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Second-life EV Batteries Market by Application (Power Backup, Grid Connection, EV Charging, Renewable Energy Storage, Other Applications), End Use (Commercial, Residential, Industrial) & Geography - Global Forecast to 2030

Publisher Meticulous Market Research
Published Dec 07, 2023
Length 95 Pages
SKU # METI18370045

Description

Second-life EV Batteries Market by Application (Power Backup, Grid Connection, EV Charging, Renewable Energy Storage, Other Applications), End Use (Commercial, Residential, Industrial) & Geography - Global Forecast to 2030


The research report titled, ‘Global 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 2030’, provides in-depth analysis of second-life EV batteries market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2030.

The second-life EV batteries market is projected to reach $20.25 billion by 2030, at a CAGR of 39.1% from 2023 to 2030. The growth of the second-life EV batteries market is driven by efforts towards mitigating the environmental impact of battery disposal, the growing adoption of renewable energy sources, and the increasing demand for electric vehicles (EVs).

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 2023, the power backup segment is expected to account for the largest share of the global 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.

However, the EV charging segment is projected to register the highest CAGR during the forecast period. The rising demand for cleaner and more efficient energy systems and increasing adoption of EV charging applications in industrial, residential, and commercial sectors are expected to support the growth of this segment.

Based on end use, the global second-life EV batteries market is segmented into commercial use, residential use, and industrial use. In 2023, the commercial use segment is expected to account for the largest share of the global 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.

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 2023, North America is expected to account for the largest share of the global second-life EV batteries market. 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.

Moreover, Europe is expected to record the highest CAGR during the forecast period. The growth of this market is attributed to the rising initiatives by automakers to create second-life energy storage systems from used EV batteries.

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).

Key questions answered in the report-

Which are the high-growth market segments based on application and end use?
What was the historical market for second-life EV batteries?
What are the market forecasts and estimates for the period 2023–2030?
Who are the major players, and what ranking do they hold in the second-life EV batteries market?
How is the competitive landscape in the second-life EV batteries market?
What are the recent developments in the second-life EV batteries market?
What are the different strategies adopted by the major players in the second-life EV batteries market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global second-life EV batteries market, and how do they compete with the other players?

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

Second-life EV Batteries Market - Report Summary
Report MetricsDetails
Years Considered2021 - 2030
Base Year2022
Forecast Period2023-2030
Page Count95
Units ReferencedRevenue in US $ Million and Volume in Million lbs
Segments/Key TopicsValue (USD Million)
Regions CoveredNorth America (The United States, Mexico, Canada), Europe (Germany, France, Spain, and The United Kingdom), Asia (China, Japan, India, Indonesia, and South Korea), and ROW (Brazil, Argentina)
Key Companies MentionedB2U 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)


FAQs About the Report

What is the value of revenue generated from the sales of second-life EV batteries across the globe? At what rate is their demand expected to grow for the next 5–7 years?

The global second-life EV batteries market is projected to reach $20,251.2 million by 2030, at a CAGR of 39.1% during the forecast period.

Which application segment showcases high growth opportunities for the second-life EV batteries market players?

In 2023, the power backup segment is expected to account for the largest share of the global second-life EV batteries market. The segment’s large share 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.

Which end-use segments of the market are projected to create more traction in the second-life EV batteries market?

In 2023, the commercial use segment is expected to account for the largest share of the global second-life EV batteries market. However, the residential use segment is expected to record the highest CAGR during the forecast period.

What are the key factors driving the growth of the second-life EV batteries market?

The growth of this market is driven by the efforts to mitigate the environmental impacts of battery disposal, the growing adoption of renewable energy sources, and the increasing adoption of electric vehicles (EVs).

Who are the major players operating in the global second-life EV batteries market?

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).

Which regions/countries are expected to witness significant demand for second-life EV batteries in the coming years?

In 2023, Asia-Pacific will dominate the global second-life EV batteries market. However, the Europe market is expected to grow at the highest rate over the coming years.

