Battery rebuild services involve rebuilding and restoring automotive and industrial lead-acid batteries that have reached the end of their useful life through recharging, replacing plates and other components. Rebuilding batteries helps save costs and extends battery life by 2-5 years with equivalent performance to a new battery.
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 increasing demand for extension of life of existing batteries. As battery prices continue to rise, especially for commercial vehicles, there is rising demand for economically viable options for continuing battery use. Battery rebuild services help reduce costs associated with frequent battery replacement and extend battery performance life by rebuilding existing batteries. Furthermore, battery rebuilding is more eco-friendly and sustainable compared to continually replacing batteries with new ones since it reuses existing materials and components as much as possible rather than adding to waste. This trend is expected to gain further traction driving growth of the battery rebuild service market over the forecast period.
Segment Analysis
The battery rebuild service market is segmented by battery type into lead-acid, lithium-ion, and others. The lead-acid segment dominates the market owing to its widespread adoption across various end-use industries like automotive, mining equipment, UPS systems, telecommunication systems, and others. Lead-acid batteries are reusable and can be rebuilt multiple times, thereby reducing carbon footprint making it a sustainable option.
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 energy storage solutions and focus toward adopting sustainable battery management practices.
Regional analysis
North America dominates the battery rebuild service market currently owing to presence of developed battery infrastructure and rapid adoption of electric vehicles in the region. Asia Pacific is expected to witness fastest growth in the coming years due to growing industrialization and establishment of manufacturing facilities in developing countries like 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, Allied Battery Co.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
