Asia-Pacific To Dominate Second-Life Automotive Lithium-Ion Battery Market during 2021–2030

-

Lithium-ion batteries have only 2–7% lithium, and procuring it through recycling is five times more expensive than extracting it from natural sources. Cobalt is the only material in these batteries that can be extracted feasibly. Battery companies are, therefore, focusing on the development of batteries that contain zero or a minimum percentage of cobalt, by replacing it with a cheaper and more-stable material, thereby creating batteries that might not have any cobalt to recycle. The expensive recycling process will also lead to the use of depleted automotive lithium-ion batteries that have around 70% of their initial efficiency for other purposes, globally.

Second-Life Automotive Lithium-Ion Battery Market


The widening availability of second-life automotive lithium-ion batteries can be owed to the increasing adoption of electric vehicles (EVs) worldwide. The rising sales of EVs can themselves be ascribed to the surging environmental concerns, primarily on account of the accelerating ozone depletion rate. Currently, the automobile sector accounts for nearly 43% of the total greenhouse gas emissions. Thus, the soaring demand for EVs will drive the second-life automotive lithium-ion battery market at a 23.1% CAGR during the forecast period (2020–2030). The market stood at $430.0 million in 2019, and it is projected to reach $7,392.0 million by 2030.

At present, energy storage technology providers and original equipment manufacturers (OEMs) across the world are taking numerous initiatives to explore the applications of used EV batteries. These initiatives are aimed at supporting energy storage in commercial, industrial, and residential premises and facilitating EV charging at public stations and homes. For instance, in April 2020, Nissan Motor Co. and APB Cooperation signed a licensing agreement for the production of low-cost lithium-ion batteries. This will lead to the cost-effective availability of second-life batteries, which could, ultimately, make renewable energy cheaper for people.

Request to Get the Sample Report: https://www.psmarketresearch.com/market-analysis/second-life-automotive-lithium-ion-battery-market/report-sample

The type segment of the second-life automotive lithium-ion battery market is categorized into lithium–iron phosphate (LFP), lithium–manganese oxide (LMO), lithium–titanate oxide (LTO), lithium–nickel–manganese–cobalt oxide (NMC), and lithium–nickel–cobalt–aluminum oxide (NCA). Among these, the LFP category accounted for the major share during the historical period (2014–2019), and it is expected to retain its dominance in the forecast years. This is because LFP batteries have a longer life span, and they are safer than other types of batteries.

According to P&S Intelligence, the Asia-Pacific (APAC) region is the largest consumer of second-life automotive lithium-ion batteries due to the highest adoption of EVs in China, worldwide. Moreover, by 2025, the country aims to transition half of its transport sector, in terms of the number of automobiles in operation, to EVs. The high-volume purchase of these new-energy vehicles is due to the increasing environmental concerns, government initiatives supporting their production and adoption, presence of leading EV manufacturers, and continuous technological advancements.

Thus, the expensive recycling process and rapid shift toward EVs have accelerated the demand for and availability of second-life automotive lithium-ion battery worldwide, respectively.

Comments

Post a Comment

Popular posts from this blog

How the Asia-Pacific Electric Car Market Has Witnessed Substantial Growth in Coming Years?

-
Image
As the air quality deteriorates and the prevalence of various lung diseases increases in the Asia-Pacific (APAC) region, the attention of governments, regulatory authorities, policymakers, and citizens is finally shifting toward the elephant in the room, that is, the large-scale usage of fossil-fuel-powered vehicles for both personal commuting and transportation of goods. The harmful emissions released from these vehicles are one of the major causes of air pollution and the rapid environmental degradation. To combat the situation and make the air in urban areas breathable again, governments of several APAC countries are implementing policies aimed at promoting the deployment of eco-friendly modes of transport, such as electric cars. This is, in turn, fueling the advancement of the Asia-Pacific electric car market. For instance, as per industry experts, sales of electric vehicles grew in India by 32.0% or from nearly 576,000 units in 2018 to more than 760,000 units in 2019, among w
Read more

India Shared Mobility Market 2021 to Witness Stunning Growth

-
Image
Due to the rapid environmental degradation because of the extensive usage of fossil fuel-powered vehicles, the government is increasingly implementing policies aimed at encouraging the adoption of shared mobility solutions in India. Moreover, the government is providing various financial incentives for promoting the adoption of these solutions in the country. For example, under the faster adoption and manufacturing of (hybrid) and electric vehicles (FAME) II scheme, the government launched initiatives for augmenting the deployment of electric vehicles for commercial purposes.  These initiatives are propelling the deployment of electric vehicles and their adoption by various shared mobility service providers in the country. Apart from this factor, the increasing road congestion, especially in the urban areas, on account of the booming population levels and the surging number of daily commuters, is also pushing up the demand for shared mobility solutions in India. Different companies are
Read more

India Automotive HMI Market Development, Growth, and Demand Forecast, 2013-2023

-
Image
The major factors behind the India automotive human machine interface (HMI) market growth are rising sales of passenger car, increasing in-vehicle connectivity, and growing demand for comfort and in-vehicle safety features. The market generated a revenue of $466.9 million in 2017, and it is predicted to reach $1.0 billion by 2023, witnessing a CAGR of 14.1% during the forecast period 2018–2023, according to P&S Intelligence. Automotive HMI includes multiple system that permits drivers to interact with their vehicles. It works with the human touch, voice commands, and body language. Benefits associated with multimodal HMI, such as better recognition and faster interaction, are expected to increase their penetration in passenger cars. Further based on end-use, the Indian automotive HMI market is categorized into economy, medium, and premium cars. Due to the rising HMI deployment in medium car category, these cars held the largest sales volume share in the market and is forecasted to
Read more