COVID-19 Impact on EV Battery Reuse Market
The beginning of the FY 2020 witnessed the outbreak of coronavirus across the globe. The COVID-19 pandemic led to large-scale lockdowns across several countries, resulting in temporary shutdown of several business activities that hampered the EV battery reuse market.
COVID-19 has impacted almost all industries across the world by disrupting supply chains and delaying various industrial operations. Most companies have halted their manufacturing activities.
COVID-19-responsive measures undertaken by governments, such as lockdown and social distancing, led to the closure of manufacturing plants in the initial stage of the pandemic. Demand for various input products in the industrial sector declined significantly, as very few industrial operations were allowed to operate. The factors mentioned above restrained the market, as very few reuse of new electric vehicle batteries are expected to be deployed by these industries during the ongoing crisis.
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Key Drivers and Restraints of EV Battery Reuse Market
Consistent rise in sale of electric vehicles (EV) across the globe creates considerable opportunity for stationary storage powered by used EV batteries. In terms of battery type, the electric vehicle battery reuse market can be segmented into lithium-ion batteries, nickel-metal hydride batteries, and lead-acid batteries. Rise in demand for EV battery in the automotive industry is also expected to create significant opportunities for the EV battery reuse market in the near future.
Considering of cost analysis, a crucial factor for evaluating and comparing the benefits of reusing end-of-first-life batteries is the cost development of new batteries to be manufactured. Therefore, the different paths of reusing those batteries need to be investigated in order to identify possible economic benefits as compared to that offered by new batteries. The comparison of both price trends is a key factor for the success of reusing batteries, since they would not only be ecologically attractive but also cost-effective. In the end, it is the end-user who would decide whether to go for a new battery or a reused one.
EV Battery Reuse Market: EV type Segment
In terms of EV type, the electric vehicle battery reuse market can be classified into battery electric vehicle, fuel cell electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle
Increasing demand for battery electric vehicle for eco-friendly mobility solutions to curb pollution levels and the availability of tax rebates are driving the market. Electric cars are provided with technologically advanced features to improve driver safety such as sensors, telematics systems, and cameras. Market players are focusing on the launch of electric cars integrated with advanced features to expand their customer base.
A hybrid vehicle uses more than one type of power source. The most common types of hybrid vehicles use a combination of an electric motor and an internal combustion engine. Hybrid vehicles are designed for better fuel-efficiency, more power, and minimum emissions. Demand for hybrid vehicle is rising due to stringent emission regulation standards and an increase in the demand for low or zero-emission vehicles.
EV Battery Reuse Market: End-use Segment
In terms of end-use, the electric vehicle battery reuse market can be split into passenger cars, commercial vehicles, energy storage and consumer electronics
Increase in rate of adoption of public transportation is anticipated to drive the demand for commercial vehicles. Public transportation is often well-developed in urban areas and individuals find it cost-effective as compared to commuting by cars in terms of time and cost.
Energy storage and consumer electronics market, which includes laptops, mobile phones, tablets, digital cameras, and eBook readers, is projected to expand in the medium term. Portable devices are also increasingly becoming multi-functional. This is transforming their power consumption levels and patterns. This trend toward multi-functionality has accelerated power consumption at a much faster rate than the main battery technologies have managed to improve.
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Asia Pacific to Dominate EV Battery Reuse Market
Based on region, the global EV battery reuse market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
Asia dominates the global market, and China accounts for a major share of production, followed by Japan, Europe, and Korea
China is estimated to maintain its dominance of the electric vehicle (EV) battery reuse market, as it is the world's largest EV market. Rise in number of EVs on the road is anticipated to increase the cost of key materials used in batteries.
Rise in purchasing power along with shifting trends toward electric mobility is projected to propel the EV battery reuse market in Asia Pacific. China, Japan, South Korea, and India are expected to emerge as key markets for repurposed EV batteries owing to the increasing penetration of EVs in these countries.
U.S. administration officials said they wants the U.S. to become the leading market for electric vehicles by stressing domestic battery recycling. The U.S. government is also looking for ways to reduce metal use in new battery chemistries through efforts in R&D.
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