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Second Life Electric Vehicle Battery Market Overview
The global second life electric vehicle battery market is projected to witness significant growth in the forecast period (2020–2030), mainly attributed to the massive adoption of electric vehicles, across the world. The batteries used in the electric vehicles need to be replaced in every four to five years, which is much less than the life cycle of the vehicle itself. Moreover, after replacement, the older battery still possesses around 60–80% of its original capacity, which turns useful for several other applications. This creates huge growth opportunity for the second life batteries in the coming years.
The second life electric vehicle battery market in terms of vehicle type is bifurcated into passenger car and commercial vehicle. Between the two, the demand for commercial vehicles’ second life batteries is expected to exhibit the fastest growth. This is attributed to the fact that these batteries are of high capacity and suitable for various other applications like energy storage, charging, and grid scale.
The second life electric vehicle battery market on the basis of application is categorized into, electric vehicle charging, grid-scale energy storage, base station, residential energy storage, low-speed electric vehicle, and others. Among all, the demand for these batteries in base stations is expected to be the highest in the forecast period, owing to the initiatives taken by the various telecom infrastructure companies to use the second hand batteries to replace the old lead–acid batteries in the base station’s backup systems.
Geographically, the global second life electric vehicle battery market is categorized into North America; Europe; Asia-Pacific (APAC); and Latin America, Middle East, and Africa (LAMEA). Out of these, the APAC region led by China is expected to be the largest market during the forecast period. At present China witnesses the highest adoption of electric vehicle in the world. Furthermore, the country also targets to achieve domestically 50% electric vehicle share by 2025. This projects a prospective market for second life batteries in the country.
Second Life Electric Vehicle Battery Market Dynamics
One of the key trends observed in the second life electric vehicle battery market is the launch of various pilot projects and initiatives by different original equipment manufacturers (OEMs) for the usage of second life batteries. For instance, in December 2019, MAN Truck & Bus SE, launched a pilot project to test second life battery use in stationary energy storage systems, in Bergedorf quarter of Hamburg, Germany. Also, in December 2018, Volvo Buses, a subsidiary of Volvo AG, in collaboration with Goteborg Energi AB, Riksbyggen Serviceboende AB, and Johanneberg Science Park AB, launched a research project on second life battery use. Under the project, the used electric bus batteries are being used to store energy for housing cooperative apartments.
Increasing proliferation of electric vehicles on the road is a major driver propelling the growth of the second life electric vehicle battery market. The stringent emission norms to limit the adversative impact of the harmful gases emitted from the vehicles are increasingly being followed around the world. For example, as per the Europe 2020 strategy, the European Union (EU) targets to reduce overall carbon dioxide (CO2) emissions by 20% by 2020, from the emission levels reported for the year 1990. Similarly, the U.S. has targeted to reduce the emission level up to 26–28% by 2025, from that of 2005. All these emission targets have led to the shift of the conventional vehicles to electric vehicles. The CEM-Electric Vehicles Initiative (EVI), under the International Energy Agency (IEA), launched the EV30@30 campaign in 2018, which focuses on the deployment of at least 30 percent of the new electric vehicles, by 2030. Such initiatives are expected to drive the adoption of electric vehicles, which will lead to more wear out of batteries to be used for recycling.
Second Life Electric Vehicle Battery Market Competitive Landscape
Some of the major players operating in the global second life electric vehicle battery market are Beijing Electric Vehicle Co. Ltd., Bayerische Motoren Werke (BMW) AG, BYD Co. Ltd., Daimler AG, MAN Truck & Bus SE, Chengan Technology Co. Ltd., General Motors Co., Volvo AB, Tesla Inc., and Yinlong Energy Co. Ltd.
The report covers a country-wise analysis of the second life electric vehicle battery market. The major countries covered in the report are U.S., Canada, Germany, U.K. France, Spain, Norway, China, Japan, South Korea, India, Brazil, and Mexico.
Second Life Electric Vehicle Battery Market Size Breakdown by Segment
The Second Life Electric Vehicle Battery Market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Vehicle Type
Based on Battery Capacity
Based on Battery Type
Based on Application