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 Code: CMI20105

Published Date: October 2022

Pages: 220+

Category: Batteries

Report Snapshot

CAGR: 45.2%
255M
2021
1230M
2022
92000M
2030

Source: CMI

Study Period: 2022-2030
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Enel X S.r.l.
  • Fortum
  • Nissan Motors Corporation
  • Renault Group
  • Others

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Reports Description

The surging adoption of EVs is boosting the market’s growth

According to Custom Market Insights (CMI), The Global Second-life EV Batteries Market size was estimated at USD 255 Million in 2021 and is expected to reach USD 1230 million in 2022 and is expected to hit around USD 92000 Million by 2030, poised to grow at a compound annual growth rate (CAGR) of 45.2% from 2022 to 2030. 

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

Second-life EV Batteries Market (By Type )

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Second-life EV Batteries Market: Overview

The financial potential for battery reuse, sometimes known as “second life,” contribute to further lowering the initial costs of EV batteries and raising the value of a used EV. Second-hand batteries represent a market for inexpensive storage for utilities and electricity users, given the expanding EV sector. However, the policy will play a significant role in removing obstacles and assuring ethical, egalitarian, and ecological practices to enable the widespread reuse of EV batteries.

Second-life EV Batteries Market: COVID – 19 Impact Analysis

The COVID-19 epidemic has had a detrimental effect on the world market for Second-life EV Batteries. The COVID-19 epidemic had an impact on the Second-life EV Batteries market as well as the supply chain for Li-ion batteries. For instance, in Q1 2020, monthly EV sales in China did decrease by 39%. Over the past ten years, lithium-ion battery prices have dropped precipitously; these falling prices, along with the growing uptake of electric cars, are the main drivers of market demand throughout the projection period. On the other hand, market growth is anticipated to be constrained by the imbalance between raw material supply and order during the anticipated period. 

Second-life EV Batteries Market: Growth Drivers

Rising adoption of electric vehicles

Due to the increase in fuel prices worldwide, more individuals are choosing to use electric automobiles (EVs). Thus, it is predicted that EV demand will increase in the following years, which would, in turn, enhance sales of the batteries used in EVs. However, due to the disposal of these batteries, awareness of environmental hazards has grown. As a result, the recycling and reuse of batteries have increased once their lifecycles are complete. This indicates that the increased use of EVs globally is projected to significantly impact the market for used EV batteries during the forecast period.

Installations of smart grids

A smart grid is a circuit system that uses cutting-edge technology to monitor regular operation remotely. Due to the two-way communication capabilities of the intelligent devices, the utility may interact with them and regulate their process to find errors. The critical market actors, service providers, utility providers, and consulting firms have much to gain from the increase in investments in innovative city projects. With the use of technology and the wise use of resources, it is necessary to handle essential services like utility, safety, transportation, and health more effectively and wisely. The ability of intelligent grids to deliver reliable electricity for carrying out functions is essential to the development pace of intelligent cities. APAC is projected to adopt smart city technologies due to its high urbanization rate.

Increased focus on environmental protection and green energy use

Recycled batteries can lessen waste while halting further mineral depletion of cobalt, lithium, and nickel. Because lithium extraction uses a lot of water, it harms the environment. The widespread use of used batteries can help satisfy the rising demand for energy storage without requiring excessive, unsustainable mining of battery materials.

When an EV battery reaches its capacity, it is either discarded, recycled, or reused. Since EV batteries preserve 70% to 80% of their capacity after being retired from EVs, reuse is desirable. The remaining power is appropriate for less demanding uses like stationary storage. Compared to natural gas, recycling EV batteries for secondary uses could result in a 56% reduction in CO2 emissions, especially during periods of high demand.

Second-life EV Batteries Market

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Using used EV batteries in storage solutions has increased due to growing worries about the ozone layer and the depletion of minerals. For instance, in June 2018, the car manufacturer Hyundai Motor Group and the Finnish energy solution provider Wärtsilä inked a contract to form a business relationship for using used EV batteries in storage systems. 

