UK-based research firm IDTechEx estimates it will be worth US$4.2 billion by 2035. It also expects a compound annual growth rate of 28.4%.
Realizing the potential value of second-life batteries, regions such as the EU, China and the US are now working on regulations to facilitate second-life batteries and reuse, according to IDTechEx.
Since the draft version of the EU Battery Regulation in December 2022, IDTechEx has observed a reasonable shift in terminology and recognition of the reuse of batteries for second-life applications.