Electric Vehicle Battery Recycling Market Overview:
EV batteries contain valuable materials such as cobalt, nickel, and lithium, which can be recycled and reused. The recycling of these batteries can not only reduce the demand for new resources but also help to manage the increasing amount of waste generated by EVs. Moreover, the recycling of EV batteries helps to reduce the carbon footprint of the automotive industry, as the production of new batteries requires a significant amount of energy.
The market for EV battery recycling is still in its early stages, but it is expected to grow significantly in the coming years as more and more electric vehicles are sold. The increasing demand for electric vehicles and the need for environmentally sustainable solutions are expected to drive the growth of the market. Governments in various countries are also providing incentives and subsidies to promote the recycling of EV batteries, which is expected to further drive the market growth.
Market Research Future Insights
According to MRFR analysis, the global Electric Vehicle Battery Recycling Market is expected to register a CAGR of ~ 5.35% from 2021 to 2030 and hold a value of over ~USD 34.77 billion by 2030.
Increasing concerns over battery waste disposal are expected to drive global demand. Rising environmental concern all over the world has made recycling used products a vital task to respond to the global demand of falling mankind’s carbon footprint in the long run. Other main reasons accounting for this substantial growth of the market during the estimated period will comprise increasing concerns regarding depleting precious and rare earth metals, rising demand for recycled batteries on the whole, and strict government regulations and EPA (Environmental Protection Agency) guidelines aimed at falling harmful emissions and reducing global pollution. The COVID-19 pandemic has harmfully affected the global electric vehicle battery market due to the closure of production lines. During this pandemic, the demand for electric car compacts due to harsh traveling and transportation restrictions along with the shutdown of shops and industries. Lockdown and movement limit orders barred workers from functioning recycling facilities. Weakening in customer spending and economic uncertainty are likely to affect market growth.
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Regional Analysis
The Asia Pacific region will be seen as foremost the market during the estimated period with the highest projected CAGR. An upsurge in the demand for electric vehicles and growing environmental regulations in the APAC countries will be responsible for the growth of the Asia Pacific market. This market will be majorly motivated by China, India, Japan, and South Korea.
Europe has always dominated the global market and a popular of its demand comes from countries like the United Kingdom, Germany, and Russia. Germany has retained its market leader position for lead-acid batteries across Europe. Besides domestic consumption, Germany has also continued as a regional hotspot for the trade of lead-acid batteries across the world.
Market Segmentation
The global Electric Vehicle Battery Recycling Market has been segmented into Application and Chemistry
Based on 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 64.2% in 2021 Battery is extensively used in an automobile due to their ability to deliver high power to start an engine. In 2021, the global automobile sector traded 58.0 million vehicles, representing a 3.9% upsurge over the previous year. Globally growing income levels, a renewed desire for electric cars and other vehicles, favorable electric infrastructure growth, and continued technological innovations are the factors projected to drive demand for battery-powered vehicles in the imminent.
Based on chemistry, The global Electric Vehicle Battery Recycling Market has been segmented into Lithium-ion, Lead Acid, and Nickel. The lead-acid segment dominated the market with a share of 90.7% in 2021 on account of cost efficiency, safety, reliability, high capacity, and wide application scope. Lead acid batteries are highly recyclable and over 95.0% of lead can be recycled during the process. These beneficial properties of lead acid battery recycling are expected to drive the demand in the imminent years.
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Key Players
Some of the key market players are Call2Recylce Inc. (US), Exide Technologies (US), Battery Solutions LLC (US), Umicore (Belgium), Exide Industries Ltd (India), Contemporary Amperex Technology Co. Ltd (CATL) (China), Aqua Metals Inc. (US), Gravita India Ltd (India), Ecobat Logistics (US), Enersys (US), Johnson Controls International plc (US), Retriev Technologies Inc. (US), and Fortum Oyj (Finland)
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