Second Life Electric Vehicle Battery Market to Reach US$ XX billion by 2031
Second Life Electric Vehicle Battery Market Introduction
Global second life electric vehicle battery market revenue is anticipated to surpass US$ XX billon by the end of 2031; major countries of Asia Pacific and Europe to create huge growth potential for key players in the second life electric vehicle battery industry during the forecast period, 2023-2031.
DataCube Research offers market analysis, trends, future outlook, market size and forecast for Second Life Electric Vehicle Battery Market in its report titled “Second Life Electric Vehicle Battery Market: Global Industry Analysis, Size and Forecast, 2019-2031”.
The second life electric vehicle battery market has been bifurcated on the basis of source, application, and region.
On the basis of source, the second life electric vehicle battery market has been segmented into electric cars, electric buses, and light commercial electric vehicle. The electric cars segment dominated the second life electric vehicle battery market and accounted for over half of the market share in 2021. In addition, the segment is projected to continue its dominance throughout the forecast period owing to the availability of a large number of electric car batteries reaching the end of their service life. Moreover, the electric buses contain high capacity electric vehicle batteries that can be reused in various secondary storage application after the end of their service life. This, in turn, is projected to expand the segment at the highest CAGR over the forecast period.
By application, the second life electric vehicle battery market is bifurcated into industrial plants, power grid, solar power, and other applications segments. The solar power was the second largest segment in terms of revenue which represented around 20% share of the overall market revenue in 2021. Increasing uptake of recycled and reused electric vehicle batteries in solar power plants to store electric energy is driving the segment growth. Further, the solar power segment is lucrative in terms of revenue opportunities which is encouraging prominent players to establish a strategic alliance with leading players and set up solar power plants equipped with second life electric vehicle batteries.
Expanding use cases of electric vehicle batteries in various application such as power storage, and industrial plants, expected increase in the availability of second life electric vehicle batteries in near future, introduction of environment-friendly laws by governments of both developed and developing countries across the globe, and increasing demand for energy storage are some of the crucial factors boosting the second life electric vehicle battery market size and growth at a healthy rate. In contrast, lack of skilled workforce and high initial investment are some of the factors limiting the expansion of second life electric vehicle battery market size to a certain extent.
The second life electric vehicle battery market report offers detailed analysis and insights on the growth potential of the global second life electric vehicle battery market and covers trends, various driving factors, and restraints that can affect the market growth across geographies.
By region, the second life electric vehicle battery market has been segmented into four major regions such as North America, Europe, Asia Pacific, and Rest of the World (RoW). In 2021, Asia Pacific and Europe second life electric vehicle battery market collectively represented over half of the overall second life electric vehicle battery market revenue. Further, the revenue contribution share of these two regions is anticipated to increase at a healthy rate over the forecast period. This is primarily attributed to the high penetration of electric vehicles, presence of large number of vendors offering second life electric vehicle batteries, and introduction of strict government mandates in these regions.
Second Life Electric Vehicle Battery Market Competitive Landscape
Key vendors analyzed in second life electric vehicle battery industry are Toyota, BYD, BMW, Daimler, Nissan, Connected Energy, Relectrify, Hyundai, Easton, Renault SA, GM, Johnson Controls, Honda, Ford, and Panasonic. Major companies operating in the second life electric vehicle battery market are focused towards entering into special cooperative agreements and partnerships with leading companies both from technology and automotive sectors to ensure the success of business in a long run. Moreover, prominent players emphasize on investing substantial amount on research and development activities to expand the use cases of second life electric vehicle batteries in various applications.