Second-life EV Batteries Market: Segmentation Analysis

In our research scope, the Second-life EV Batteries market is segmented into type and application. Based on type, the lithium-ion market is anticipated to witness a high CAGR from 2022 to 2030. In 2021, the lithium-ion battery type had the largest market share; by 2030, the segment is anticipated to continue its dominant position. This is mainly because they are available in typical industry sizes, are 50–60% lighter, and have a 25–50% larger capacity. They also feature a low self-discharge rate, enabling them to sustain their charge for extended periods. Additionally, they charge quickly—between one and three hours—and include built-in overcharge protection.

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 fulfill your requirements for research.

Key Insights: 

  • As per the analysis shared by our research analyst, the Second-life EV Batteries market is estimated to grow annually at a CAGR of around 45.2% over the forecast period (2022-2030).
  • In terms of revenue, the Second-life EV Batteries market was valued at around USD 255 million in 2021 and is projected to reach USD 92000 Million by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
  • The Second-life EV Batteries market research offers a comprehensive analysis of the present market and projections through 2020–2030 to help find possibilities to profit from the existing market.
  • The study includes data on the significant market drivers, challenges, and opportunities and their effects.
  • The study elaborates on the SWOT analysis and Porter’s Five Forces model.
  • The market study’s value chain analysis gives a comprehensive picture of the stakeholder’s responsibilities.

 Recent Development

  • March 2022: Blue Park, Bosch, and Mitsubishi partnered to use electric vehicle batteries. The battery swap platform will be a vital component of the relationship, and Blue Park will contribute to it, per the agreement. Bosch will offer its cloud-based battery technology, and Mitsubishi will support the ability to commercialize it. Bosch and Mitsubishi Corporation anticipate that this action will accelerate the deployment of batteries and the electrification of commercial vehicles.
  • August 2021: Hyundai Motor Company and Underwriters Laboratories signed an agreement to secure the deployment and use of second-life battery energy storage systems. UL and Hyundai will work on these projects, including safety testing and assessment, a North American demonstration project, and evaluation process development.

Regional Landscape

The significant growth of the electric vehicle sector in the Asia Pacific region mainly accounts for the strong demand for second-life EV batteries. With over 35% market share, Asia Pacific led the world market for second-hand EV batteries in 2021. During the forecast period, its share is anticipated to increase. The need for second-hand EV batteries in the Asia Pacific is dominated by China.

 

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Competitive Landscape

The second-life EV battery market is consolidated globally, with a few key vendors holding most of the market share. Leading market participants in the second-life EV battery industry are concentrating their investments on the R&D of green products. As a result, key players frequently use acquisitions and product portfolio expansion as primary strategies.

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

The global Second-life EV Batteries 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

