February 25, 2024
Battery Rebuild Service Market
Ict

Global Battery Rebuild Service Market is estimated To Witness High Growth Owing To Increase In EV Adoption

The battery rebuild service market is estimated to be valued at US$ 3.90 billion in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:-

Battery rebuild service involves restoring a used lead-acid or lithium-ion battery to its original specifications. This helps in extending the useful life of batteries used in various end-use applications such as electric vehicles, automotive, UPS systems, grid energy storage etc. Battery rebuild service reduces the quantity of batteries sent to landfills thereby promoting sustainability.

Market Dynamics:-

The battery rebuild service market is expected to witness significant growth owing to the rising adoption of electric vehicles around the globe. As per the International Energy Agency’s Global EV Outlook 2020, the global stock of electric passenger cars passes the 10-million mark in 2020. This growing EV fleet will require battery rebuild and replacement services to extend the useful life of old batteries and reduce costs of ownership. Additionally, the extension of product lifespan through rebuild services helps in minimizing costs for OEMs and end-users while supporting sustainability goals of battery recycling. Furthermore, rebuild services add performance years to batteries by replacing worn or damaged components, thereby improving the storage capacity and charging ability of batteries used in various applications including automotive, mobility etc. This drives the demand for battery rebuild services.

SWOT Analysis:-

  • Strength: Battery rebuild service offers cost saving advantages to customers. It allows batteries to gain additional lifespan at a lower cost compared to new battery purchases. The process is also environmentally friendly as it reduces waste. The industry has experienced technicians with expertise in battery repair and rebuilding.
  • Weakness: The quality of rebuilt batteries cannot be guaranteed to be equivalent to new batteries in all cases. Some customers may prefer to purchase new batteries for reliability and performance reasons. The rebuild process can be time consuming and complex requiring specialized equipment and knowledge.
  • Opportunity: Rising adoption of electric vehicles and growth in sales of power tools and equipment is increasing demand for battery services. Customers are looking for affordable alternatives to new battery purchases. Growing environmental awareness is driving the reuse and recycling of existing battery assets.
  • Threats: Standardization in battery technologies makes batteries not designed for rebuilding. Customers may switch to new battery brands that don’t support rebuilding. Stringent regulations around battery waste disposal could increase operating costs. Technology advances may reduce demand as batteries require less frequent replacement.

Key Takeaways:-

The Global Battery Rebuild Service Market Demand is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing demand for cost-effective energy storage solutions. Rise in electric vehicle sales and growing sales of power tools is majorly driving the growth of global battery rebuild service market.

Regional analysis: The US battery rebuild service market accounted for largest market share in 2023 owing to rising adoption of electric vehicles and power tools. California is expected to remain the highest revenue generating region due to presence of key industry participants and stringent regulatory norms regarding battery recycling. Asia Pacific region is projected to witness fastest growth during the forecast period led by growing automotive, industrial and consumer electronics industries in China and India.

Key players: Key players operating in the battery rebuild service market are Battery Solutions LLC, Battery Builders Inc., Battery Service Hub, The Battery Medic LLC, Interco Trading Company, Interstate Batteries Inc., Johnson Controls International plc, Tesla Inc., Battery Universe LLC, Battery Recyclers of America, Relectrify Pty Ltd., Battery-Biz Inc., Enertec Batteries Pty Ltd., Stryten Manufacturing LLC, and Allied Battery Co. Players are focusing on expansion of service centers and collaborations with OEMs to strengthen distribution channels.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it