Storage Capacity for Second Life Batteries Expected To Increase Through 2030
A report from Guidehouse Insights examines key market trends and policies for second life battery (2LB) technologies, appropriate applications for these technologies, and an overview of the battery reuse and recycling process.
Used EV batteries that are no longer viable for vehicle use can still serve other storage applications. Second life applications for EV batteries have gained more attention as the importance of recycling and repurposing used batteries becomes a focus for many EV and battery manufacturers. Globally, 2LB available capacity is expected to grow at a 75.7 percent compound annual growth rate (CAGR) for battery EV (BEV) batteries and a 61.3 percent CAGR for plug-in hybrid EV (PHEV) batteries by 2030.
“The accelerated adoption of EVs is being celebrated for introducing a significant step toward a clean energy transition by helping to reduce the amount of greenhouse gases (GHG) emitted into the atmosphere,” says Maria Chavez, research analyst with Guidehouse Insights. “Forecasts show growth for 2LB markets in line with the adoption of EVs and demand for cost-effective energy storage solutions.”
According to the report, storage capacity for 2LBs is expected to increase through 2030 due to the rapid adoption of EVs and the trend toward larger EV battery capacities. Growth for this market is largely driven by commercial stakeholders that are identifying opportunities for second life use throughout the EV battery value chain. Although some policy around second life batteries exists globally, more focus from a regulatory perspective is needed in this market to encourage growth at scale.
The report, Second Life Battery Markets, includes key market trends and policies for 2LB technologies, appropriate applications for these technologies, and an overview of the battery reuse and recycling process. Forecasts show that pricing for second life batteries are anticipated to remain competitive relative to EV first life batteries (1LBs). The largest market globally lies with the regions that are also leading in EV sales, such as Asia Pacific, Europe, and North America.
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