Second-life EV batteries are expected to reach over $34 billion by 2027, according to a new report by Research and Markets.
The global second-life EV battery market is projected to reach a total of $34,758.46 million by 2027, up from $19,717.47 million in 2021 at a compound annual growth rate (CAGR) of 9.90% during the forecast period.
The report provides both the market sizing and forecasts across seven major currencies which are USD, EUR, JPY, GBP, AUD, CAD, and CHF.
It also emphasized that the years 2019 and 2020 are considered historical while listing 2021 as the base year and 2022 as the estimated year. The years 2023-2027 are the forecast period.
Global Second-Life EV Batteries Markets
The report gave an estimation of the global second-life EV batteries market size for each global region:
- The Americas: $6,454.94 million in 2021. Expected to reach $7,009.22 million in 2022, at a CAGR of 9.59% to reach $11,184.62 million by 2027.
- Asia-Pacific: $5,802.30 million in 2021. Expected to reach $6,394.82 million in 2022, at a CAGR of 10.27% to reach $10,433.83 million by 2027.
- Europe, Middle East & Africa: $7,460.03 million in 2021. Expected to reach $8,153.66 million in 2022, at a CAGR of 9.89% to reach $13,140.00 million by 2027.
The type of batteries the report mentioned is:
The uses of these batteries include commercial and industrial energy storage, EV charging, grid charging, and off-grid and residential energy storage. Lithium-ion batteries are used in electric cars.
The top companies that are mentioned as key players include Tesla, BYD, Connected Energy, Hyundai Motor Company, Daimler AG, Toyota, and Nissan.
Uses of Second-life EV Batteries
Battery recycling is a hot topic in the EV space and rightfully so especially since EV technology is improving at a rapid pace.
One great way to keep batteries out of landfills is to find another use for them. And the market is clearly seeing this.
Once a battery reaches the end of its automotive or first life, they still have a residual capacity of around 70-80%. This makes them useful in other applications especially stationary storage systems.
If you’re interested in this topic, Enel X has an article you can read here.
If you have a tip, feel free to send them to firstname.lastname@example.org