Wilmington, Delaware, United States, Aug. 17, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The market share for second-life EV battery market is prognosticated to gain a valuation of US$ 9.93 Bn by 2031, as per a research report by Transparency Market Research (TMR). Furthermore, the market is expected to develop at a CAGR of 44.7% during the forecast period, 2022 to 2031.
The study by TMR provides in-depth insights on the second-life EV battery market. Hence, readers are provided exhaustive analysis of the growth drivers, growth restraints, expansion opportunities, R&Ds, and sales of second-life EV battery market.
The second-life EV battery market is prognosticated to gain prominent growth prospects in Asia Pacific during the forecast period. This growth is ascribed to many factors including a surge in the sales of second-life EV battery mainly owing to the rapid expansion of the electric vehicle sector in the region, note analysts of a TMR report.
Companies operating in the global second-life EV battery market are investing heavily in R&D projects in order to develop environmental-friendly products. Moreover, several enterprises are launching innovative products in order to expand their product portfolios. This aside, players are using the strategies of mergers and acquisitions so as to maintain their leading position in the second-life EV battery market, according to TMR analysis.
Second-life EV Battery Market: Key Findings
- With rise in the prices of fuels across the globe, people are inclining toward the adoption of electric vehicles (EVs). Thus, the demand for EVs is expected to surge in the upcoming years, which in turn, is prognosticated to boost the sales of the batteries used in EVs. However, there has been increase in understanding on the environmental issues due to the disposal of these batteries. As a result, there has been a surge in the recycling and reuse of batteries post their lifecycle completion. This suggests that the rise in the use of EVs across the globe is likely to play important role in the rapid expansion of the second-life EV battery market during the forecast period.
- The demand for second-life EV batteries is being increasing among EV manufacturers across the globe in order to incorporate in different types of energy storage systems across industries including large commercial establishments and small residential establishments. Hence, a surge in the use of second-life EV batteries in energy storage systems is prognosticated to result into profitable prospects in the global second-life EV battery market in the near future.
- Over the period of past few years, there has been a surge in understanding on the concerns pertaining to the depletion of ozone layer and minerals. As a result, companies manufacturing EVs are focusing on the adoption of second-life electric vehicle batteries in their storage solutions. This factor is boosting the business avenues in the global second-life EV battery market.
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Second-life EV Battery Market: Growth Boosters
- Surge in the sales of EVs across many developed and developing nations is creating notable business opportunities for second-life battery market
- Rise in the acceptance of green energy and increase in understanding on the need for environment protection are leading to sizable growth opportunities in the market
Second-life EV Battery Market: Key Players
Some of the key players profiled in the report are:
- Nissan Motors Corporation
- Enel X S.r.l.
- Renault Group
- Fortum
- Hyundai Motor Company
- Mercedes-Benz Group
- Mitsubishi Motors Corporation
- RWE
- BeePlanet Factory
- BELECTRIC
Second-life EV Battery Market Segmentation
- End-use
- Commercial
- Residential
- Industrial
- Application
- EV Charging
- Grid Connected
- Renewable Energy Storage
- Power Backup
- Telecom
- Gas Turbine Power Plant
- UPS
- Others
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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