Worldwide Second-Life Automotive Lithium-ion Battery Market Mas Estimated At $480.0 Million By (2021-2027)

In 2019, the worldwide second-life automotive lithium-ion battery market was estimated at $480.0 million and is expected to progress during the forecast period (2021-2027) with a CAGR of 24.8 percent. The costly process of battery recycling and the increasing worldwide adoption of electric vehicles (EVs) are the main factors driving the growth of the second-life lithium-ion automotive battery industry.

Furthermore, policymakers in a number of countries are gradually enacting policies and legislation aimed at encouraging the use of electric vehicles. This is also helping to fuel sales of used car lithium-ion batteries all over the world.

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In 2019, on the basis of application, the base station segment accounted for the largest share in the second-life automotive lithium-ion battery industry. This is due to the fact that battery systems, as an aggregate and highly dispersed reserve asset for frequency containment disruptions, are increasingly used in telecommunications base stations.

The growing worldwide adoption of EVs is a major factor contributing to the high demand for EV batteries, which, in turn, is driving the growth of the market for second-life lithium-ion automotive batteries.

Companies should industrialise and scale remanufacturing processes to minimise costs and preserve the value gap between new and used lithium-ion batteries in order to stay competitive in the face of declining costs for new lithium-ion batteries. 

There are no assurances about the quality or efficiency of second-life batteries, and there are few industry guidelines that concentrate on battery management systems or state-of-health disclosures, let alone standard performance requirements for a battery that would be used for a particular application.

Key Players

•    SAMSUNG SDI CO. LTD.

•    GS Yuasa Corporation

•    BMW AG

•    Nissan Motor Co. Ltd.

•    LG Chem Ltd.

•    Toshiba Corp.

•    Hitachi Chemical Company Limited

•    China Aviation Lithium Battery Company Limited

•    Tesla Inc.

•    Panasonic Corp.

Source: VynZ Research