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

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Second-life EV Batteries Market, (2022 – 2030) (USD Billion)
    • 2.2 Global Second-life EV Batteries Market: snapshot
  • Chapter 3. Global Second-life EV Batteries Market – Industry Analysis
    • 3.1 Second-life EV Batteries Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Rising adoption of electric vehicles
      • 3.2.2 Rising adoption of electric vehicles
      • 3.2.3 Installations of smart grids
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Type
      • 3.7.2 Market attractiveness analysis By Application
  • Chapter 4. Global Second-life EV Batteries Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Second-life EV Batteries Market: company market share, 2021
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Second-life EV Batteries Market – Type Analysis
    • 5.1 Global Second-life EV Batteries Market overview: By Type
      • 5.1.1 Global Second-life EV Batteries Market share, By Type, 2021 and 2030
    • 5.2 Lithium-Ion
      • 5.2.1 Global Second-life EV Batteries Market by Lithium-Ion, 2022 – 2030 (USD Billion)
    • 5.3 Lead Acid
      • 5.3.1 Global Second-life EV Batteries Market by Lead Acid, 2022 – 2030 (USD Billion)
    • 5.4 Sodium-ion
      • 5.4.1 Global Second-life EV Batteries Market by Sodium-ion, 2022 – 2030 (USD Billion)
    • 5.5 Nickel
      • 5.5.1 Global Second-life EV Batteries Market by Nickel, 2022 – 2030 (USD Billion)
  • Chapter 6. Global Second-life EV Batteries Market – Application Analysis
    • 6.1 Global Second-life EV Batteries Market overview: By Application
      • 6.1.1 Global Second-life EV Batteries Market share, By Application, 2021 and 2030
    • 6.2 EV Charging
      • 6.2.1 Global Second-life EV Batteries Market by EV Charging, 2022 – 2030 (USD Billion)
    • 6.3 Commercial and Industrial Energy Storage
      • 6.3.1 Global Second-life EV Batteries Market by Commercial and Industrial Energy Storage, 2022 – 2030 (USD Billion)
    • 6.4 Grid Charging
      • 6.4.1 Global Second-life EV Batteries Market by Grid Charging, 2022 – 2030 (USD Billion)
    • 6.5 Residential Energy Storage
      • 6.5.1 Global Second-life EV Batteries Market by Residential Energy Storage, 2022 – 2030 (USD Billion)
    • 6.6 Off-grid
      • 6.6.1 Global Second-life EV Batteries Market by Off-grid, 2022 – 2030 (USD Billion)
  • Chapter 7. Second-life EV Batteries Market – Regional Analysis
    • 7.1 Global Second-life EV Batteries Market Regional Overview
    • 7.2 Global Second-life EV Batteries Market Share, by Region, 2021 & 2030 (USD Billion)
    • 7.3. North America
      • 7.3.1 North America Second-life EV Batteries Market, 2022 – 2030 (USD Billion)
        • 7.3.1.1 North America Second-life EV Batteries Market, by Country, 2022 – 2030 (USD Billion)
    • 7.4 North America Second-life EV Batteries Market, by Type, 2022 – 2030
      • 7.4.1 North America Second-life EV Batteries Market, by Type, 2022 – 2030 (USD Billion)
    • 7.5 North America Second-life EV Batteries Market, by Application, 2022 – 2030
      • 7.5.1 North America Second-life EV Batteries Market, by Application, 2022 – 2030 (USD Billion)
    • 7.6. Europe
      • 7.6.1 Europe Second-life EV Batteries Market, 2022 – 2030 (USD Billion)
        • 7.6.1.1 Europe Second-life EV Batteries Market, by Country, 2022 – 2030 (USD Billion)
    • 7.7 Europe Second-life EV Batteries Market, by Type, 2022 – 2030
      • 7.7.1 Europe Second-life EV Batteries Market, by Type, 2022 – 2030 (USD Billion)
    • 7.8 Europe Second-life EV Batteries Market, by Application, 2022 – 2030
      • 7.8.1 Europe Second-life EV Batteries Market, by Application, 2022 – 2030 (USD Billion)
    • 7.9. Asia Pacific
      • 7.9.1 Asia Pacific Second-life EV Batteries Market, 2022 – 2030 (USD Billion)
        • 7.9.1.1 Asia Pacific Second-life EV Batteries Market, by Country, 2022 – 2030 (USD Billion)
    • 7.10 Asia Pacific Second-life EV Batteries Market, by Type, 2022 – 2030
      • 7.10.1 Asia Pacific Second-life EV Batteries Market, by Type, 2022 – 2030 (USD Billion)
    • 7.11 Asia Pacific Second-life EV Batteries Market, by Application, 2022 – 2030
      • 7.11.1 Asia Pacific Second-life EV Batteries Market, by Application, 2022 – 2030 (USD Billion)
    • 7.12. Latin America
      • 7.12.1 Latin America Second-life EV Batteries Market, 2022 – 2030 (USD Billion)
        • 7.12.1.1 Latin America Second-life EV Batteries Market, by Country, 2022 – 2030 (USD Billion)
    • 7.13 Latin America Second-life EV Batteries Market, by Type, 2022 – 2030
      • 7.13.1 Latin America Second-life EV Batteries Market, by Type, 2022 – 2030 (USD Billion)
