Austin, Texas, USA, April 03, 2023 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Second-life EV Batteries Market Size, Trends and Insights By Type (Lithium-Ion, Lead Acid, Sodium-ion, Nickel), By Application (EV Charging, Commercial and Industrial Energy Storage, Grid Charging, Residential Energy Storage, Off-grid), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” in its research database.

“According to the latest research study, the demand for global Second-life EV Batteries Market size & share was valued at approximately USD 255 Million in 2021 and is expected to reach USD 1230 Million in 2022 and is expected to reach a value of around USD 92000 Million by 2030, at a compound annual growth rate (CAGR) of about 45.2% during the forecast period 2022 to 2030.”

The report examines the Second-life EV Battery market’s drivers and restraints and their impact analysis. Also, the report mentions global opportunities prevailing in the Second-life EV Battery market.

Second-life EV Battery Market: Overview

Batteries with a second life are those whose lifespan has ended but can still be utilized in stationary systems in conjunction with renewable energy sources like wind and solar. After six to eight years, lithium batteries used in EVs still have more than two-thirds of their usable energy storage. Old electric vehicle batteries can provide an additional five to eight years of service in a different application, depending on their condition. Effective recycling or recovery of vital elements from spent batteries is a requirement for EV battery second life.

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Growth Factors

Batteries for electric vehicles are frequently employed in harsh environments. As a result, it loses 20% to 30% of its initial capacity after a few years. Due to rising environmental consciousness and strict government requirements, these batteries are frequently reused or recycled. Several businesses worldwide seek efficient ways to employ these batteries for stationary energy storage. Emerging nations like India and China have signed the Paris Agreement, which mandates that countries reduce their dependence on fossil fuels to reduce their carbon footprint and greenhouse gas emissions.

The need for second-life EV batteries is anticipated to increase as a result. As a result, the second-life EV battery sector has a bright future.

For those who live in urban and rural regions, second-life battery storage can serve as a dependable and economical power source.

The endeavours of growing economies like China and India to meet the COP26 goals of expanding the use of renewable energy and lowering carbon emissions are responsible for the growth of the second-life EV battery market. However, several developing nations currently need to have adequate regulations for managing end-of-life batteries. These nations must create rules that address the viability of using second-hand EV batteries. This might be accomplished by pushing startups and OEMs to research and develop second-life EV batteries.

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The use of second-hand EV batteries is also anticipated to be fueled by the implementation of testing requirements for recycling and reusing second-hand batteries and an increase in the deployment of the blockchain traceability management platform.

(A free sample of the Second-life EV Batteries report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the following:

Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
About 220+ Pages Research Report (Including Recent Research)
Provide detailed chapter-by-chapter guidance on the Request
Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2022
Includes Tables and figures have been updated
The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
Custom Market Insights (CMI) research methodology

(Please note that the sample of the Second-life EV Batteries report has been modified to include the COVID-19 impact study prior to delivery.)

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Segmental Overview

The global Second-life EV Battery market is categorized into type and application. Second-life batteries are those whose “automotive” life has ended but have roughly 70–80% of their original capacity. They can therefore be employed in stationary systems in conjunction with the production of renewable energy sources like wind and solar, or they can provide services to the power network. Increasing the amount of renewable energy on the grid and extending battery life together result in lower carbon emissions. Additionally, it reduces the price of electric vehicles by converting waste disposal expense into residual value.

Regional Overview

During the anticipated period, Asia Pacific is expected to witness significant growth opportunities for the second-life EV battery market. The rapid rise of the region’s electric vehicle industry is one of several factors contributing to this growth, including a spike in the sales of used EV batteries.

Due to the rising demand for energy storage systems across a range of industries and the increased focus on environmental preservation in these countries, the market in North America and Europe is projected to expand considerably during the projected period. The majority of the market in North America is dominated by the United States. However, throughout the forecast period, Canada is expected to have moderate growth in demand for second-hand EV batteries.

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Key questions answered in this report:

What is the size of the Second-life EV Batteries market and what is its expected growth rate?
What are the primary driving factors that push the Second-life EV Batteries market forward?
What are the Second-life EV Batteries Industry's top companies?
What are the different categories that the Second-life EV Batteries Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the Second-life EV Batteries market sample report and company profiles?

Key Offerings:

Market Share, Size & Forecast by Revenue | 2022−2030
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by Regions
Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Report Scope

Feature of the Report	Details
Market Size in 2021	USD 255 Million
Projected Market Size in 2030	USD 92000 Million
Market Size in 2022	USD 1230 Million
CAGR Growth Rate	45.2% CAGR
Base Year	2021
Forecast Period	2022-2030
Prominent Players	Enel X S.r.l., Fortum, Nissan Motors Corporation, Renault Group, Mercedes-Benz Group, BeePlanet Factory, RWE, Hyundai Motor Company, Mitsubishi Motors Corporation, BELECTRIC, and Others
Key Segment	By Type, Application, and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

Key Players Insights

Our market analysis includes a section specifically devoted to key players operating in the Second-life EV Batteries market. Our analysts overview each player’s financial statements, product benchmarking, and SWOT analysis. In addition, the competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of the mentioned competitors globally.

