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APAC EV Battery Reuse Market Value to Observe High Growth by 2026
Published Date: 2020-11-23
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According to the Graphical Research new growth forecast report titled “Asia Pacific EV Battery Reuse Market Size By Application (Energy Storage, EV Charging, Base Stations, Low Speed Vehicles), By Source (BEV, HEV & PHEV), Industry Analysis Report, Country Outlook (China, Japan, South Korea, India, Australia), Price Trends, Competitive Market Share & Forecast, 2020 – 2026”, to grow exponentially over 2026.
Asia Pacific EV Battery Reuse Market will witness a substantial growth on account of increasing demand for stationary storage to ensure reliable power supply. Rapid investment toward the charging infrastructure of electric vehicles will augment the adoption of second life batteries across the region. Fluctuating price of fossil fuels will allow the consumers to adopt EV, which will further stimulate the industry growth over the forecast timeline.
Deployment of second life EV batteries is projected to increase across base station application owing to mounting investment in telecommunication towers across the globe. Stationary energy storage system is required for the base stations to deliver reliable electricity supply for efficient functioning, which can be delivered by the second life EV batteries. The used EV batteries can be utilized as stand by power systems for base stations where the power supply is interrupted during harsh climatic conditions.
The market from heavy electric vehicle is set to witness substantial growth on account of rising replacement of batteries across the automotive industry. Numerous partial cycles per year, altering discharge rates and harsh operational temperatures are some of the imperative factors affecting the EV battery performance. As a result, if the performance standard of the battery is not met, they are widely available for reuse purpose. In addition, soaring battery demand across energy storage application coupled with stringent norms to limit mass battery disposal will positively influence the business outlook.
India EV battery reuse market is anticipated to witness considerable growth on account of shifting trends toward the adoption of EV coupled with rising purchasing power of the consumers. Increasing energy demand across the country will propel the requirement of fast EV charging infrastructure and stationary energy storage systems. Favorable government policies toward the adoption of EV coupled with accelerating development toward the charging infrastructure will proliferate the adoption of this technology over the forecast timeline.
Prominent manufacturers operating across the Asia Pacific EV battery reuse industry is providing innovative technology to gain a competitive edge over other industry participants. Major industry players include Tesla, Inc., Toshiba Corporation, Lithium Werks, General Motors, Nissan Motor Co., Ltd., Toyota Motor Corporation, and GS Yuasa Corporation amongst others.