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Global Second-Life Automotive Lithium-Ion Battery Market Size, Trends, Growth, Demand and Development Forecast to 2027
Second-Life Automotive Lithium-Ion Battery Market
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The rising number of partnerships and collaborations and initiatives by the government to expand the adoption of electric vehicles will propel the growth of the second-life automotive lithium-ion battery market.
COVID-19 Analysis:
The COVID-19 outbreak has impacted the economy of all the countries in the world and the government is taking stringent measures to control the spread of coronavirus by promoting social distancing and lockdown measures. The second-life automotive lithium-ion battery market has been negatively impacted for the short term but is anticipated to recover from the crisis during the forecast period 2022-2027.
Market Segmentation:
Based on type, the LFP contributes to the largest share in the second-life automotive lithium-ion battery market due to the fact that LFP batteries are safer and have a longer life duration than other types of batteries, and are chosen by many EV producers, particularly in China.
Market Coverage:
Type Insight
• Lithium-Iron Phosphate (LFP)
• Lithium-Manganese Oxide (LMO)
• Lithium-Nickel-Manganese-Cobalt Oxide (NMC)
• Lithium-Titanate Oxide (LTO)
• Lithium-Nickel-Cobalt-Aluminium Oxide (NCA)
Vehicle Type Insight
• Two-Wheeler
• Passenger Car
• Commercial Vehicle
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Geographical Analysis:
Asia-Pacific dominates the second-life automotive lithium-ion battery market and is anticipated to have the largest market share during the forecast period. In the Asia-Pacific area, China is the market leader. At the moment, China has the world's greatest rate of electric vehicle adoption.
Furthermore, by 2027, the country aims to have a domestic EV market share of 50%. This indicates that there may be a market for used batteries in the country.
In September 2021, Toshiba Corporation, Sojitz Corporation, and CBMM have agreed to collaborate on the development of next-generation lithium-ion batteries with niobium-titanium oxide (NTO) as the anode material.
In FY2023, the three businesses plan to commercialize high energy density, quick-charging batteries, primarily for use in commercial e-vehicles. Toshiba wants to ensure a steady supply of niobium materials from CBMM and Sojitz, and the three companies plan to use CBMM and Sojitz's global network to obtain market share in the fast-growing secondary battery sector.
Key Players:
The prominent players in the second-life automotive lithium-ion battery industry include Hitachi Chemical Company Limited, SAMSUNG SDI CO. LTD., GS Yuasa Corporation, BMW AG, Nissan Motor Co. Ltd., LG Chem Ltd., Tesla Inc., Toshiba Corp., China Aviation Lithium Battery Company Limited, and Panasonic Corp.
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