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     117  0 Kommentare Second-life EV Batteries Market to be Worth $28.17 Billion by 2031 - Exclusive Report by Meticulous Research - Seite 2

    Based on end use, the global second-life EV batteries market is segmented into commercial use, residential use, and industrial use. In 2024, the commercial use segment is expected to account for the largest share of 51% of the second-life EV batteries market. The large market share of this segment is attributed to the increasing use of second-life EV batteries for stationary applications, such as providing backup power for buildings, data centers, or telecommunications infrastructure.

    However, the residential use segment is also expected to record the highest CAGR during the forecast period. The growth of this segment is driven by increasing demand for energy storage systems in the residential sector and increasing strategic developments by market players to explore second-life EV batteries for residential and commercial use for grid-scale energy storage applications.

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    Based on geography, the global second-life EV batteries market is segmented into five major regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 68.7% of the second-life EV batteries market. The Asia-Pacific second-life EV batteries market is estimated to be worth USD 1.51 billion in 2024. The large share of this market is attributed to the rising initiatives aimed at promoting the utilization of second-life batteries, addressing end-of-life EV battery concerns, and organizing the battery waste sector.

    In addition, the increasing initiatives to establish a comprehensive ecosystem for the reuse and life-cycle management of used Electric Vehicle batteries are contributing to the second-life EV battery market. For instance, in June 2023, MG Motor India, a British automobile brand with a 99-year-old legacy, collaborated with LOHUM, India's largest producer of sustainable energy transition material, to develop second-life solutions for batteries.

    The Europe second-life EV batteries market is expected to record the highest CAGR during the forecast period.

    Key Players:

    Some of the key players operating in the global second-life EV batteries market are B2U Storage Solutions, Inc. (U.S.), RePurpose Energy Inc. (U.S.), BeePlanet Factory SL (U.S.), ReJoule (U.S.), Cactos Oy (Finland), ECO STOR AS (Norway), Connected Energy Ltd. (U.K.), Smartville Inc. (U.S.), Lohum Cleantech Private Limited (India), and DB Bahnbau Gruppe GmbH (Germany).

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    Second-life EV Batteries Market to be Worth $28.17 Billion by 2031 - Exclusive Report by Meticulous Research - Seite 2 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 …