New York, USA, Sept. 07, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global electric vehicle battery recycling market is likely to register a revenue of $13,299.6 million by 2028, at a CAGR of 37.1% during the forecast period from 2021 to 2028. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Market Dynamics
As per the analysts of Research Dive, increasing global concerns regarding the adverse effect of climate change and global warming coupled with the alarming pollution levels recorded in various countries across the globe such as India and China are the major factors anticipated to accelerate the growth of the global market over the forecast period. Besides, the increased demand for recycled products due to growing environmental concerns are other factors boosting the market growth. However, the high costs and the lack of awareness of electric vehicle battery (EVB) recycling are factors that may restrict the market growth in the coming years.
COVID-19 Impact on the Global Market
The outbreak of COVID-19 pandemic has adversely affected the electric vehicle battery recycling market growth. This is mainly due to the shutting down of production line across the globe. The demand for electric car drastically declined due to lockdown in various countries, restrictions on transport and travelling, and the shortage of skilled labors during the pandemic. In addition, economic uncertainty and the weakening in customer spending have affected the market growth during the chaotic situation.
Lead-acid Battery Sub-segment to Hold the Largest Market Share
By chemistry, the lead-acid battery sub-segment is predicted to account for $3,630.5 million by 2028 and account for the majority of market share during the analysis period. This is mainly because lead-acid batteries are considered an ideal source of power which are maintenance-free, cost-competitive, and energy efficient. Besides, these batteries are increasingly used in several applications such as electric scooters, back-up power supplies, and marine applications, which is predicted to boost the sub-segment’s market growth by 2028.
Electric Cars Sub-segment to Witness the Fastest Growth
By application, the electric cars sub-segment is projected to generate a revenue of $5,485.1 million by 2028 and grow at the fastest rate during the forecast period. This is mainly because electric cars positively help the environment as they have zero tailpipe emissions making them cleaner, greener, and better for the environment than diesel or petrol cars.
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Asia Pacific Region to Dominate in the Global Industry
By region, the Asia Pacific market for electric vehicle battery recycling valued for $598.8 million in 2020 and is projected to subjugate in the global industry over the forecast period. The dominant growth of the region can be attributed to the increasing production and sales of e-vehicles and electric car battery, and increasing investments by public & private players to develop the electric vehicle battery recycling industry in India, Japan, China, Australia, and Vietnam.
Electric Vehicle Battery Recycling Market Key Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global electric vehicle battery recycling industry are:
- ACCUREC Recycling GmbH
- Umicore
- Battery Solutions
- SITRASA
- American Manganese Inc.
- SNAM S.A.S.
- LI-CYCLE CORP.
- Retriev Technologies
- G & P Service
- Recupyl
These players are implementing several strategies to gain a chief position in the global industry. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in February 2021, Volkswagen Group Components, the leading developer and manufacturer of strategic components for the Group's vehicle-producing brands, opened its first plant for EV recycling batteries in Salzgitter, Germany. The company aims to achieve a recycling rate of more than 90% over the long term.
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