The Global Electric Vehicle Battery Recycling Market Size is valued at 232.64 million in 2022 and is predicted to reach 3,475.38 million by the year 2031 at a 35.3% CAGR during the forecast period for 2023-2031.
Electric vehicle (EV) battery recycling is the process of collecting, dismantling, and reprocessing batteries from electric vehicles in order to recover valuable materials while minimizing environmental impact. EV batteries are typically composed of metals such as lithium, cobalt, nickel, and manganese, as well as electrolytes and polymers. The growing global usage of electric vehicles is a significant driving force in the electric vehicle battery recycling market. As the number of electric vehicles on the road grows, so does the number of end-of-life batteries that need to be recycled, generating demand for efficient recycling solutions. Moreover, continuous technical breakthroughs in battery recycling procedures are propelling the market's efficiency and cost-effectiveness.
However, many countries enacted lockdowns and restrictions during the early stages of the pandemic, resulting in a temporary slowdown in electric vehicle sales. As the number of electric vehicles on the road fell, so did the volume of end-of-life batteries available for recycling, reducing demand for recycling services.
Recent Developments:
- In March 2022, Battery Solutions, a company engaged in sustainable, end-to-end management solutions for end-of-life batteries and consumer electronics in North America, has been purchased by Retriev Technologies, the most thorough lithium battery recycler in the continent and a pioneer in end-of-life battery management. The merged product unites two complementary sector experts to produce North America's first all-inclusive battery management solution.
Competitive Landscape:
Some of the Electric Vehicle Battery Recycling Market Players are:
- Battery Solutions LLC
- Gopher Resource LLC
- Ecobat Logistics
- Terrapure BR Ltd.
- East Penn Manufacturing Company
- Retriev Technologies
- COM2 Recycling Solutions
- Call2Recycle
- Exide Technologies
- Gravita India Ltd
Market Segmentation:
The Electric Vehicle Battery Recycling Market is segmented on the basis of type, source, and vehicle type. Based on type, the market is segmented as Lithium-ion, Lead Acid, and Others. The source segment includes end-of-life and production scrap. By vehicle type, the market is segmented into passenger cars, buses, vans, and others.
Based On Type, The Lithium-Ion Segment Is Accounted As A Major Contributor In The Electric Vehicle Battery Recycling Market
The Lithium-ion category is expected to hold a major share of the global Electric Vehicle Battery Recycling Market in 2022. Global demand for battery electric cars (BEV) and hybrid electric vehicles (HEV) is predicted to drive the segment's growth. Lithium-ion batteries are the most often used type of battery in electric cars (EVs) and thus play an important part in the electric vehicle battery recycling market. Because of its high energy density, long cycle life, and relatively lightweight compared to other battery chemistries, lithium-ion batteries are the leading battery chemistry used in EVs.
The Bus Segment Witnessed Growth At A Rapid Rate
The bus segment is anticipated to grow at a rapid rate in the global Electric Vehicle Battery Recycling Market. Increased demand for electric buses and vehicles, for example, is predicted to enhance the use of battery recycling services. The desire for clean and sustainable public transit is driving the global adoption of electric buses. When compared to regular diesel buses, electric buses emit less pollutants, produce less noise, and consume less energy. As the number of electric buses on the road increases, so does the volume of end-of-life bus batteries accessible for recycling.
In The Region, Asia Pacific Electric Vehicle Battery Recycling Market Holds A Significant Revenue Share
Asia Pacific Electric Vehicle Battery Recycling Market is expected to register the highest market share in terms of revenue in the near future. An increasing number of electric vehicles in the region (particularly in China) and greater investment in electric car battery cooling systems by private and state entities are projected to fuel market expansion. During the projection period, Europe is expected to increase steadily.
The severe EU carbon-emissions regulations have boosted electric vehicle sales in the region, increasing demand for batteries. During the projected period, North America is expected to account for a sizable share of the market. The presence of market players in the region, the introduction of electric vehicles in public transportation, and more consumer disposable income are projected to fuel market expansion in this region.
Electric Vehicle Battery Recycling Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 232.64 Mn |
|
Revenue Forecast In 2031 |
USD 3,475.38 Mn |
|
Growth Rate CAGR |
CAGR of 35.3% from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Mn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Type, Source, And Vehicle Type |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Battery Solutions LLC; Gopher Resource LLC; Ecobat Logistics; Terrapure BR Ltd.; East Penn Manufacturing Company; Retriev Technologies; COM2 Recycling Solutions; Call2Recycle; Exide Technologies; Gravita India Ltd. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Corporate
Office :
Office No.5170, 5th Floor Marvel Fuego, Magarpatta Rd, Pune, 411028
info@insightaceanalytic.com