Table of Contents

95 Pages
1. Introduction
1.1. Market Definition & Scope
1.2. Currency & Limitations
1.2.1. Currency
1.2.2. Limitations
2. Research Methodology
2.1. Research Approach
2.2. Data Collection & Validation
2.2.1. Secondary Research
2.2.2. Primary Research
2.3. Market Assessment
2.3.1. Market Size Estimation
2.3.2. Bottom-up approach
2.3.3. Top-down Approach
2.3.4. Growth Forecast
2.4. Assumptions for the Study
3. Executive Summary
3.1. Overview
3.2. Market Analysis, by End Use
3.3. Market Analysis, by Application
3.4. Market Analysis, by Geography
3.5. Competition Analysis
4. Market Insights
4.1. Overview
4.2. Factors Affecting Market Growth
4.2.1. Efforts to Mitigate the Environmental Impacts of Battery Disposal Supporting Market Growth
4.2.2. Increasing Reliance on Renewable Energy Generating Opportunities for Market Players
4.2.3. Increasing Adoption of Electric Vehicles Supporting the Development of Second-life Batteries
4.3. Battery Remanufacturing Process
4.4. Second-life EV Batteries Market - Value Chain Analysis
4.5. Battery Reuse Applications
4.6. Second-Life EV Batteries – Evaluation Parameters
4.6.1. Factors Determining Second-life Applications
4.6.2. Opportunities for Implementing Second-life Batteries
4.6.2.1. Providing Power to Those Without Access
4.6.2.2. Supply Chain Challenges for Manufacturers of New Batteries
4.6.2.3. Offsetting Lithium-ion Battery Recycling Costs
4.6.2.4. Scalable Supply of Second-life Batteries
4.7. Regulatory Landscape & Battery Traceability
4.7.1. European Union
4.7.2. China
4.7.3. U.S.
5. Second-life EV Batteries Market Assessment, by Application
5.1. Overview
5.2. Power Backup
5.3. Grid Connections
5.4. EV Charging
5.5. Renewable Energy Storage
5.6. Other Applications
6. Second-life EV Batteries Market Assessment, by End Use
6.1. Overview
6.2. Commercial Use
6.3. Industrial Use
6.4. Residential Use
7. Second-life EV Batteries Market Assessment , by Geography
7.1. Overview
7.2. Asia-Pacific
7.3. North America
7.4. Europe
7.5. Latin America
7.6. Middle East & Africa
8. Competition Analysis
8.1. Overview
8.2. Key Growth Strategies
8.3. Growth Opportunities for Start-up Companies in the Second-life EV Batteries Market
8.4. Challenges for Start-up Companies in the Second-life EV Batteries Market
8.5. Market Landscape for Second-life EV Batteries
8.6. Start-up Ecosystem for the Second-life EV Batteries Market
8.6.1. Diversifying Applications for EV Batteries
8.6.2. Addressing Technological Challenges in Repurposing EV Batteries
8.6.3. Ensuring Safety in Second-life BESS
8.6.4. Navigating EV Batteries Supply Chain Challenges
9. Company Profiles
9.1. BeePlanet Factory SL
9.2. ECO STOR AS
9.3. Connected Energy Ltd.
9.4. B2U Storage Solutions, Inc.
9.5. Cactos Oy
9.6. Smartville Inc.
9.7. Lohum Cleantech Private Limited
9.8. DB Bahnbau Gruppe GmbH
9.9. RePurpose Energy Inc.
9.10. ReJoule
10. Appendix
10.1. Available Customization
10.2. Related Reports
Table 1 Currency Conversion Rate (2018–2022)
Table 2 Global Second-life EV Batteries Market, by Application, 2021–2030 (USD Million)
Table 3 Global Second-life EV Batteries Market for Power Backup, by Region, 2021–2030 (USD Million)
Table 4 Global Second-life EV Batteries Market for Grid Connections, by Region, 2021–2030 (USD Million)
Table 5 Global Second-life EV Batteries Market for EV Charging, by Region, 2021–2030 (USD Million)
Table 6 Global Second-life EV Batteries Market for Renewable Energy Storage, by Region, 2021–2030 (USD Million)
Table 7 Global Second-life EV Batteries Market for Other Applications, by Region, 2021–2030 (USD Million)
Table 8 Global Second-life EV Batteries Market, by End Use, 2021–2030 (USD Million)
Table 9 Global Second-life EV Batteries Market for Commercial Use, by Region, 2021–2030 (USD Million)
Table 10 Global Second-life EV Batteries Market for Industrial Use, by Region, 2021–2030 (USD Million)
Table 11 Global Second-life EV Batteries Market for Residential Use, by Region, 2021–2030 (USD Million)
Table 12 Global Second-life EV Batteries Market, by Region, 2021–2030 (USD Million)
Table 13 Asia-Pacific: Second-life EV Batteries Market, by End Use, 2021–2030 (USD Million)
Table 14 Asia-Pacific: Second-life EV Batteries Market, by Application, 2021–2030 (USD Million)
Table 15 North America: Second-life EV Batteries Market, by End Use, 2021–2030 (USD Million)
Table 16 North America: Second-life EV Batteries Market, by Application, 2021–2030 (USD Million)
Table 17 Second-life EV battery Projects in Europe
Table 18 Europe: Second-life EV Batteries Market, by End Use, 2021–2030 (USD Million)
Table 19 Europe: Second-life EV Batteries Market, by Application, 2021–2030 (USD Million)
Table 20 Latin America: Second-life EV Batteries Market, by End Use, 2021–2030 (USD Million)
Table 21 Latin America: Second-life EV Batteries Market, by Application, 2021–2030 (USD Million)
Table 22 Middle East & Africa: Second-life EV Batteries Market, by End Use, 2021–2030 (USD Million)
Table 23 Middle East & Africa: Second-life EV Batteries Market, by Application, 2021–2030 (USD Million)
Figure 1 Market Ecosystem
Figure 2 Key Stakeholders
Figure 3 Research Process
Figure 4 Primary Research Techniques
Figure 5 Key Executives Interviewed
Figure 6 Breakdown of Primary Interviews (Supply Side & Demand Side)
Figure 7 Market Sizing and Growth Forecast Approach
Figure 8 Key Insights
Figure 9 Second-Life EV Batteries Market, by End User, 2023 VS. 2030 (USD million)
Figure 10 Second-life EV Batteries Market, by Application, 2023 VS. 2030 (USD million)
Figure 11 Geographic Snapshot: Global Second-Life EV Batteries Market
Figure 12 Battery Remanufacturing Process
Figure 13 Second-Life EV Batteries Market - Value Chain Analysis
Figure 14 Global Second-life EV Batteries Market, by Application, 2023 VS. 2030 (USD Million)
Figure 15 Global Second-life EV Batteries Market, by End Use, 2023 vs. 2030 (USD million)
Figure 16 Global Second-life EV Batteries Market, by Geography, 2023–2030 (USD Million)
Figure 17 Second-life EV Batteries Market Geography Snapshot: Asia-Pacific
Figure 18 Second-life EV Batteries Market Geography Snapshot: North America
Figure 19 Second-life EV Batteries Market Geography Snapshot: Europe
Figure 20 Second-life EV Batteries Market Geography Snapshot: Latin America
Figure 21 Second-life EV Batteries Market Geography Snapshot: Middle East & Africa
Figure 22 Growth Strategies Adopted by Leading Market Players (2020–2023)

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