Second-Life Automotive Lithium-Ion Battery Market Assessment Covering Growth Factors and Upcoming Trends

The global second-life automotive lithium-ion battery market attained a valuation of $430.0 million in 2019 and is predicted to exhibit a CAGR of 23.1% between 2020 and 2030. As per the forecast of P&S Intelligence, a market research company based in India, the market would generate a revenue of $7,392.0 million by 2030. The rising usage of electric vehicles (EVs) around the world and the highly costly battery recycling process are the main factors driving the advancement of the market.

Lithium-ion batteries consist of only 2–7% of lithium and obtaining the material via recycling is five times costlier than obtaining it directly from various natural sources. The only substance worth recycling in these batteries is cobalt. However, the companies manufacturing these batteries are increasingly focusing on eliminating the composition of this material and replacing it with a cheaper and more stable material. This is massively reducing the requirement for battery recycling across the world. 

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Apart from the aforementioned factor, the rising deployment of EVs is also fueling the demand for electric vehicle batteries. This is, in turn, causing the expansion of the second-life automotive lithium-ion battery market. The soaring concerns being raised in several countries over environmental degradation, on account of the rapid depletion of the ozone layer, are propelling the demand for electric vehicles. According to many reports, the automotive sector emits nearly 43% of the total greenhouse gases across the world. 

Hence, it can be safely said that the market would exhibit substantial growth all over the world in the forthcoming years, mainly because of the rising usage of electric vehicles and the highly expensive procedures associated with lithium-ion battery recycling.

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Market Segmentation by Type

·         Lithium–Iron Phosphate (LFP)

·         Lithium–Manganese Oxide (LMO) 

·         Lithium–Nickel–Manganese–Cobalt Oxide (NMC)

·         Lithium–Titanate Oxide (LTO)

·         Lithium–Nickel–Cobalt–Aluminum Oxide (NCA)

Market Segmentation by Vehicle Type

·         Two-Wheeler

·         Passenger Car

·         Commercial Vehicle

Market Segmentation by Application

·         Energy Storage

·         Electric Vehicle (EV) Charging

·         Base Station

·         Low-Speed EV