Global Electric Vehicle Battery Recycling Market: Rising
concerns over battery waste disposal are expected to augment the market at a
healthy CAGR of ~ 5.35% during the forecast period of 2021 to 2030.
Electric Vehicle Battery Recycling
Market Overview:
According to MRFR analysis, the global Electric Vehicle Battery Recycling Market is expected to register a CAGR of ~ 5.35% from 2021 to 2030 and hold a value of over ~USD 34.77
billion by 2030.
Increasing
concerns over battery waste disposal are expected to drive global demand. Rising
environmental concern all over the world has made recycling used products a vital
task to respond to the global demand of falling mankind’s carbon footprint in
the long run. Other main reasons accounting for this substantial growth
of the market during the estimated period will comprise increasing concerns
regarding depleting precious and rare earth metals, rising demand for recycled
batteries on the whole, and strict government regulations and EPA
(Environmental Protection Agency) guidelines aimed at falling harmful emissions
and reducing global pollution.
The COVID-19 pandemic
has harmfully affected the global
electric vehicle battery market due to the closure of production lines. During this pandemic, the
demand for electric car compacts due to harsh traveling and transportation
restrictions along with the shutdown of shops and industries. Lockdown and
movement limit orders barred workers from functioning recycling facilities.
Weakening in customer spending and economic uncertainty are likely to affect
market growth.
Regional Analysis
The
Asia Pacific region will be seen as foremost the market during the estimated
period with the highest projected CAGR. An upsurge in the demand for electric
vehicles and growing environmental regulations in the APAC countries will be
responsible for the growth of the Asia Pacific market. This market will be
majorly motivated by China, India, Japan, and South Korea.
Europe
has always dominated the global market and a popular of its demand comes from
countries like the United Kingdom, Germany, and Russia. Germany has retained
its market leader position for lead-acid batteries across Europe. Besides
domestic consumption, Germany has also continued as a regional hotspot for the
trade of lead-acid batteries across the world.
Market Segmentation
The global Electric Vehicle Battery
Recycling Market has been segmented into Application and Chemistry
Based on Application, The global
Electric Vehicle Battery Recycling Market has been segmented into Transportation,
Consumer electronics, and Industrial. The transportation segment accounted for a share
of 64.2% in 2021 Battery is extensively used in an automobile due to their
ability to deliver high power to start an engine. In 2021, the global
automobile sector traded 58.0 million vehicles, representing a 3.9% upsurge
over the previous year. Globally growing income levels, a renewed desire for
electric cars and other vehicles, favorable electric infrastructure growth, and
continued technological innovations are the factors projected to drive demand
for battery-powered vehicles in the imminent.
Based on chemistry, The
global Electric Vehicle Battery Recycling Market has been segmented into Lithium-ion, Lead
Acid, and Nickel. The lead-acid segment dominated the market with a
share of 90.7% in 2021 on account of cost efficiency, safety, reliability, high
capacity, and wide application scope. Lead acid batteries are highly recyclable
and over 95.0% of lead can be recycled during the process. These beneficial
properties of lead acid battery recycling are expected to drive the demand in
the imminent years.
Browse Detailed Summary of Research Report with TOC
Key Players
Some of the key market players are
Call2Recylce Inc. (US), Exide Technologies (US), Battery Solutions LLC (US), Umicore
(Belgium), Exide Industries Ltd (India), Contemporary Amperex Technology Co.
Ltd (CATL) (China), Aqua Metals Inc. (US), Gravita India Ltd (India), Ecobat
Logistics (US), Enersys (US), Johnson Controls International plc (US), Retriev
Technologies Inc. (US), and Fortum Oyj (Finland)
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