According to a new market report published by Lucintel, the future of the global second-life automotive lithium-ion battery market looks promising with opportunities in the two-wheeler, passenger car, and commercial vehicle segments. The global second-life automotive lithium-ion battery market is expected to grow with a CAGR of 24% from 2021 to 2026. The major drivers for this market are recycling process of expensive batteries, rising usage of electric vehicles, and increased demand for used batteries for energy storage.
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In this market, lithium ferro phosphate, lithium-manganese oxide, lithium-nickel-manganese-cobalt-oxide, lithium-titanate oxide, and lithium-nickel-cobalt-aluminum oxide are the major types used to manufacture second-life automotive lithium-ion batteries. On the basis of comprehensive research, Lucintel forecasts that lithium ferro phosphate will remain the largest segment, and it is also expected to witness the highest growth over the forecast period because LFP (lithium ferro phosphate) batteries are safer than other types of batteries and have higher life span, and are preferred by many EV manufacturers, especially in China.
Within the global second-life automotive lithium-ion battery market, the passenger car segment is expected to witness the highest growth over the forecast period due to the rising demand for fully electric passenger cars with high-range per charge feature and support from governments in the major automobile selling countries.
APAC is expected to remain the largest market and witness the highest growth over the forecast period due to the highest adoption of EVs and increasing sales of EVs.
Emerging trends, which have a direct impact on the dynamics of the industry, include increasing number of partnerships and collaborations, expensive battery recycling process, and government initiatives for promoting the usage of electric vehicles. SAMSUNG SDI CO. LTD., GS Yuasa Corporation, BMW AG, Nissan Motor Co. Ltd., Toshiba Corp, Tesla Inc., Hitachi Chemical Company Ltd., and LG Chem Ltd. are among the major suppliers of the automotive second-life automotive lithium-ion battery market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global second-life automotive lithium-ion battery market by type, application, vehicle type, and region, and has compiled a comprehensive research report titled “Growth Opportunities in the Global Automotive Second-Life Automotive Lithium-Ion Battery Market 2021-2026: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the global second-life automotive lithium-ion battery market by type, application, vehicle type, and region, as follows:
By Type [Value ($ Million) from 2015 to 2026]:
Lithium Ferro Phosphate (LFP)
Lithium–Manganese Oxide (LMO)
Lithium–Nickel–Manganese–Cobalt Oxide (NMC)
Lithium–Titanate Oxide (LTO)
Lithium–Nickel–Cobalt–Aluminum Oxide (NCA)
By Application [Value ($ Million) from 2015 to 2026]:
Energy Storage
Electric Vehicle (EV) Charging
Base Station
Low-Speed EV
By Vehicle Type [Value ($ Million) from 2015 to 2026]:
Two-Wheelers
Passenger Cars
Commercial Vehicles
By Region [Value ($ Million) from 2015 to 2026]:
North America
United States
Canada
Mexico
Europe
APAC
ROW
This more than 150 page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision makers in a variety of industries. For further information, visit www.lucintel.com.