Market Research Future Insights
According to MRFR analysis, the global EV Battery Recycling Market is expected to register a CAGR of ~ 35.4% from 2022 to 2030 and hold a value of over USD 1998.3 Million 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.
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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.
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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Market Segmentation
The Global EV Battery Recycling Market has been segmented into the Application and Chemistry
Based on the Application, The Global EV 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 EV 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.
Key Players
Some of the key market players are Recupyl (France), Retriev Technologies (US), Australian Battery Recycling Initiative (Australia), Snam S.p.A. (Italy), and Umicore N.V. (Belgium), ACCUREC Recycling GmbH (Germany), American Manganese Inc. (Canada), Battery Solutions (US), Li-Cycle Corp. (Canada), and G P Batteries (UK)
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