APAC Led the Second-Life Automotive Lithium-Ion Battery Market
According to a market research expert working at P&S Intelligence, the second-life automotive lithium-ion battery market will propel at a considerable rate of 23.1% by the end of this decade to reach a value of USD 7,392 million.
PramodKr
The expensive battery reprocessing process and the increasing acceptance of EVs all over the world are the main factors powering the industry growth of the second-life automotive lithium-ion batteries.
Passenger car had the largest share in the past, on the basis of vehicle type. The category will also grow the fastest in the future, continue holding the major share.
This is because of the support from the governments in the U.S. and China for producing new energy cars, and growing requirement for fully e-passenger cars with a feature of high-range per charge.
Base station category led the market, based on application. This is as a result of the fact that battery systems are progressively put to use in telecoms base stations, as an aggregated and highly distributed asset for frequency containment disturbances reserve.
APAC was the leader of the second-life automotive lithium-ion battery market globally and it will be like this in the future as well. The region is led by China.
Also, China targets to attain domestically 50% EV share by the year 2025. This will be a potential market for second-life batteries.
The European market will witness the fastest growth, as a result of the snowballing sales of electric vehicles. Also, the strategic action plan for batteries in the region was accepted in the past.
Under this plan, improvement in building a battery value chain, as well as acceptance of extraction of raw materials, processing and sourcing of battery materials, production of cells and battery systems, along with recycling and reusing, is projected to be done.
Li-ion batteries has only 2–7% of lithium and gaining it through recycling is five times more expensive than finding lithium directly from natural sources. The sole material good for recycling in the procedure is cobalt.
Though, battery technology corporations are more and more concentrating on the battery development that decrease or overlook the usage of this material by substituting it with an additionally economical and stable substance, in that way generating a prospect of future batteries not having any cobalt for recycling.
Therefore, the exclusive battery recycling process act as a key driver for the industry.
It is due to the fact that the process of battery recycling is expensive, and the adoption of electric vehicles is on the rise the demand for second-life automotive lithium-ion battery is on the rise all over the world.
