A new report from Guidehouse Insights examines key market trends and policies for second life battery (2LB) technologies, appropriate applications for these technologies, and an overview of the battery reuse and recycling process.
Used EV batteries that are no longer viable for vehicle use can still serve other storage applications. Second life applications for EV batteries have gained more attention as the importance of recycling and repurposing used batteries becomes a focus for many EV and battery manufacturers. Click to tweet: According to a new report from @WeAreGHInsights, Globally, 2LB available capacity is expected to grow at a 75.7% compound annual growth rate (CAGR) for battery EV (BEV) batteries and a 61.3% CAGR for plug-in hybrid EV (PHEV) batteries by 2030.
“The accelerated adoption of EVs is being celebrated for introducing a significant step toward a clean energy transition by helping to reduce the amount of greenhouse gases (GHG) emitted into the atmosphere,” says Maria Chavez, research analyst with Guidehouse Insights. “Forecasts show growth for 2LB markets in line with the adoption of EVs and demand for cost-effective energy storage solutions.”
According to the report, storage capacity for 2LBs is expected to increase through 2030 due to the rapid adoption of EVs and the trend toward larger EV battery capacities. Growth for this market is largely driven by commercial stakeholders that are identifying opportunities for second life use throughout the EV battery value chain. Although some policy around second life batteries exists globally, more focus from a regulatory perspective is needed in this market to encourage growth at scale.
The report, Second Life Battery Markets, includes key market trends and policies for 2LB technologies, appropriate applications for these technologies, and an overview of the battery reuse and recycling process. Forecasts show that pricing for second life batteries are anticipated to remain competitive relative to EV first life batteries (1LBs). The largest market globally lies with the regions that are also leading in EV sales, such as Asia Pacific, Europe, and North America. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Second Life Battery Markets, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.