North America EV Battery Reuse Market
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North America EV Battery Reuse Market size surpassed USD 32.8 million in 2023 and is anticipated to grow at a CAGR of 53.3% between 2024 and 2032, driven by the increasing adoption of electric vehicles, leading to a surge in retired EV batteries available for repurposing.
As per IEA, U.S. witnessed a total sale of 1.6 million EVs in 2023, which grew from only 0.2 million units in 2016. Initiatives promoting sustainability drive companies to explore reuse options, reducing waste. Advancements in battery management technologies enhance the feasibility of repurposing batteries for secondary applications like grid energy storage. Government incentives supporting battery recycling initiatives further stimulate market growth, fostering investment and innovation in this sector.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| North America EV Battery Reuse Market size in 2023: | USD 32.8 Million |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2023 - 2032 CAGR: | 53.3 |
| 2023 Value Projection: | USD 1.52 Billion |
| Historical Data for: | 2019 - 2023 |
| No of Pages: | 110 |
| Tables, Charts & Figures: | 104 |
| Segments Covered: | Application, Source |
| Growth Drivers: |
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| Pitfalls Challenges: |
The COVID-19 pandemic initially slowed down the North America EV battery reuse industry due to disruptions in supply chains and manufacturing operations. However, as the market adapted to remote work and safety protocols, there was a gradual recovery driven by increased focus on sustainability and the circular economy, leading to renewed interest and investment in EV battery reuse initiatives.
North America EV battery reuse industry is witnessing a substantial growth owing to factors including the growing emphasis on sustainability and circular economy principles. Technological advancements in battery management systems and energy storage solutions are facilitating the integration of reused batteries into secondary applications such as grid energy storage and stationary power backup. For instance, In July 2020, LG Chemical Ltd. partnered with GS Caltex to develop EV battery services integrated with Big Data, aiming to enhance charging solutions and gain expertise on EV batteries. Moreover, collaborations between automakers, battery manufacturers, and energy companies are fostering innovation and expanding reuse opportunities, further shaping the landscape of the EV battery reuse market in the region.
Based on application, the repurposed batteries are utilized for energy storage, EV charging, base stations, and low speed vehicles. North America EV battery reuse industry from energy application is anticipated to grow over USD 600 million by 2032, driven by the increasing demand for sustainable energy solutions. Repurposed EV batteries are utilized in grid energy storage systems and stationary power backup applications, providing cost-effective and environmentally friendly alternatives to conventional energy storage solutions. This trend is fueled by advancements in battery management technologies and government initiatives supporting renewable energy integration, contributing to the market's expansion as stakeholders recognize the value of repurposing EV batteries for energy storage purposes.
Based on source, the North America EV battery reuse market is segmented into HEV & PHEV and BEV. The industry from HEV & PHEV is projected to grow at a CAGR of over 40% through 2032. As these vehicles reach the end of their life cycles, their batteries are being repurposed for various applications, including energy storage and grid stabilization. This trend is supported by advancements in battery technology and the growing emphasis on sustainability, fostering a circular economy approach to battery reuse and contributing to the market's expansion in the region.
U.S. EV battery reuse market is projected to grow over USD 1.4 billion by 2032, on account of the increasing adoption of electric vehicles, leading to a surplus of retired batteries, which are repurposed for secondary applications. Technological advancements in battery management systems enhance the feasibility of reuse, while government incentives and regulations supporting sustainability and circular economy initiatives propel market expansion. The U.S. Department of Energy has created several manuals, including the Battery Technology Life Verification Test Manual (TLVT), which assists users in comprehending battery life cycles. This understanding enables appropriate recycling or repurposing, reducing pollution from improper disposal practices.
Tesla stands out as one of the largest players in the North America EV battery reuse industry. Renowned for its innovation and dominance in the electric vehicle sector, Tesla's extensive experience and technological prowess position it as a key player in repurposing EV batteries for secondary applications, contributing significantly to the market's growth and development.
Some of the key market players operating across the market are:
Market, By Application
Market, By Source
The above information has been provided for the following countries:
Some of the key North America EV battery reuse market players are Ascend Elements, Inc., B2U Storage, Cirba Solutions, Moment Energy, Nissan Motor Co., Ltd., Renault Group, RePurpose Energy Inc., RWE + Audi, Spiers New Technologies Inc., Stena Metall, and Tesla.
Industry size for North America EV battery reuse was USD 32.8 million in 2023 and is anticipated to grow at 53.3% CAGR from 2024-2032, driven by the increasing adoption of EVs leading to the surge in retired batteries available for repurposing.
North America EV battery reuse industry from HEV & PHEV source segment is projected to account for over 40% revenue share by 2032 attributed to the advancements in battery technology and the growing emphasis on sustainability.
U.S. EV battery reuse industry is estimated to generate more than USD 1.4 billion in revenue by the end of 2032, on account of the increasing adoption of EVs, leading to a surplus of retired batteries, which are repurposed for secondary applications.