The increasing number of electric vehicles (EVs) on the roads, owing to the presence of strict emission policies in many countries because of the increasing pollution levels caused from vehicular emissions, is one of the major factors fuelling the surging demand for second life electric vehicle batteries around the world. For instance, according to the Europe 2020 strategy, the European Union (EU) aims to reduce the carbon dioxide (CO2) emissions from vehicles by 20%, as compared to the emission levels in 1990, by 2020. Similarly, the U.S. targets to reduce the emission levels by 26–28% by 2025.
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The batteries adopted in the electric vehicles are replaced very frequently (usually in every four to five years), which is significantly lesser than the complete life span of the electric vehicle itself. Moreover, the older battery, even after replacement, has almost 60—80% of its original power supplying capacity, which makes the battery highly useful in various other applications. Due to these factors, the global second life electric vehicle battery market is expected to exhibit huge growth during the forecast period (2020—2030).
Across the world, Asia-Pacific (APAC) is predicted to observe the highest usage of second life electric vehicle batteries during the forecast period. In APAC, China is predicted to register the highest utilization of second life electric vehicle batteries during the forecast period. This is primarily credited to the rising adoption of electric vehicles in the country. In addition to this, the country aims to attain 50% share of electric vehicles in the entire domestic fleet by 2025, which will in turn, massively boost the demand for second life electric vehicle batteries in the country in the years to come.
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Therefore, it can be concluded that the sales of used electric vehicle batteries will surge throughout the globe in the upcoming years, owing to the soaring adoption of electric vehicles in many countries and the high charging capacities of the second life EV batteries which make them highly useful in several applications.