The worldwide Electric Vehicle Battery Recycling Market Size is anticipated to expand the market valuation of USD 1,998.3 Million by the end of the year 2030. Further, the global market is estimated to generate nearly 35.4% 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 Size 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.
List Of 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)
Market
Segmentation
The EV Battery
Recycling Market Size 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 EV Battery Recycling Market Size has
been segmented into lithium ions, lead-acid, and others. Based on the
application segment, the Electric Vehicle Battery Recycling Market Size has
been classified into commercial cars and passenger cars.
Vehicle
Battery Recycling Market Regional Analysis
Regionally, the
Battery
Recycling Market For Electric vehicles 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.
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 Electric
Vehicle Battery Recycling market players Pro-busing Steelco 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.
Market Segmentation
By Battery Type
·
Lead Acid
·
Lithium Ion
·
Others
By Process
·
Pyrometallurgical
·
Hydrometallurgical
·
Others
By Application
·
Passenger Car
·
Commercial
Vehicle
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