Electric vehicle (EV) battery recycling is a method of disposing of EV batteries in a responsible manner. Establishment of recycling factories as well as government initiatives to make citizens aware of hazards of EV batteries can drive the trend. The global electric vehicle battery recycling market report by Market Research Future (MRFR) takes a broad look at various recycling methods and efforts by EV manufacturers to reduce emission levels. The report considers drivers, opportunities, hurdles, and challenges for the forecast period (2023-2030). The COVID-19 pandemic and its impact on the industry are also discussed in the report.
Market Scope
The market is bound to
expand owing to sustainable approaches taken by governments and electric
vehicle manufacturer in safely disposing of batteries. Development of charging
infrastructure coupled with establishment of recycling units in the proximity
of the main facility can bode well for the market.
The COVID-19 pandemic has
affected the production chain of removing particulates from old batteries and
cleaning it for reuse. But the electrification of vehicles to stall the impacts
of global warming may benefit market growth. Reopening of battery electric
vehicle factories can bolster the electric vehicle battery recycling market.
Huge production of EVs in
the U.S., Japan, South Korea, Germany, and China coupled with stringent
emission norms are likely to favor the market. Initiatives to lower dependence
on fossil fuels and adoption of eco-friendly batteries can bolster global
market demand. But exposure of Li-ion batteries to air can culminate in a fire
hazard and may cause skin diseases.
But lack of battery
recycling units can hamper market growth.
Segmentation
By type, the global market
has been segmented into lead acid, lithium-ion, and others. The lithium-ion
segment can capture a large share of the electric vehicle battery recycling
market. This is attributed to increasing adoption rate of lithium-ion manganese
oxide batteries for electric vehicles and medical devices.
On the basis of process,
the global market has been segmented into pyrometallurgical,
hydrometallurgical, and others.
On the basis of
application, the global market has been bifurcated into passenger car and
commercial vehicle. Passenger cars can dominate the global market demand owing
to frequent use of vehicles for travel and daily commute. Moreover, the huge
frequency of charging periods of EVs can shorten the battery life and induce
the demand for recycled batteries.
Regional Analysis
North America, Asia
Pacific (APAC), Europe, and Rest-of-the-World (RoW) are major regions analyzed
for measuring the growth of the global electric vehicle battery recycling
market.
APAC is projected to lead
the global market over the forecast period owing to electrification initiatives
by China and India governments. Rollout of legislations for anti-dumping of
lithium batteries and establishment of recycling units can bode well for the
market. Surge in electric vehicles and demand for electric car battery cooling
systems can drive overall market demand. Incentives and regulations for
controlling EV battery wastage in China will culminate in more recycling
companies establish their base.
North America can exhibit
tremendous growth owing to investments in research and development, demand for
EVs, government support for recycling units, and a large customer base in the
U.S. and Canada.
Competitive Scope
Battery Solutions, Australian
Battery Recycling Initiative, Li-Cycle Corp., ACCUREC Recycling GmbH, Recupyl, Snam
S.p.A., G & P Batteries, American Manganese Inc., Umicore N.V., and Retriev
Technologies are prominent players of the global
electric vehicle battery recycling market.
Agreements and
partnerships are main strategies of key players used to stay ahead of the
competition. Recently, Redwood Materials has reached an agreement with Envision
AESC for recycling old batteries and supplying companies with raw materials.
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