    • 7.14 Latin America Second-life EV Batteries Market, by Application, 2022 – 2030
      • 7.14.1 Latin America Second-life EV Batteries Market, by Application, 2022 – 2030 (USD Billion)
    • 7.15. The Middle-East and Africa
      • 7.15.1 The Middle-East and Africa Second-life EV Batteries Market, 2022 – 2030 (USD Billion)
        • 7.15.1.1 The Middle-East and Africa Second-life EV Batteries Market, by Country, 2022 – 2030 (USD Billion)
    • 7.16 The Middle-East and Africa Second-life EV Batteries Market, by Type, 2022 – 2030
      • 7.16.1 The Middle-East and Africa Second-life EV Batteries Market, by Type, 2022 – 2030 (USD Billion)
    • 7.17 The Middle-East and Africa Second-life EV Batteries Market, by Application, 2022 – 2030
      • 7.17.1 The Middle-East and Africa Second-life EV Batteries Market, by Application, 2022 – 2030 (USD Billion)
  • Chapter 8. Company Profiles
    • 8.1 Enel X S.r.l.
      • 8.1.1 Overview
      • 8.1.2 Financials
      • 8.1.3 Product Portfolio
      • 8.1.4 Business Strategy
      • 8.1.5 Recent Developments
    • 8.2 Fortum
      • 8.2.1 Overview
      • 8.2.2 Financials
      • 8.2.3 Product Portfolio
      • 8.2.4 Business Strategy
      • 8.2.5 Recent Developments
    • 8.3 Nissan Motors Corporation
      • 8.3.1 Overview
      • 8.3.2 Financials
      • 8.3.3 Product Portfolio
      • 8.3.4 Business Strategy
      • 8.3.5 Recent Developments
    • 8.4 Renault Group
      • 8.4.1 Overview
      • 8.4.2 Financials
      • 8.4.3 Product Portfolio
      • 8.4.4 Business Strategy
      • 8.4.5 Recent Developments
    • 8.5 Mercedes-Benz Group
      • 8.5.1 Overview
      • 8.5.2 Financials
      • 8.5.3 Product Portfolio
      • 8.5.4 Business Strategy
      • 8.5.5 Recent Developments
    • 8.6 BeePlanet Factory
      • 8.6.1 Overview
      • 8.6.2 Financials
      • 8.6.3 Product Portfolio
      • 8.6.4 Business Strategy
      • 8.6.5 Recent Developments
    • 8.7 RWE
      • 8.7.1 Overview
      • 8.7.2 Financials
      • 8.7.3 Product Portfolio
      • 8.7.4 Business Strategy
      • 8.7.5 Recent Developments
    • 8.8 Hyundai Motor Company
      • 8.8.1 Overview
      • 8.8.2 Financials
      • 8.8.3 Product Portfolio
      • 8.8.4 Business Strategy
      • 8.8.5 Recent Developments
    • 8.9 Mitsubishi Motors Corporation
      • 8.9.1 Overview
      • 8.9.2 Financials
      • 8.9.3 Product Portfolio
      • 8.9.4 Business Strategy
      • 8.9.5 Recent Developments
    • 8.10 BELECTRIC
      • 8.10.1 Overview
      • 8.10.2 Financials
      • 8.10.3 Product Portfolio
      • 8.10.4 Business Strategy
      • 8.10.5 Recent Developments
List Of Figures
  • 1. Market research Type
  • 2. Market research methodology
  • 3. Global Second-life EV Batteries Market, 2022 – 2030 (USD Billion)
  • 4. Porter’s Five Forces Analysis
  • 5. Global Second-life EV Batteries Market attractiveness, By Type
  • 6. Global Second-life EV Batteries Market attractiveness, By Application
  • 7. Global Second-life EV Batteries Market share by Type, 2022 and 2030 (USD Billion)
  • 8. Global Second-life EV Batteries Market by Lithium-Ion, 2022 – 2030 (USD Billion)
  • 9. Global Second-life EV Batteries Market by Lead Acid, 2022 – 2030 (USD Billion)
  • 10. Global Second-life EV Batteries Market by Sodium-ion, 2022 – 2030 (USD Billion)
  • 11. Global Second-life EV Batteries Market by Nickel, 2022 – 2030 (USD Billion)
  • 12. Global Second-life EV Batteries Market share by Application, 2022 and 2030 (USD Billion)
  • 13. Global Second-life EV Batteries Market by EV Charging, 2022 – 2030 (USD Billion)
  • 14. Global Second-life EV Batteries Market by Commercial and Industrial Energy Storage, 2022 – 2030 (USD Billion)
  • 15. Global Second-life EV Batteries Market by Grid Charging, 2022 – 2030 (USD Billion)
  • 16. Global Second-life EV Batteries Market by Residential Energy Storage, 2022 – 2030 (USD Billion)
  • 17. Global Second-life EV Batteries Market by Off-grid, 2022 – 2030 (USD Billion)
  • 18. Global Second-life EV Batteries Market share, by Region, 2022 and 2030
  • 19. North America Second-life EV Batteries Market, 2022 – 2030 (USD Billion)
  • 20. Europe Second-life EV Batteries Market, 2022 – 2030 (USD Billion)
  • 21. Asia Pacific Second-life EV Batteries Market, 2022 – 2030 (USD Billion)
  • 22. Latin America Second-life EV Batteries Market, 2022 – 2030 (USD Billion)
  • 23. The Middle-East and Africa Second-life EV Batteries Market, 2022 – 2030 (USD Billion)
List Of Tables
  • 1. Global Second-life EV Battery Market: Snapshot
  • 2. Drivers of the Second-life EV Battery Market: impact analysis
