Market Overview
The worldwide electric vehicle battery recycling market is anticipated to expand the market valuation of USD 4 Billion by the end of the year 2025. Further, the global market is estimated to generate nearly 15% CAGR during the research period.
Battery recycling is a simple process that is gaining popularity with an aim to reduce the batteries usages that are disposed of in the municipal sector. This is basically an effort to reduce carbon emissions and improve eco-friendly electric vehicle usage. Here, battery recycling is proposed to increase the efficiency of the batteries and increase the battery's lifespan with the ions used.
The global electric vehicle battery recycling market growth is driving because of the rising demand for thermal cooling solutions in vehicles and rising demand for the energy-efficient battery-powered device. However, the rising expenses of electric vehicle battery recycling might hamper the growth of the global market.
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Market Segmentation
The electric vehicle battery recycling market report is segmentally divided based on process, battery type, and application. On the basis of process segment, the global market has been segregated into hydrometallurgical, pyrometallurgical, and others.
In terms of battery type segment, the electric vehicle battery recycling market has been segmented into lithium ions, lead-acid, and others. Based on the application segment, the electric vehicle battery recycling market has been classified into commercial cars and passenger cars.
Regional Analysis
Regionally, the electric vehicle battery recycling market has been classified based on different regions such as Asia Pacific, Europe, North America and the rest of the world.
Among these, the Asia Pacific regional market is projected to hold the dominant position by generating the largest market share during the research period. This region is growing due to the rising demand for electric car battery cooling systems and rising production in sales of e vehicles in the region. Moreover, this region has countries like Australia, China, Vietnam, India, and Japan, where increased investments by private and public players have developed the regional market growth. Also, the increasing safety features in the vehicles are fuelling the Asia Pacific regional market growth.
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Apart from these, the North American regional market is estimated to generate significant market value during the research period due to the increasing government support for car battery recycling development and rising research and development investments in the region. Moreover, the presence of EV battery recycling plants in the region is enhancing regional market growth. Furthermore, the European region has also contributed largely to the global market due to the supportive laws and regulations on vehicle emissions in the UK and other nearby countries. In addition, the development of battery recycling plants in the region is helpful to reduce car battery disposal pollution as well as fulfilling the overall demand related to the electric vehicle battery.
Industry News
In May 2021, the prominent market playersPrimobiusand Stelco signed an agreement to establish a plant in North America. It has aimed to recycle as well as extract the battery metals from EVs. These kinds of initiatives are fuelling the global market growth during the assessment period.
Key Players
• ACCUREC Recycling GmbH (Germany)
• American Manganese Inc. (Canada)
• Battery Solutions (US)
• Li-Cycle Corp. (Canada)
• G & P Batteries (UK)
• Recupyl (France)
• Retriev Technologies (US)
• Australian Battery Recycling Initiative (Australia)
• Snam S.p.A. (Italy)
• Umicore N.V.. (Belgium)