Europe Set to Witness Explosive Growth in Second-Life Automotive Lithium-Ion Battery Market in Coming Years

The global second-life automotive lithium-ion battery market generated a revenue of $430.0 million in 2019 and is predicted to reach a valuation of $7,392.0 million by 2030. According to the forecast of the market research company, P&S Intelligence, the market will advance at a CAGR of 23.1% from 2020 to 2030. The increasing deployment of electric vehicles in several countries and the high costs of the battery recycling processes are the main factors driving the advancement of the market.



The other major factor fueling the progress of the second-life automotive lithium-ion battery market is the rising deployment of electric vehicles (EVs) all over the world. The increasing concerns being raised over the rapid environmental degradation caused due to the usage of oil and gas-powered vehicles are propelling the sales of EVs across the globe. According to various reports, nearly 43% of the total greenhouse gas emissions are released by automobiles.

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The second-life automotive lithium-ion battery market is classified into lithium ferro phosphate (LFP), lithium-ion manganese oxide (LMO), lithium-nickel-manganese-cobalt oxide (NMC), lithium–nickel–cobalt–aluminum oxide (NCA), and lithium-titanate oxide (LTO). Out of these, the NCA category is predicted to exhibit the highest CAGR in the market in the forthcoming years. This will be because the NCA batteries offer higher energy density than the other variants and have excellent fast charging characteristics.

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Hence, it can be safely concluded that the market will exhibit rapid expansion in the coming years, primarily because of the rising requirement for lithium-ion batteries, on account of the ballooning deployment of electric vehicles around the world.

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