Home > Energy & Power > Battery Technology > EV Battery Reuse > EV Battery Reuse Market

EV Battery Reuse Market Size

Report ID: GMI4812
Published Date: Jun 2024
Report Format: PDF

Download Free Sample

EV Battery Reuse Market Size

EV Battery Reuse Market was valued at USD 393.6 million in 2023 and is expected to grow at a CAGR of 46.6% between 2024 and 2032. This growth is fueled by increasing global adoption of electric vehicles, which generates a substantial supply of used EV batteries suitable for secondary applications like energy storage systems.

To get key market trends

Download Free Sample

According to the IEA, the proportion of electric cars in total sales rose from approximately 4% in 2020 to 18% by 2023. Stringent environmental regulations are also driving the market, promoting battery recycling and reuse to reduce carbon footprints and foster circular economy principles. Additionally, ongoing technological advancements in battery management and energy storage solutions are improving the efficiency and feasibility of EV battery reuse, contributing significantly to market expansion.

EV Battery Reuse Market Report Attributes
Report Attribute	Details
Base Year:	2023
EV Battery Reuse Market Size in 2023:	USD 393.6 Million
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	46.6%
2032 Value Projection:	USD 11.44 Billion
Historical Data for:	2021 - 2023
No. of Pages:	110
Tables, Charts & Figures:	20
Segments covered:	Application, Source
Growth Drivers:	Growing penetration of electric vehicles Growing demand for energy storage systems
Pitfalls & Challenges:	Declining battery cost and lack of government regulations

Learn more about the key segments shaping this market

Download Free Sample

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of EV battery reuse was worth over USD 393.6 million in 2023 and is projected to expand at 46.6% CAGR from 2024 to 2032, on account of the increasing global adoption of electric vehicles.

The energy storage systems segment in the EV battery reuse industry is projected to amass more than USD 4.5 billion by 2032 due to the increasing demand for sustainable energy solutions and cost-effective storage options.

The BEV segment in the EV battery reuse industry is projected to grow at over 54.5% CAGR between 2024 and 2032, owing to their potential in energy storage solutions for renewable integration, grid stabilization, and industrial use.

Asia Pacific EV battery reuse industry is anticipated to garner more than USD 7.5 billion by 2032, led by the increasing electric vehicle adoption and rising investments in sustainable energy solutions.