Second-life EV Batteries Market

Between 2023 and 2030, the global second-life electric vehicle batteries market size is projected for around 40% CAGR, reaching an estimated valuation of US$9 Bn by 2030-end.

Nissan Motors Corporation, Fortum, Renault Group, Mercedes-Benz Group AG, Mitsubishi Motors Corporation, Hyundai Motor Company, BYD Co. Ltd., and BMW constitute some of the goliaths in the worldwide market for second-life EV batteries space. The report has covered these and several more, prominent players in the industry under its strategic profiling and analysis section.

Led by China, the market second-life electric vehicle batteries market will continue to demonstrate the most significant performance in Asia Pacific. On the other hand, North America is slated to exhibit a substantial CAGR during 2023 - 2030.

The lithium-ion battery type will maintain its dominance in the second-life electric vehicle batteries market through the end of forecast period. This primacy will prevail because the cars with a Li-ion battery have the benefit of more storage space that caters to a lot of power and is relatively lightweight, which makes it easier for these cars to travel with less energy.

The adoption of used EV batteries that have a second life very much resonates the global initiatives around green energy because these batteries can be practically employed to satisfy the expanding energy storage demands. Even when their usage is terminated, and they still hold 70-80% of their capacity, these batteries present us with the best use case scenario.