Electric Vehicle Battery Recycling Market Outlook 2023 – 2030, Global Trends, Industry Share, Size, Growth Dynamics, Future Advancements and Market Leaders Analysis
Research Reports
Feb 09, 2023
Electric Vehicle Battery Recycling Market Future Insights
According to MRFR analysis, the global Electric Vehicle Battery Recycling Market is expected to register a CAGR of ~ 35.40% from 2022 to 2030 and hold a value of over USD 1.92 Billion by 2030.
Batteries have an electric vehicle act as a secondary power source. Electric vehicle batteries offer the required power for vehicle propulsion. It usages chemical energy, which is stored in rechargeable battery packs. These batteries come to a point named end of life after a convincing period, after which these batteries are swapped with new ones. The critical and reusable products in the batteries are then recycled to decrease the usage of finite metal elements such as cobalt, aluminum, and nickel.
Key Players:
- C.C.U.R.E.C. Recycling GmbH (Germany)
- American Manganese Inc. (Canada)
- Battery Solutions (U.SU.S.)
- Li-Cycle Corp. (Canada)
- G & P Batteries (UK)
- Recupyl (France)
- Retriev Technologies (U.SU.S.)
- Australian Battery Recycling Initiative (Australia)
- Snam S.p.A. (Italy)
- Umicore N.VN.V.. (Belgium)
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The factors such as the increase in demand for zero-emission vehicles, the growing bottleneck of certain battery pack materials, and the increase in the trend of using recycled products are anticipated to drive the market growth. COVID-19 impacted numerous industries. Additionally, the battery recycling market has suffered owing to the closing of manufacturing and recycling processes, and stay-at-home orders. Battery recycling is a capital-intensive industry that needs significant funding, manpower, and investment. However, the economic uncertainty caused by the epidemic has resulted in widespread unemployment and abridged consumer expenditure. This impacted the battery recycling business, since governments unfocused funds on healthcare functions.
Key Growth Drivers
- The growing use of environmentally friendly batteries, creation of high-yield methods for recycling next-generation batteries, expansion of the battery supply chain and recycling networks, and strengthening of emerging nations’ economies.
- Increasing attention is being paid to reducing the usage of natural resources in battery production. Research and development expenditures, as well as increased government development assistance
Electric Vehicle Battery Recycling Market Regional Analysis
Asia Pacific is anticipated to dominate the market during the estimated period. The augmented sales of electric vehicles in the region (especially China) and improved investment of private and public players in electric car battery cooling systems are expected to drive market growth.
Europe is anticipated to show steady growth during the estimated period. The strict EU laws related to carbon emissions have driven electric vehicle sales in the region, which eventually upsurges the demand for batteries. Therefore, the major OEMs are now opting for the recycling of electric vehicles battery which is anticipated to drive the growth of the market in this region.
North America is anticipated to account for a considerable share of the market during the estimated period. The existence of major market players in the region, the implementation of electric vehicles in public transportation, and the higher disposable income of consumers are projected to drive the growth of the market in this region.
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Electric Vehicle Battery Recycling Market Segmentation
The Global Electric Vehicle Battery Recycling Market has been segmented into the Application and Chemistry
Based on the Application, The Global Electric Vehicle Battery Recycling Market has been segmented into Transportation, Consumer electronics, and Industrial. The transportation segment accounted for a share of 64.4% in 2021 Battery is extensively used in an automobile due to their ability to deliver high power to start an engine these are expected to drive the demand in the imminent years.
Based on the Chemistry, The Global Electric Vehicle Battery Recycling Market has been segmented into Lithium-ion, Lead-acid, Nickel, and Others. The lead-acid segment dominated the market with a share of 91.7% in 2021 on account of cost efficiency, dependability, high capacity, security, and wide application scope. Lead acid batteries are highly biodegradable and over 95.1% of lead can be recycled during the process. These advantageous properties of lead acid battery recycling are expected to drive the demand in the imminent years.
Table Of Contents
- Executive Summary
- Scope Of The Report
2.1. Market Definition
2.2. Scope Of The Study
2.2.1. Definition
2.2.2. Research Objective
2.2.3. Assumptions
2.2.4. Limitations
2.3. Research Process
2.3.1. Primary Research
2.3.2. Secondary Research
2.4. Market Size Estimation
2.5. Forecast Application
- Market Landscape
3.1. Porter’s Five Forces Analysis
3.1.1. Threat Of New Entrants
3.1.2. Bargaining Power Of Buyers
3.1.3. Threat Of Substitutes
3.1.4. Segment Rivalry
3.1.5. Bargaining Power Of Buyers
3.2. Value Chain/Supply Chain Analysis
- Market Dynamics
4.1. Introduction
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Market Trends
- Global Electric Vehicle Battery Recycling Market, By Battery Type
5.1. Introduction
5.2. Lead Acid
5.2.1. Market Estimates & Forecast, 2022-2030
5.2.2. Market Estimates & Forecast, By Region, 2022-2030
5.3. Lithium-Ion
5.3.1. Market Estimates & Forecast, 2022-2030
5.3.2. Market Estimates & Forecast, By Region, 2022-2030
5.4. Others
5.4.1. Market Estimates & Forecast, 2022-2030
5.4.2. Market Estimates & Forecast, By Region, 2022-2030
- Global Electric Vehicle Battery Recycling Market, By Process
6.1. Introduction
6.2. Pyrometallurgical
6.2.1. Market Estimates & Forecast, 2022-2030
6.2.2. Market Estimates & Forecast, By Region, 2022-2030
…Continued.
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