EV Battery Reuse Market Trends,
Statistics & Growth Forecast 2024- 2032

EV
Battery Reuse Market is poised to gain traction between 2024 and 2032,
primarily owing to the increasing usage of energy storage systems across the
globe. With increasing energy demand, coupled with the constant efforts to
lessen the load on the grid network, the penetration of efficient energy
storage units is bound to increase, which will drive the market demand during
the next decade.

Furthermore, constant development of the commercial and
residential sectors and the rising cases of power outages has also increased
the demand for continuous power supply, driving the EV battery reuse market
dynamics during the foreseeable future.

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Overall, the EV battery reuse market has been segmented in
terms of application, source, and region.

On the basis of application, the energy storage segment was
valued at more than USD 70 million in 2022. This segmental expansion will
mainly result from the increasing demand for uninterrupted power supply from
the residential and commercial sectors. Since these units can be used as backup
storage devices, apart from offering a continuous power supply, especially
during power outages, they are being increasingly adopted across various
industry verticals. Besides, major global firms are also engaging in partnerships
with governments and universities to introduce energy storage demonstration
projects, which include refurbished batteries.

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In the context of the source, the EV battery reuse market is
likely to be characterized by the HEV & PHEV segment, which is anticipated
to register robust growth by 2032. Positive product attributes such as
zero-emission, fuel-efficiency, easy-to-drive, and tax efficiency, is expected
to fuel the demand for HEV and PHEV batteries, thus fostering the market demand
during the next ten years.

In the regional context, the North American region recorded
more than 200 MWh reused EV battery installations in 2022. The regional market
growth can be attributed to the increasing adoption of electric vehicles in the
continent. Besides, various central governments are offering tax credits and
favorable incentives, aimed at promoting the use of EVs, which will further
augment the usage of reusable batteries during the next decade. For instance,
in September 2022, the president of the USA, Joe Biden signed a law incentive,
including the allotment of USD 7.5 billion to build an EV charging network.
Besides, this law will also encourage companies to build EVs and consumers to
use them.

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