Battery Rebuild Service Market to Surpass $6.18 Billion by 2030, Says Coherent Market Insights (CMI)
The latest advancements in battery rebuild services focus on extending the lifespan of various types of batteries, from consumer electronics to electric vehicle (EV) power sources.
Burlingame, July 24, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, " Battery Rebuild Service Market, By Battery Type (Lead-acid batteries, Lithium-ion batteries, Nickel-cadmium batteries, Others (such as nickel-metal hydride, etc.)), By Service Type (Battery rebuild and reconditioning, Battery repacking and testing, Battery recycling and disposal, Others (such as battery installation, maintenance, etc.)), By End User (Automotive, Industrial, Consumer electronics, Healthcare, Others (such as aerospace, marine, etc.): Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030”. According to the report, the global Battery Rebuild Service Industry generated $3.90 billion in 2023, and is anticipated to generate $6.18 billion by 2030, witnessing a CAGR of 6.8% from 2023 to 2030.*Request Sample copy of this Report @* *https://www.coherentmarketinsights.com/insight/request-sample/5813*
*Analysts’ Views on Global **Battery Rebuild Service* *Market*
Battery recharging, repairing, and rebuilding is one business that allows battery owners to cut down cost of purchasing new batteries so often and maintain operations of their battery-operated devices. These services prevent dead batteries from creating waste on scarce landfills, due to which they are environmentally-friendly. These services are widely being adopted across various industries due to their various benefits.
*Key Trends and Analysis of the Global **Battery Rebuild Service* *Market:*
Demand for sustainable battery management is a growing trend in the global battery rebuild service market. Sustainable battery management practices are increasingly being adopted all over the world. The need for alternatives to battery replacement is on the rise among individuals and businesses for reducing electronic waste and minimizing the environmental impact of battery disposal. Battery rebuilding services are sustainable solutions as they optimize and refurbish batteries, which extends their lifespan and reduces the need for new batteries.
*Global **Battery Rebuild Service* *Market – Drivers*
*Growing focus on environmental sustainability to boost the market growth*
Battery rebuilding allows to increase lifespan of batteries and reduces the need for production of new batteries, which eventually minimizes electronic waste. If the use of existing batteries is maximized, battery rebuild services can help achieve more sustainability and circular economy as they reduce the environmental impact linked to battery disposal and manufacturing. Thus, this factor is expected to drive growth of the global battery rebuild service market over the forecast period.
*Battery Rebuild Service Market Report Coverage*
*Report Coverage* *Details*
*Base Year:* 2022 *Market Size in 2023:* US$ 3.90 Bn
*Historical Data for:* 2017 to 2021 *Forecast Period:* 2023 - 2030
*Forecast Period 2023 to 2030 CAGR:* 6.8% *2030 Value Projection:* US$ 6.18 Bn
*Geographies covered:* · *North America:* U.S. and Canada
· *Latin America: *Brazil, Argentina, Mexico, and Rest of Latin America
· *Europe: *Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
· *Asia Pacific: *China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
· *Middle East & Africa: *GCC Countries, Israel, South Africa, North Africa, and Central Africa and Rest of Middle East
*Segments covered:* · *By Battery Type: *Lead-acid batteries, Lithium-ion batteries, Nickel-cadmium batteries, Others (such as nickel-metal hydride, etc.)
· *By Service Type: *Battery rebuild and reconditioning, Battery repacking and testing, Battery recycling and disposal, Others (such as battery installation, maintenance, etc.)
· *By End User: *Automotive, Industrial, Consumer electronics, Healthcare, Others (such as aerospace, marine, etc.)
*Companies covered:* 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.
*Growth Drivers:* · Cost-Effectiveness
· Environmental Sustainability
· Growing Adoption of Electric Vehicles
· Expansion of Renewable Energy Systems
*Restraints & Challenges:* · Limited Awareness and Perception
· Technological Obsolescence
· Limited Manufacturer Support
*Rise in adoption of electric vehicles to fuel growth of the market*
Electric vehicles are increasingly being adopted all over the world, which is further driving the demand for battery rebuild services. Over time, batteries used in EVs face degradation, which affects their range and performance. With the use of battery rebuild services, these issues can be addressed. It further offers optimized performance of the batteries and is a cost-effective way. Thus, this factor is anticipated to boost growth of the global battery rebuild services market over the forecast period.
