EV Battery Reuse Market to Hit $11.4 Bn By 2032, Says GMI Report

The latest study conducted by Global Market Insights Inc. claims that the ** [global EV battery reuse market size] (https://www.gminsights.com/industry-analysis/ev-battery-reuse-market)**  could exceed USD 11.4 billion by 2032. Growing EV sales across the globe and increasing demand for effective energy storage systems as the main drivers fueling market growth.

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Highlighting some of the major trends streamlining EV battery reuse industry growth through 2032

Increasing EV battery production initiatives in North America

A wave of planned regional EV production capacity expansion initiatives are expected to boost North America’s existing battery manufacturing capacity to approximately 1,000 GWh/year by the end of 2030. In 2021, the regional capacity stood at 55 Gigawatt-hours per year and many regional EV manufacturers imported pre-made batteries or battery components from the APAC, particularly China. However, existing geopolitical tensions, and USA’s resolve to lower its reliance on China, are leading to the localization of battery production efforts.

Operations for most of the battery production plants announced in North America are expected to start between 2025 and 2030. In fact, by 2030, this region’s production capacity is likely to be capable of supporting the annual production of over 10 to 13 million fully-electric vehicles. This trend, combined with the region’s strict sustainability regulations, will create a strong growth impetus for the regions EV battery reuse industry players.

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Strong revenue growth potential from Europe

Europe is home to countries that have taken some of the most generous climate pledges, leading to a favorable business landscape for clean energy projects and EV adoption. The strict climate and emission mandates that have been put in place are providing ideal impetus for the region to establish a circular economy around EVs and battery reuse. The region is also one of the largest vehicle markets in the world, with the European Commission reporting that over 211,000 plugin EVs were registered in the EU back in October 2022, translating to a 14% growth in comparison to the numbers reported in October 2021.

In 2022, the EU also overhauled its EV batter mandates to improve EV battery sustainability across their lifecycles, from manufacturing to repurposing. Under the new regulations, battery producers across Europe are mandated to declare the battery pack’s complete circular carbon footprint, which includes responsible mining as well as sourcing, performance and durability, and recycled content, to consumers and regulators.

Emergence of APAC as a top EV battery production and consumption hub

The EV battery supply chains of today are predominantly concentrated around the APAC, particularly China, which makes three-quarters of the total li-ion batteries used worldwide. The country is also home to 85% anode production capacity and 70% cathode production capacity, both battery key components. More than 50% of the cobalt, lithium, and graphite refining and processing capacity is based in China.

Meanwhile, Both Japan and Korea own considerable downstream supply chain shares of raw material processing, especially in the extremely technical anode and cathode material production. In general, due to the easy access to battery components, the APAC is also making a rapid transition to battery-powered EVs. According to the IEA, the total number of electric vans, cars, buses, and trucks could reach more than 200 million by 2030, with APAC leading the charge.

Overall, the impetus created by the three aforementioned regional trends are likely to bring sizable revenues to the EV battery reuse market. Strong demand for affordable and green energy storage systems are also likely to generate sizable growth for the market.

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