Global Second-life EV Batteries Market

Batteries with a second life are those whose lifespan has ended but can still be utilized in stationary systems in conjunction with renewable energy sources like wind and solar.

After six to eight years, lithium batteries used in EVs still have more than two-thirds of their usable energy storage, the American consulting company Custom Market Insights informed. Old electric vehicle batteries could provide an additional five to eight years of service in a different application, depending on their condition. “Effective recycling or recovery of vital elements from spent batteries is a requirement for EV battery second life”. According to a market research study published by Custom Market Insights, the demand analysis of the global second-life EV batteries market size & share revenue was valued at approximately 255 million US-Dollar in 2021. The outlook is positive. As underlined, the market is expected to reach around 92,000 million US-Dollar by 2030, at a CAGR (compound annual growth rate) of 45.2 percent between 2022 and 2030.

(Published in GLOBAL RECYCLING Magazine 2/2023, Page 20)