New York, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Second-Life Automotive Lithium-Ion Battery Market" - https://www.reportlinker.com/p05996759/?utm_source=GNW
1% between 2020 and 2030. As per the forecast of P&S Intelligence, a market research company based in India, the market would generate a revenue of $7,392.0 million by 2030. The rising usage of electric vehicles (EVs) around the world and the highly costly battery recycling process are the main factors driving the advancement of the market.
Furthermore, the governments of several countries are increasingly enacting various initiatives and regulations for promoting the usage of electric vehicles. This is also boosting the sales of the second-life automotive lithium-ion batteries around the world. Based on type, the second-life automotive lithium-ion battery market is classified into lithium ferro phosphate (LFP), lithium-ion manganese oxide (LMO), lithium–titanate oxide (LTO), lithium–nickel–manganese–cobalt oxide (NMC), and lithium–nickel–cobalt–aluminum oxide (NCA) categories.
Hence, it can be safely said that the market would exhibit substantial growth all over the world in the forthcoming years, mainly because of the rising usage of electric vehicles and the highly expensive procedures associated with lithium-ion battery recycling.
Read the full report: https://www.reportlinker.com/p05996759/?utm_source=GNW

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