Battery rebuild services involve dismantling used lead-acid batteries, rebuilding, and recharging them. This process helps extend the lifespan of used batteries by 2 to 5 years. It is a cost-effective way to reuse batteries and reduces wastage from battery disposal.
The global Battery Rebuild Service Market is estimated to be valued at US$ 3.90 Bn 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 key trends:
One of the key trends in the battery rebuild service market is the growing demand from automotive and transportation sectors. As the average lifespan of vehicle batteries is 3 to 5 years, there is increasing need for battery rebuild services from automotive repair shops and dealerships. Battery rebuild helps reduce the need for new battery purchases and extends the usage of existing vehicle batteries. This is helping reduce battery wastage and lowering maintenance costs for fleet operators and vehicle owners. Moreover, rebuilt batteries are more eco-friendly and sustainable as they allow multiple life cycles from a single battery through refurbishment.
SWOT Analysis
Strength: Battery rebuild service helps in reducing e-waste by reusing and recycling old batteries. This is an environment friendly option.
Weakness: The quality of rebuilt batteries may not be at par with new batteries. Certain applications require high quality new batteries.
Opportunity: Increasing demand for e-mobility and growing sales of EVs are driving the need for large format batteries. This increases opportunities for battery rebuild services.
Threats: technological advancements in battery chemistry and manufacturing could reduce the viability of battery rebuilding over time. Stricter regulations regarding disposal of old batteries also pose threats.
Key Takeaways
The global Battery Rebuild Service market is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing demand for e-mobility and rising sales of electric vehicles. Large format batteries used in EVs need rebuilding services after certain life cycles.
Regional analysis: North America dominated the market in 2023 with a share of around 35%, followed by Europe. Asia Pacific is expected to witness fastest growth due to presence of emerging economies like China and India where sales of electric vehicles are increasing rapidly. Countries like China, Japan and South Korea are also spearheading technological innovations in batteries.
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, Allied Battery Co. Leading players are focusing on strategic partnerships to expand global presence and capture larger market share
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
