New York, USA, Aug. 09, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global electric vehicle battery recycling market is expected to generate a revenue of $13,299.6 million by 2028 at a CAGR of 37.1% during the analysis period from 2021 to 2028, increasing from $1,217.1 million in 2020.
The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
In recent years, with the rising concern about climate crisis the demand for ‘green’ electric vehicles has increased. This increasing demand of EVs is expected to upsurge the number of used batteries. This is the main factor enhancing the growth of the global electric vehicle battery recycling market during the forecast period.
One of the major restraining factors of the market is the high cost of recycling process of the batteries.
Further, the innovative eco-friendly batteries are expected to create many opportunities for the global market in upcoming years.
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Key Segments of the Market
The report has divided the market into different segments based on chemistry, application, and regional outlook.
Chemistry: Lithium-based Sub-segment Expected to be the Most Lucrative
The lithium-based sub-segment is expected to generate the highest revenue of $6,099.8 million by 2028 increasing from $541.0 million in 2020. The main factors behind this growth include high power-to-weight ratio, high-temperature performance, high energy efficiency, and low self-discharge.
Application: Electric Cars Sub-Segment Predicted to be the Most Profitable
The electric cars sub-segment is expected to garner a revenue of $5,485.1 million at a CAGR of 38.4% by 2028, surging from $470.7 million in 2020. Electric cars have zero carbon emissions which make them more eco-friendly than the regular petrol and diesel cars.
Regional Analysis: Asia-Pacific Expected to Dominate the Market
The Asia-Pacific regional market is predicted to reach a revenue of $6,729.6 million by 2028, at a CAGR of 37.8%. The main factor behind this growth is the rising production and demand of electric car battery and electric vehicles in the regional countries such as India, Japan, Australia, and China.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/8422
Key Players of the Market
The most prominent players of the global electric vehicle battery recycling market include -
- American Manganese Inc.
- Battery Solutions
- LI-CYCLE CORP.
- ACCUREC Recycling GmbH
- Retriev Technologies
- G & P Service
- SNAM S.A.S.
- SITRASA
- Umicore
- Recupyl
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in August 2019, American Battery Solutions, Inc. (ABS), an advanced battery systems company completed the acquisition of high-voltage manufacturing and testing assets from Robert Bosch Battery Systems, a hybrid vehicle battery provider. ABS offers electrified mobility battery systems to emerging industrial, transportation, and commercial markets by leveraging the vast experience and expertise of the Robert Bosch Battery Systems in development, testing, and manufacturing of automotive battery system.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Covid-19 Impact Analysis
The coronavirus pandemic has impacted the global electric vehicle battery recycling market in a negative way. This is mainly because of the decline in the demand of electric cars due to the restrictions on travel and work from home culture. Apart from that, the manufacturing of electric cars also slowed down because of the temporary supply chain halt.
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