NEW YORK, Nov. 17, 2020 /PRNewswire/ — Owing to the scarceness of their components, the recycling of automotive lithium-ion batteries is being stressed upon, but the recycling process is itself expensive. For instance, lithium obtained through mining is five-times less expensive than extracting it via battery recycling. This factor is expected to drive the global second-life automotive lithium-ion battery market at a massive 23.1% CAGR during 2020–2030. At this rate, the industry size will increase from $430.0 million in 2019 to $7,392.0 million by 2030, according to P&S Intelligence.
The awareness about using depleted automotive lithium-ion batteries is rising, so that not only can the operational costs, on having those recycled saved, but the mining of scarce materials can also be limited. In addition, the increasing demand for used batteries for energy storage purposes is helping the second-life automotive lithium-ion battery market grow. Depleted vehicle batteries may retain up to 80% of their efficiency, which is why they are being used for storing energy in the industrial, renewable energy, and telecom sectors.
The coronavirus pandemic is harming the second-life automotive lithium-ion battery market, as the restrictions on manufacturing and trade activities have led to the low supply of these products. Moreover, as automotive sales have reduced, there are fewer depleted batteries to spare, which is hindering their adoption for secondary purposes. Though the industry is witnessing recession presently, it is expected to recover in the coming time.
Browse detailed report on Second-Life Automotive Lithium-Ion Battery Market Research Report: By Type (Lithium–Iron Phosphate, Lithium–Manganese Oxide, Lithium–Nickel–Manganese–Cobalt Oxide, Lithium–Titanate Oxide, Lithium–Nickel–Cobalt–Aluminum Oxide), Vehicle Type (Two-Wheeler, Passenger Car, Commercial Vehicle), Application (Energy Storage, Electric Vehicle Charging, Base Station, Low-Speed EV) – Global Industry Analysis and Growth Forecast to 2030: https://www.psmarketresearch.com/market-analysis/second-life-automotive-lithium-ion-battery-market
Presently, the largest contribution to the second-life automotive lithium-ion battery market is made by Asia-Pacific (APAC). China registers the most EV sales, owing to the strong government support, which creates a large stock of partially depleted vehicle batteries. Further, the country aims to convert at least 50% of its total automobile fleet to EVs by 2025.
Europe is projected to witness the fastest advance in the second-life automotive lithium-ion battery market in the years to come. Along with the increasing sale of EVs, the region is also seeing the execution of a strategic action plan for a sustainable battery value chain. Under this, raw material extraction, battery materialsourcing and processing, and cell and battery system production, reuse, and recycling are being focused upon. Furthermore, with the increasing EV production, battery manufacturing is picking up pace in the region.
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Working Together Is Most-Effective Growth Strategy for Players
Players in the second-life automotive lithium-ion battery market are entering into collaborations and partnerships to:
- Produce cost-effective lithium-ion batteries
- Gain access to knowledge, data, and innovative technologies
- Enhance their presence across countries
- Secure stable customers for their batteries
- Make batteries last several times longer
The key organizations in the global second-life automotive lithium-ion battery market are GS Yuasa Corporation,