of holding charge and can be reused for some other purpose before disposing it off completely. Citing an instance, on 20th May 2019, Honda partnered with American Electric Power to reuse old EV batteries for storing energy, decreasing CO2, and preparing for a larger scale electrification of the transportation ecosystem.
Numerous automakers are trying different ways to reuse depleted batteries, from installing them on the roofs of solar-powered apartment, selling them to wind farms, or utilizing them in new charging stations. For instance, on 15th March 2019, Audi, a renowned automobile manufacturer, reportedly announced its plan of reusing batteries in the tugs and forklifts that are used for moving parts around its factory located in Germany. Through this initiative repurposing old batteries would prove to be beneficial for the manufacturers.
Additionally, reusing of EV batteries in camping trailers will drive the product demand over the coming years. For example, on 2nd February 2019, Nissan, a Japan-based multinational automobile manufacturer, reportedly announced plans to repurpose its EV batteries in camping trailers. These batteries would further help power lights, heat, as well as charging laptops and phones. The camping trailer referred as "Roam" would further be able to store nearly 700Wh of electricity. The afore-mentioned initiatives and practices by manufacturers will further fuel the EV battery reuse market demand.
EV battery reuse market is bifurcated in terms of application, source, and regional landscape.
In terms of application, the overall EV battery reuse market is classified into low speed vehicles, base stations, EV charging, and energy storage. Among these, the low speed vehicles segment will gain traction over the coming years. Remanufactured second life batteries are able to provide power to low speed vehicles including scooters, electric cycles and others, which will propel the market growth.