“$367.2m Second Life Electric Vehicle Battery (BEV) market driven by demand for grid energy storage”
London, UK -- (ReleaseWire) -- 12/06/2019 --Visiongain has launched a new automotive report Second Life Electric Vehicle Battery Market Report 2019-2029: Forecasts & Analysis by Application (Solar Power, Industrial Plants, Power Grid, Other), by Source (Electric Cars, Electric Buses, Light Commercial Electric Vehicles), by Region Plus Analysis of Leading Companies Recycling & Extending Lithium-Ion (Li-Ion) Battery Technologies.
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The second-life electric vehicle batteries market is valued at $367.2m in 2019 and is predicted to record strong growth rates over the next 10 years. New technological innovations in the electric vehicle batteries production and reusability serve as key market drivers.
When electric vehicle batteries reduce in capacity over time, they come to their useful end of use in any electric vehicle such as a passenger car, bus, or other vehicle, and it is usually replaced. At this stage, the battery is termed as a second life electric vehicle (EV) battery and contains around 80% of its original capacity. These batteries are increasingly used in solar energy and distribution grid projects to store energy and electricity. For instance, in October 2018, Nissan entered into partnership with EDF Energy to power commercial projects across the UK using second life EV batteries. In the same year, in December, the Johanneberg Science Park and housing association Riksbyggen were using second life elective bus batteries as solar energy storage with 200 kWh capacity. This project was run by bus manufacturer Göteborg Energi. Effective use of such batteries can serve to reduce the load on distribution grids during peak use hours. This is projected to increase usage of second life EV batteries across the globe in the near future.
The Visiongain report analyst commented "With increasing demand for electricity and energy supply in residential and industrial sectors, the need for energy storage is rising. Energy storage has become a crucial tool for enabling efficient integration and usage of renewable energy for demand charge management, local generation, and resilient energy supply. Advanced energy storage systems have become a preferred choice for grid operators especially in developed economies such as the US, Germany, UK, France, and other European countries."
Leading companies featured in the report who are operating in the second life electric battery market include BMW AG, BYD Co., Connected Energy Ltd., Toyota Motor Corp, Nissan Motor Co., Hyundai Motor Co., Daimler AG, Renault SA, General Motor Co., and Eaton Corp PLC.
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