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Browse the full “Second-life EV Batteries Market Size, Trends and Insights By Type (Lithium-Ion, Lead Acid, Sodium-ion, Nickel), By Application (EV Charging, Commercial and Industrial Energy Storage, Grid Charging, Residential Energy Storage, Off-grid), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” Report at https://www.custommarketinsights.com/report/second-life-ev-batteries-market/

Prominent Players

Enel X S.r.l.
Fortum
Nissan Motors Corporation
Renault Group
Mercedes-Benz Group
BeePlanet Factory
RWE
Hyundai Motor Company
Mitsubishi Motors Corporation
BELECTRIC

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Maximum number of market tables and figures
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Free 35% or 60 hours of customization.
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25% discount on your next purchase.
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Personalized market brief by author.

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The global Second-life EV Battery market is segmented as follows:

By Type

Lithium-Ion
Lead Acid
Sodium-ion
Nickel

By Application

EV Charging
Commercial and Industrial Energy Storage
Grid Charging
Residential Energy Storage
Off-grid

Click Here to Get a Free Sample Report of the Global Second-life EV Batteries Market @ https://www.custommarketinsights.com/report/second-life-ev-batteries-market/

On the basis of Geography

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

This Market Research/Analysis Report on Second-Life EV Batteries Has Answers to the Following Questions.

Which technology is used to make EV batteries that can be used more than once? What changes are happening with that technology? What kinds of trends are causing these changes?
Who are the major players in the global market for used EV batteries? Who are they, what do they do, and how do I get in touch with them?

What was the state of the second-life EV batteries market around the world? What was the second-life EV batteries market's capacity, production value, cost, and PROFIT?
What is the current state of the market for second-hand EV batteries? How much competition is there in this market, both between companies and between countries? What is an analysis of the market for second-hand EV batteries, taking into account their uses and types?
What do you think the global second-life electric vehicle (EV) batteries market will look like in the future in terms of capacity, production, and production value? How much will it cost and how much will it make? What will the supply, demand, and market share be? What about buying and selling?
What is an analysis of the second-life EV batteries market chain by raw materials in the upstream and industries in the downstream?
What is the effect on the economy of the second-hand EV battery business? What are the results of an analysis of the global macroeconomic environment? What are the trends in the development of the global macroeconomic environment?
How does the market for used EV batteries change over time? What are difficulties and chances?
What should the entry strategies, economic impact countermeasures, and marketing channels be for the second-life EV batteries industry?

Why You Should Buy Used EV Batteries Market Report

The Second-life EV Batteries Market Report gives a qualitative and quantitative analysis of the market based on how economic and non-economic factors are used to divide it.
Second-life EV Batteries Market report outlines market value (USD) data for each segment and sub-segment.
This report indicates the region and segment expected to witness the fastest growth and dominate the market.
The Second-Life EV Batteries Market Analysis by Geography shows how the product or service is used in each region and what factors affect the market there.
The competitive landscape shows how the major players rank in the market, as well as any new services or products they've released, partnerships they've made, business expansions they've done, or companies they've bought in the last five years.
Detailed profiles of the major market players, including an overview of the company, information about the company, a comparison of the products, and a SWOT analysis.
The industry's current and future market outlook in light of recent events (which include growth opportunities and drivers, as well as challenges and restraints of both developing and developed regions).
The Second-life EV Batteries Market has an in-depth analysis of the market from different points of view using Porter's five forces analysis, and the Value Chain gives information about the market.

Click Here to Get a Free Sample Report of the Global Second-life EV Batteries Market @ https://www.custommarketinsights.com/report/second-life-ev-batteries-market/

Why the research report was made

The study gives a detailed look at the global Second-life EV Batteries market, so you can compare how well you're doing to how the market as a whole is doing.

Try to stay competitive while established key players' new ideas drive market growth.

What is written in the report?

The worldwide Second-life EV Batteries market analysis looks at things like what drives the market, what holds it back, and what opportunities are available.

The report talks about the competitive environment of current and possible participants in the Second-life EV Batteries market, as well as their strategic goals for product development.

This study analyses the market both qualitatively and quantitatively based on the component, the application, and the industry vertical. The report also compares data for the important regions.

Market sizes and predictions have been given for each of the above segments.

Who is the audience for this report?

Participants and stakeholders in the Second-life EV Batteries market around the world should find this report useful. The research will be useful to all market participants in the Second-life EV Batteries industry.

Managers in the Second-life EV Batteries industry want to see up-to-date and projected information about the Second-life EV Batteries market around the world.

Government agencies, regulatory bodies, organisations, and people who make decisions want to invest in the market trends of Second-life EV Batteries products.

In order to make plans, analysts, researchers, teachers, strategy managers, and government agencies look for information about the market.

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