According to the research report titled ‘EV Battery Reuse Market Size By Application, By Source (BEV, HEV & PHEV), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report, global EV battery reuse market is expected to register significant growth during 2020-2026.
 

Rising adoption of low-speed vehicles including electric scooters and cycles, inclination towards using advanced technologies, and increasing R&D activities are key factors driving the growth of global EV battery reuse market. Various EV batteries are usually lithium-ion based that rely on a combination of cobalt, manganese, nickel and graphite.
 

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It is to be noted that Li-ion batteries tend to have a vast potential for reuse among stationary energy storage solutions. As a matter of fact, reusing batteries offers significant environmental benefits since less resources are required to develop new energy storage units and batteries.
 

Incorporation of reusable EV batteries in camping trailers along with widespread adoption of stationary energy storage systems are positively impacting the overall market outlook. In addition, proliferating sales of electric vehicles and development of advanced EV models are further aiding global EV battery reuse market expansion.
 

Introduction of recycling programs by major manufacturers in order to promote sustainability as well as to lower the environmental impact is also stimulating the industry outlook. However, declining prices of new batteries and lack of government reforms may act as restraining factors for expansion of global EV battery reuse market.
 

Highlighting the application spectrum, low-speed vehicles segment is estimated to develop as a major revenue generator for worldwide EV battery reuse industry in the upcoming years. Refurbished second life batteries are ideal to provide power to low-speed vehicles such as scooters and electric cycles, which in turn is fueling the segmental share.  
 

The prominent companies operating in global EV battery reuse market are BAIC Motor Corporation Limited, Mitsubishi Electric Corp., AB Volvo, SAIC Motor Corporation Limited, Groupe PSA, Groupe Renault, Volkswagen AG, Connected Energy Ltd., BYD Co. Ltd., Global Battery Solutions LLC, Daimler AG, Relectrify Pty Ltd., Hyundai Motor Company, Bayerische Motoren Werke AG, Toyota Motor Corporation, General Motors Co., Nissan Motor Co. Ltd., Lithium Werks B.V., Shenzhen Ding Tai Battery Co. Ltd., Energus Power Solutions Ltd., Johnson Controls International plc, Automotive Energy Supply Corp., Toshiba Corporation, LG Chem Ltd., GS Yuasa Corporation, Tesla Inc., and Samsung SDI Co. Ltd. among others.