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APAC Is Dominating Second-Life Automotive Lithium-Ion Battery Market
The global second-life automotive lithium-ion battery market is witnessing growth and is projected to reach USD 7,392.0 million by 2030. This growth can be ascribed to the costly battery recycling procedure and the increasing acceptance of electric vehicles throughout the globe.
Second-Life Automotive Lithium-Ion Battery Market Research Report@ https://www.psmarketresearch.c....om/market-analysis/s
In recent years, the LFP category led the industry, on the basis of type. It is further projected to stay the largest category in the future as well. This is mainly credited to the fact that the LFP batteries are harmless when compared with other kinds of batteries have a lengthier life span, and are favored by numerous electric vehicle makers, particularly in China.
In the past few years, the passenger car category had the largest share in the second-life automotive lithium-ion battery market, on the basis of vehicle type. The category is also estimated to experience the fastest development during the projection period, to remain holding the largest share in the industry. This development can be credited to the aid from governments in key automobile-selling nations, like the U.S. and China for creating new power cars and increasing demand for fully electric passenger vehicles with better range per charge features.
In recent years, the APAC region dominated the largest second-life automotive lithium-ion battery industry, and the region is also projected to stay dominant in the future as well. The APAC industry is dominated by China. Presently, China is experiencing the highest acceptance of EVs in the globe. Additionally, the nation also aims to attain domestically 50% electric vehicle share by 2025. This projects a potential industry for second-life batteries in the nation.
During the projection period, the European second-life automotive lithium-ion battery industry is projected to experience the fastest development, credited to the growing sales of electric vehicles. Additionally, the strategic action plan for batteries in Europe was accepted in 2018.
According to this plan, improvement in making a battery value chain in the region, such as sourcing and processing of battery materials, acceptance of raw material removal and making of cells and battery systems, and reusing and recycling, is projected to be done.
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