Rising prices of constituent metals such as cobalt and increasing focus on recycling of EV batteries to avoid mass disposal could generate new growth strides in the EV battery reuse market over the coming years. Escalating adoption of electric vehicles around the world is anticipated to majorly drive the requirement for EV batteries. Prices of fossil fuels are fluctuating across the globe, encouraging consumers to transition towards electric vehicles. This trend could spur the need to recycle used EV batteries.

Companies operating in battery recycling sphere are collaborating with carmakers to recover materials from depleted EV batteries. In September 2020, Hyundai partnered with SK Innovation for reusing or recycling spent batteries. Fueled by such initiatives, Global Market Insights, Inc., estimates that the EV battery reuse market may witness a cumulative installation of more than 16 GWh by 2026.

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Mentioned below are some of the key trends that may propel EV battery reuse industry outlook:

  1. Increasing application across base stations

The use of second life EV batteries is expected to grow across base stations owing to rising investment in communication towers worldwide. Base stations need a backup energy storage system in order to provide continuous power supply and enable smooth operations. Strategic business initiatives among battery recycling companies could help support the application of second life batteries in base stations.

In 2020, European Metal Recycling (EMR) partnered with several UK bodies and major carmakers to launch RECOVAS, a new project to create a circular end-of-life supply chain for EV batteries, with a standardized route for recycling lithium-ion car batteries.

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  1. Availability of used EV batteries

Recycling of batteries obtained from electric vehicles may grip over the years as a result of increasing need to replace depleted batteries in EVs. Major factors like harsh operational temperatures, altering discharge rates and numerous partial cycles per year can affect the battery performance over time.

Batteries that do not meet the performance standards are being made available for reuse. Rising use of such batteries in stationary storage applications along with strict regulations to decrease mass battery disposal could positively impact EV battery reuse industry outlook.

  1. APAC emerging as a lucrative business ground

Transition towards electric mobility and increase in purchasing power is projected to drive the Asia Pacific EV battery reuse market size. Countries like India, Japan, South Korea and China are witnessing a rising acceptance of electric mobility, and are anticipated to generate new growth prospects for industry players.

Escalating demand for EV charging infrastructure could also boost the requirement for efficient energy storage systems. Robust investments towards the enhancement of existing EV charging infrastructure and the use of EV batteries across charging stations may offer a substantial push to the APAC EV battery reuse market.

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