Second-life EV Batteries Market to be Worth $28.17 Billion by 2031 - Exclusive Report by Meticulous Research

REDDING, Calif., May 21, 2024 /PRNewswire/ -- According to a new market research report titled, 'Second-life EV Batteries Market by Application (Power Backup, Grid Connection, EV Charging, Renewable Energy Storage, Other Applications), End Use (Commercial, Residential, Industrial) & Geography - Forecasts to 2031', the second-life EV batteries market is projected to reach $28.17 billion by 2031, at a CAGR of 43.9% from 2024 to 2031.

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Second-life batteries are batteries that have reached the end of their "automotive" life but still have a residual capacity of about 70-80%. This means they can be used in stationary systems, in combination with renewable energy generation, such as wind and solar, and/or to supply services to the electricity network. Extending the life of batteries means reducing their carbon footprint and increasing the amount of renewable energy available on the grid. Second-life EV batteries can be used in various applications such as EV charging, grid connections, renewable energy storage, and power backup.

Some of the factors driving the growth of this market are efforts towards mitigating the environmental impact of battery disposal, the growing adoption of renewable energy sources, and the increasing demand for electric vehicles (EVs).

The global second-life EV batteries market is segmented by application (EV charging, grid connections, renewable energy storage, power backup, and other applications) and end use (commercial use, residential use, and industrial use). The study also evaluates industry competitors and analyses the market at the regional level.

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Based on application, the second-life EV batteries market is segmented into EV charging, grid connections, renewable energy storage, power backup, and other applications. In 2024, the power backup segment is expected to account for the largest share of 55% of the second-life EV batteries market. The large market share of this segment is attributed to the growing demand for power backup applications in the residential and commercial sectors and rising efforts towards mitigating the environmental impact of battery disposal.