Electric vehicle battery or traction battery power the propulsion of battery electric vehicles in the market. It uses chemical energy stored in rechargeable battery packs for power; and therefore, does not require any combustion engine for propulsion. These batteries reach a point called end of life and after this are replaced with a new one. The valuable materials within each of these batteries, which reach end of life, can be recovered and recycled to optimize the use of finite metal resources. Aluminum, cobalt, nickel, lithium, and other types of metals can be recovered from these batteries, which reach end of the life.
MARKET DYNAMICS
The EV battery reuse market is anticipated to witness growth on account of rising energy demand across the globe. The technology finds its applications across energy storage, base stations, low speed vehicles and EV charging stations. Growing concerns toward energy security coupled with cost saving potential will positively compliment the adoption of EV battery reuse over the forecast period.
MARKET SCOPE
The ?Global EV Battery Reuse Market Analysis to 2028" is a specialized and in-depth study of the consumer goods industry with a particular focus on the global market trend analysis. The report aims to provide an overview of the EV battery reuse market with detailed market segmentation by type, source, processing state, and application. The global EV battery reuse market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading EV battery reuse market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global EV battery reuse market can be segmented into:
1. By Type: The market can be segmented into Lead-Acid, Lithium-Based, Nickel-Based, And Others.
2. By Source: By source, the market can be bifurcated into Automotive, Consumer Electronics, and Industrial Batteries.
3. By Processing State: By processing, the market is segmented into the Extraction of Material, Reuse, Packaging and Second Life, and Disposal.
4. By Application: By application, the market is segmented into EV Charging, Battery Storage, Base Station, and Low-Speed Vehicles.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry, including both qualitative and quantitative information. It also provides market size and forecast estimates from the year 2018 to 2028 concerning five major regions, namely; North America, Europe, Asia- Pacific (APAC), Middle East and Africa (MEA), and South America. The EV battery reuse market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the EV battery reuse market from both the demand and supply sides. Further, it evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive best analysis for all five regions, namely; North America, Europe APAC, MEA, and South America, after evaluating political, economic, social, and technological factors affecting the EV battery reuse market in these regions.
IMPACT OF COVID 19
The COVID-19 pandemic had very little impact on the electric vehicle industry as the most important market. China started growing after the first two months of 2020, and even Tesla was able to continue its production throughout the pandemic. The concerns regarding the negative effect of climate change and the growing carbon emission in major cities have created a significant demand for electric vehicles.
MARKET PLAYERS
The report covers vital developments in the EV battery reuse market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others, such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnerships and collaborations. These activities have paved the way for the expansion of businesses and the customer base of market players. The market players from the EV battery reuse market are anticipated to have lucrative growth opportunities in the future with the rising demand for EV battery reuse in the global market. Below mentioned is the list of a few companies engaged in the EV battery reuse market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the EV battery reuse market. Decide the report focuses on leading industry players with information such as company profiles, products, and services offered, financial information of the last three years, the critical development in the past five years.
- American Manganese Inc.
- BAIC Motor Corporation Limited
- Energus Power Solutions, Ltd.
- Global Battery Solutions
- LG Chem, Ltd.
- Lithium Werks
- Mitsubishi Electric
- Retriev technologies
- Samsung SDI Co.
- Toyota Motor Corporation