  • 3. North America Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 4. North America Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 5. U.S. Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 6. U.S. Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 7. Canada Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 8. Canada Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 9. Europe Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 10. Europe Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 11. Germany Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 12. Germany Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 13. France Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 14. France Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 15. U.K. Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 16. U.K. Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 17. Italy Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 18. Italy Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 19. Spain Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 20. Spain Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 21. Rest of Europe Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 22. Rest of Europe Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 23. Asia Pacific Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 24. Asia Pacific Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 25. China Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 26. China Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 27. Japan Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 28. Japan Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 29. India Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 30. India Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 31. South Korea Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 32. South Korea Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 33. South-East Asia Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 34. South-East Asia Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 35. Rest of Asia Pacific Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 36. Rest of Asia Pacific Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 37. Latin America Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 38. Latin America Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 39. Brazil Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 40. Brazil Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 41. Mexico Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 42. Mexico Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 43. Rest of Latin America Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 44. Rest of Latin America Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 45. The Middle-East and Africa Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 46. The Middle-East and Africa Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 47. GCC Countries Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 48. GCC Countries Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 49. South Africa Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 50. South Africa Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 51. Rest of Middle-East Africa Second-life EV Battery Market revenue, By Type, 2022 – 2030 (USD Billion)
  • 52. Rest of Middle-East Africa Second-life EV Battery Market revenue, By Application, 2022 – 2030 (USD Billion)

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2030
  • Market revenue estimates and forecasts up to 2030, by technology
  • Market revenue estimates and forecasts up to 2030, by application
  • Market revenue estimates and forecasts up to 2030, by type
  • Market revenue estimates and forecasts up to 2030, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

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

FAQs

“Asia Pacific” region will lead the global Second-life EV Batteries market during the forecast period 2022 to 2030.

The key factors driving the market are rising adoption of electric vehicles, installations of smart grids.

The key players operating in the Second-life EV Batteries market are Enel X S.r.l., Fortum, Nissan Motors Corporation, Renault Group, Mercedes-Benz Group, BeePlanet Factory, RWE, Hyundai Motor Company, Mitsubishi Motors Corporation, BELECTRIC.

The global Second-life EV Batteries market is expanding growth with a CAGR of approximately 45.2% during the forecast period (2022 to 2030).

The global Second-life EV Batteries market size was valued at USD 255 Million in 2021 and it is projected to reach around USD 9.2 Billion by 2030.

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