Guidehouse forecasts second-life-battery capacity CAGR of 75.7% for EV batteries and 61.3% for PHEV batteries by 2030
A new report from Guidehouse Insights forecasts second-life battery (2LB) available capacity to grow at a 75.7% compound annual growth rate (CAGR) for battery EV (BEV) batteries and a 61.3% CAGR for plug-in hybrid EV (PHEV) batteries by 2030.
According to the report, storage capacity for 2LBs is expected to increase through 2030 due to the rapid adoption of EVs and the trend toward larger EV battery capacities. Growth for this market is largely driven by commercial stakeholders that are identifying opportunities for second life use throughout the EV battery value chain.
Although some policy around second life batteries exists globally, more focus from a regulatory perspective is needed in this market to encourage growth at scale.
The report, Second Life Battery Markets, includes key market trends and policies for 2LB technologies, appropriate applications for these technologies, and an overview of the battery reuse and recycling process.
Forecasts show that pricing for second life batteries is anticipated to remain competitive relative to EV first life batteries (1LBs). The largest market globally lies with the regions that are also leading in EV sales, such as Asia Pacific, Europe, and North America.