New York, USA, Oct. 26, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global electric vehicle battery recycling market is anticipated to generate a revenue of $13,299.6 million and rapidly grow at a healthy CAGR of 37.1% over the estimated timeframe from 2021 to 2028.
As per our analysts, with the growing global concerns regarding the bad impact of climate change and global warming together with the alarming pollution levels recorded in many nations all across the globe, the electric vehicle battery recycling market is expected to witness exponential growth during the forecast period. Besides, the increasing number of EVB recycling companies due to the rising number of total batteries procured from the rising sales of EVs is further expected to bolster the growth of the market during the analysis period. Moreover, the increasing demand for electric vehicles all across the world is predicted to create huge investment opportunities throughout the estimated period. However, the high setup cost of the EVB recycling plant may hamper the growth of the market during the forecast timeframe.
Segments of the Market
The report has divided the electric vehicle battery recycling market into segments based on chemistry, application, and region.
Chemistry: Lithium-Based Sub-Segment to be Most Productive
The lithium-based sub-segment is expected to generate a revenue of $6,099.8 million during the estimated timeframe. The increasing demand for lithium-based batteries due to their numerous environmental benefits over other fossil fuels such as high-energy efficiency, high power-to-weight ratio, good high-temperature performance, and many more, is predicted to upsurge the growth of the market sub-segment over the analysis period.
Application: Electric Cars Sub-Segment to be Most Profitable
The electric cars sub-segment is projected to garner a revenue of $5,485.1 million over the forecast period. Electric cars have zero tailpipe emissions and have better environmental benefits than petrol and diesel cars which are the factors expected to magnify the growth of the market sub-segment throughout the analysis timeframe.
Region: Asia-Pacific Region to Hold the Largest Share of the Market
The Asia-Pacific region of the electric vehicle battery recycling market is predicted to generate a revenue of $6,729.6 million during the estimated period. The growing production and sales of electric car battery and e-vehicles in this region and the increasing investments by private and public players to develop the electric vehicle battery recycling industry across many nations is expected to drive the regional growth of the market over the analysis period.
Covid-19 Impact on the Electric Vehicle Battery Recycling Market
The outbreak of the Covid-19 pandemic has had a negative impact on the electric vehicle battery recycling market. This is mainly due to reduced demand for electric cars because of the strict traveling and transportation restrictions together with the shutdown of shops and industries during the pandemic period. Moreover, the shortage of workers has slowed down the functioning of battery recycling units and the reduced customer spending on automobiles and economic uncertainty are the major factors that have declined the growth of the market during the crisis period.
Key Players of the Market
The major players of the electric vehicle battery recycling market include
- G & P Service
- Retriev Technologies
- Recupyl
- LI-CYCLE CORP
- SITRASA
- Battery Solutions
- SNAM S.A.S.
- American Manganese Inc.
- Umicore
- ACCUREC Recycling GmbH
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to obtain a leading position in the global industry.
For instance, in July 2022, Vollswagen AG, a German multinational automotive manufacturer announced its partnership with Redwood, Tesla co-founder JB Straubel’s company. With this partnership, Redwood recycled electric vehicle batteries from Volkswagen and Audi in the United States. This would accelerate electric vehicle adoption in America.
In addition, the report also summarizes other important aspects including SWOT analysis, product development, the financial performance of the key players, and the latest strategic development.
More about Electric Vehicle Battery Recycling Market:
- How Could Electric Vehicle Battery Recycling Become a Dramatic Breakthrough for Handling Adverse Climate Impacts?
- Growing Adoption of Electric Vehicles (EVs) to Create Novel Opportunities for EV Battery Recycling Market Growth
