The battery rebuild service involves restoring old or damaged batteries to working condition for further use across various end-use industries such as automotive, marine, and telecom. Batteries play an important role in efficient storage of renewable energy sources like solar and wind. 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Increased investments in renewable energy projects around the world are expected to drive the demand for energy storage solutions significantly over the forecast period. Battery storage is considered one of the most viable options to store energy generated from renewable sources and use it when required. The Battery Rebuild Service Market is anticipated to witness substantial growth as investments in large-scale renewable energy storage projects rise globally. Advancements in battery technologies are further enabling improved lifecycle and performance of batteries used in industrial, commercial and residential energy storage applications. This is supplementing the demand for battery rebuild services from the renewable energy industry.
Segment Analysis
The global battery rebuild service market is dominated by the automotive battery rebuild sub-segment. This is because automotive batteries account for a major share of overall battery sales. These batteries require periodic rebuild and maintenance owing to their heavy-duty usage in vehicles. The automotive battery rebuild sub-segment is expected to continue dominating the market during the forecast period as well.
Key Takeaways
The global battery rebuild service market is expected to witness high growth over the forecast period of 2023-2030. With increasing vehicular sales and growing usage of batteries across various end-use industries, the demand for battery rebuild services is set to rise substantially.
Regional analysis: Asia Pacific region currently dominates the global battery rebuild service market and is expected to maintain its leading position over the next few years. The dominance of the region can be attributed to the large automotive market in countries such as China and India. These countries are experiencing rapid growth in vehicle fleet size, which is increasing the demand for battery rebuild services. North America is also expected to offer lucrative growth opportunities for market players owing to the presence of many key players and a developed automotive industry in the region.
Key players operating in the battery rebuild service market are Battery rebuild, Call2recycle, Integrated battery company, EnerSys, VERSCHUUR GROUPS, SBS, southeast battery, DEWALT, and Harris Battery. These companies have a widespread service network and strong technical expertise that enable them to cater to battery rebuild needs across industries. Battery rebuild is the largest player with a strong global presence, especially in North America and Asia Pacific.
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- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it