EV Battery Reuse Market is poised to gain traction between 2024 and 2032, primarily owing to the increasing usage of energy storage systems across the globe. With increasing energy demand, coupled with the constant efforts to lessen the load on the grid network, the penetration of efficient energy storage units is bound to increase, which will drive the market demand during the next decade.
Furthermore, constant development of the commercial and residential sectors and the rising cases of power outages has also increased the demand for continuous power supply, driving the EV battery reuse market dynamics during the foreseeable future.
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Overall, the EV battery reuse market has been segmented in terms of application, source, and region.
On the basis of application, the energy storage segment was valued at more than USD 70 million in 2022. This segmental expansion will mainly result from the increasing demand for uninterrupted power supply from the residential and commercial sectors. Since these units can be used as backup storage devices, apart from offering a continuous power supply, especially during power outages, they are being increasingly adopted across various industry verticals. Besides, major global firms are also engaging in partnerships with governments and universities to introduce energy storage demonstration projects, which include refurbished batteries.
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In the context of the source, the EV battery reuse market is likely to be characterized by the HEV & PHEV segment, which is anticipated to register robust growth by 2032. Positive product attributes such as zero-emission, fuel-efficiency, easy-to-drive, and tax efficiency, is expected to fuel the demand for HEV and PHEV batteries, thus fostering the market demand during the next ten years.
In the regional context, the North American region recorded more than 200 MWh reused EV battery installations in 2022. The regional market growth can be attributed to the increasing adoption of electric vehicles in the continent. Besides, various central governments are offering tax credits and favorable incentives, aimed at promoting the use of EVs, which will further augment the usage of reusable batteries during the next decade. For instance, in September 2022, the president of the USA, Joe Biden signed a law incentive, including the allotment of USD 7.5 billion to build an EV charging network. Besides, this law will also encourage companies to build EVs and consumers to use them.
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