Second-life EV battery market expected to reach $34.7 billion by 2027

Second-life EV batteries should reach more than $34 million by 2027according to a new report from Research and Markets.

Global Second Life EV Battery Market is expected to total $34,758.46 million by 2027, from $19,717.47 million in 2021 at a compound annual growth rate (CAGR) of 9.90 % over the forecast period.

The report provides both market size and forecasts for seven major currencies, namely USD, EUR, JPY, GBP, AUD, CAD and CHF.

He also pointed out that the years 2019 and 2020 are considered historical while indicating 2021 as the base year and 2022 as the estimated year. The years 2023-2027 are the forecast period.

Global Second Life EV Battery Markets

The report gave an estimate of the global market size for second-life EV batteries for each region of the world:

  • Americas: $6,454.94 million in 2021. Expected to reach $7,009.22 million in 2022, at a CAGR of 9.59% to reach $11,184.62 million by 2027.
  • Asia-Pacific: $5,802.30 million in 2021. Expected to reach $6,394.82 million in 2022, at a CAGR of 10.27% to reach $10,433.83 million by 2027.
  • Europe, Middle East and Africa: $7,460.03 million in 2021. Expected to reach $8,153.66 million in 2022, at a CAGR of 9.89% to reach $13,140.00 million by 2027.

Key players

The type of batteries mentioned in the report are:

  1. Lead-acid.
  2. Li-ion.
  3. Nickel.
  4. Sodium ion.

Uses for these batteries include commercial and industrial energy storage, electric vehicle charging, grid charging, and off-grid and residential energy storage. Lithium-ion batteries are used in electric cars.

The top companies mentioned as key players are Tesla, BYD, Connected Energy, Hyundai Motor Company, Daimler AG, Toyota and Nissan.

Uses of Second Life EV Batteries

Battery recycling is a hot topic in the EV space and rightly so, especially as EV technology improves at a rapid pace.

A great way to keep batteries out of landfills is to find another use for them. And the market clearly sees it.

Once a battery reaches the end of its automotive or first life, it still has a residual capacity of around 70-80%. This makes them useful in other applications, especially stationary storage systems.

If this topic interests you, Enel X has an article you can read here.

If you have a tip, feel free to send them to johnna@teslarati.com

Second-life EV battery market expected to reach $34.7 billion by 2027