*Global **Battery Rebuild Service* *Market – Restrain*
*Lack of awareness and perception to limit the market growth*
The awareness regarding benefits and viability of battery rebuilding services is limited among businesses and consumers. Some could be completely unaware of the battery rebuilding concept or have misconceptions regarding the reliability and quality of rebuilt batteries. This factor further impacts adoption of battery rebuilding services, eventually hindering growth of the global battery rebuild service market.
*Global **Battery Rebuild Service* *Market – Opportunities*
Growing need for energy storage systems is anticipated to generate business opportunities in the global battery rebuild service market over the forecast period. The need for grid-scale energy storage solutions and renewable energy systems expansion is growing all over the world. Energy storage batteries that are used in wind and solar farms need timely maintenance, optimization, and refurbishment for ensuing the longevity and efficiency. Energy storage systems can be rebuilt with battery rebuild services.
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*Global **Battery Rebuild Service* *Market **- Key Developments*
In 2021, ReBuild Batteries launched a new Battery Rebuild Kit, which comprises all the required tools, components, and instructions for people or businesses for rebuilding their own batteries.
In 2020, Call2Recycle, completed acquisition of Battery Solutions, a leading specialist of battery rebuild and recycling services. With this acquisition, Call2Recycle expanded its service portfolio including battery rebuild services.
In 2020, RePower Solutions, introduced its Advanced Battery Diagnostic System that incorporates advanced diagnostic and testing technologies for accurate assessment of detecting faulty components, battery health, and guide the rebuilding process.
*Key Market Takeaways:*
Global battery rebuild service market is expected to exhibit a CAGR of 6.8% during the forecast period. The battery rebuild service market is growing rapidly in response to the benefits of battery rebuilding services such as cost efficiency compared to battery replacement.
*On the basis of **Battery Type*, Lead-Acid Battery Segment is expected to dominate the market during the forecast period and this is attributed to the growing use of lead-acid batteries due to their cost-effectiveness and efficiency.
*On the basis of **Service Type*, Battery Rebuild and Reconditioning Segment is expected to dominate the market during the forecast period and this is attributed to the increasing adoption of battery rebuilding services due to their benefits such as environmental sustainability and cost savings over new batteries.
*On the basis **End-Use Industry*, Automotive Segment is expected to dominate the market during the forecast period and this is attributed to the increasing adoption of battery-powered electric vehicles all over the world.
*On the basis of Geography*, North America is expected to hold a dominant position over the forecast period, due to rise in rise in adoption of electric vehicles in the region, and emphasis on cost-effective battery solutions, sustainable practices, and reduction in electronic waste.
*Competitive Landscape:*
Key players operating in the global battery rebuild service market include Allied Battery Co., Battery Solutions LLC, Stryten Manufacturing LLC, Battery Builders Inc., Enertec Batteries Pty Ltd., Battery Service Hub, Battery-Biz Inc., The Battery Medic LLC, Relectrify Pty Ltd., Interco Trading Company, Battery Recyclers of America, Interstate Batteries Inc., Battery Universe LLC, Johnson Controls International plc., and Tesla Inc.
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*Detailed Segmentation:*
*Global Battery Rebuild Service Market, By Battery Type:*
· Lead-Acid Batteries
· Lithium-Ion Batteries
· Nickel-Cadmium Batteries
· Others (such as Nickel-Metal Hydride, etc.)
*Global Battery Rebuild Service Market, By Service type:*
· Battery Rebuild and Reconditioning
· Battery Repacking and Testing
· Battery Recycling and Disposal
· Others (such as Battery Installation, Maintenance, etc.)
*Global Battery Rebuild Service Market, By End use industry:*
· Automotive
· Industrial
· Consumer Electronics
· Healthcare
· Others (such as Aerospace, Marine, etc.)*Global Battery Rebuild Service Market,* *By Region:*
· North America
· By Country:
· U.S.
· Canada
· Latin America
· By Country:
· Brazil
· Mexico
· Argentina
· Rest of Latin America
· Europe
· By Country:
· Germany
· U.K.
· France
· Italy
· Spain
· Russia
· Rest of Europe
· Asia Pacific
· By Country
· China
· India
· Japan
· Australia
· South Korea
· ASEAN
· Rest of Asia Pacific
· Middle East
· By Country:
· GCC Countries
· Israel
· Rest of Middle East
· Africa
· By Country/Region:
· South Africa
· Central Africa
· North Africa
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