As per the report published by Allied Market Research, the global EV battery reuse market accounted for $0.2 billion in 2021, and is estimated to reach $3.9 billion by 2031, growing at a CAGR of 34.3% from 2022 to 2031. The report provides a detailed analysis of top segments, changing market trends, value chain, key investment pockets, regional landscape, and competitive scenario. The report is a vital for new entrants, leading market players, investors, and stakeholders in devising strategies for the future.
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Covid-19 scenario:
- The demand for several input products declined during the pandemic as only a few industrial operations were operating. Moreover, the prolonged lockdown further hampered the production of EVs.
- On the other hand, major EV manufacturers have launched their vehicles post-pandemic, which has helped the market to get back on track.
The report divides the global EV battery reuse market on the basis of source, battery chemistry, vehicle type, application, and region.
Based on source, the battery electric vehicles (BEVs) segment held the largest share in 2021, accounting for nearly two-fifths of the market. However, the fuel cell electric vehicle (FCEV) segment is projected to manifest the highest CAGR of 34.8% during the forecast period.
On the basis of battery chemistry, the lithium-manganese oxide segment held the lion’s share in 2021, contributing to nearly one-third of the market. However, the lithium-titanate oxide segment is estimated to portray the highest CAGR of 35.3% from 2022 to 2031.
Based on vehicle type, the commercial segment is projected to showcase the highest CAGR of 34.5% during the forecast period. In addition, the segment held the largest share in 2021, accounting for nearly two-thirds of the market.
On the basis of application, the low speed vehicle segment is expected to register the highest CAGR of 35.0% during the study period. However, the base stations segment dominated the market in terms of revenue generation in 2021, contributing to around two-fifths of the market.
The global EV battery reuse market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share in 2021, accounting for more than one-third of the market. In addition, the region is anticipated to showcase the highest CAGR of 34.9% during the forecast period.
The global EV battery reuse market includes an in-depth analysis of the prime market players such as Global Battery Solutions, Ltd., BYD Co, Ltd., Samsung SDI Co., Ltd, Daimler AG, Groupe PSA, LG Chem Ltd., General Motors, GS Yuasa Corporation, Envision AESC, Toshiba Corporation, Toyota Motor Corporation, Nissan Motor Co., Ltd., Tesla Inc, BMW Group, Johnson Controls, Inc., Lithium Wrecks, and Mitsubishi Electric Corporation.
The report analyzes these key players in the global EV battery reuse market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of every market player.
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SOURCE: Globe Newswire
