South Korea Second-Life EV Battery Market Size, Share, and COVID-19 Impact Analysis, Battery Type (Lithium-ion, Nickel-Metal Hydride, and Lead-Acid), By Application (Power Backup, Renewable Energy Storage, Grid Connection, and EV Charging), By End Use (Commercial, Residential, and Industrial), and South Korea Second-Life EV Battery Market Insights, Industry Trend, Forecasts to 2035

South Korea Second-Life EV Battery Market Insights Forecasts to 2035

• The Market Size is Expected to Grow at a CAGR of around 4.9% from 2025 to 2035
• The South Korea Second-Life EV Battery Market size is expected to hold a significant share by 2035

According to a research report published by Spherical Insights & Consulting, the South Korea Second-Life EV Battery Market is anticipated to grow at a CAGR of 4.9% from 2025 to 2035. The market is driven by strong demand in agricultural fungicides, government support for crop protection inputs, and high demand in the rubber and polymer industry.

Market Overview

Second-life EV batteries are EV batteries that retain sufficient capacity to be used for other applications after their original application in electric vehicles. The batteries are typically taken out of the cars when their capacity is reduced to around 70-80% of the original capacity. It also varies with the packaging type of cells, disintegration ease, easy removal of the battery management system, etc. Rather than being wasted, they can be harnessed for other energy storage purposes. They may be used in domestic energy storage systems, which are normally about renewable energy generation, such as wind and solar, for energy storage. They can be used to stabilize the energy grid by storing energy in times of low demand and releasing it when the demand is high. The batteries can also be utilized in business environments to address energy consumption and expense, or provide power backup solutions. Recycling EV batteries is cost-effective, environmentally sustainable, and makes a company more sustainable as it lessens its carbon footprint. it's also a godsend when dealing with increasing production costs as it economizes on utilizing new raw materials.

Report Coverage

This research report categorizes the market for the South Korea second-life EV battery market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea second-life EV battery market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea second-life EV battery market.

Driving Factors

The key driving force for the second-life EV battery market is the growth in sales of electric vehicles. The electric vehicle (EV) market over the last two years has seen astronomical growth, with sales going through the roof and is likely to see continued growth. EVs require batteries to function, but battery disposal raises ginormous environmental concerns, compelling recycling and reuse of the batteries when they have completed their lifecycle. The second major drive is that major EV producers are utilizing second-life EV batteries in energy storage applications in other businesses, ranging from small domestic installations to retail stores. Major car manufacturers are also attempting to create applications for the second life of EV batteries as a bid to have a closed loop to recycle automobile parts.

Restraining Factors

The second-life battery industry has strong growth prospects, but is plagued by several issues that can hamper its growth. Safety is the main concern, as recycling aged batteries subjects them to more risk of overheating, causing explosions or fires. In addition, the absence of standardization in the market also prevents second-life batteries from being integrated into current energy storage systems since different technologies and manufacturing processes are employed by firms.

Market Segmentation

The South Korea Second-Life EV Battery Market share is classified into battery type, application, and end-use.

• The lithium-ion segment held the largest share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea second-life EV battery market is segmented by battery type into lithium-ion, nickel-metal hydride, and lead-acid. Among these, the lithium-ion segment held the largest share in 2024 and is expected to grow at a significant CAGR during the forecast period. The segment is growing on account of several factors. Lithium-ion batteries have the highest application in electric vehicles (EVs) because of their energy density, efficiency, and longer durability compared to other batteries like nickel-metal hydride and lead-acid batteries. This means that there is a sufficient supply of such batteries that can be utilized in second-life uses when EVs replace them. In addition, recycling lithium-ion batteries is now more convenient for various applications such as energy storage systems. Growing concern for sustainability and renewable energy also boosts the demand for second-life lithium-ion batteries because they represent an affordable and sustainable means of energy storage applications. All these elements contribute to the high profile of the lithium-ion segment in the second-life EV battery market globally.

• The power backup segment is anticipated to hold the largest share of the global second-life EV battery market during the forecast period.

The South Korea second-life EV battery market is segmented by application into power backup, renewable energy storage, grid connection, and EV charging. Among these, the power backup segment is anticipated to hold the largest share of the global second-life EV battery market during the forecast period. This is because of increasing demand for power backup in consumer and industrial applications as well as increased initiatives to reduce the environmental costs associated with battery disposal. Second-life batteries are applied in backup power installations of industries such as telecom, gas turbine power plants, and UPS. Its application can provide critical infrastructure and electrical equipment to operate during power failures.

• The commercial segment is expected to hold the largest share of the global second-life EV battery market during the forecast period.

The South Korea second-life EV battery market is segmented by end use into commercial, residential, and industrial. Among these, the commercial segment is expected to hold the largest share of the global second-life EV battery market during the forecast period. Second-life EV batteries are applied in commercial establishments such as public buildings, offices, warehouses, and other commercial facilities for energy storage. It has the potential to decrease the cost of energy and provide a stable supply of energy.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea second-life EV battery market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Renault Group
• Mercedes-Benz Group
• Enel X S.r.l.
• Fortum
• BeePlanet Factory
• RWE
• BELECTRIC
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea second-life EV battery market based on the below-mentioned segments:

South Korea Second-Life EV Battery Market, By Battery Type

• Lithium-ion
• Nickel-Metal Hydride
• Lead-Acid

South Korea Second-Life EV Battery Market, By Application

• Power Backup
• Renewable Energy Storage
• Grid Connected
• EV Charging

South Korea Second-Life EV Battery Market, By End Use

• Commercial
• Residential
• Industrial