New York, US, June 16, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR),” Electric Vehicle Battery Recycling Market Information By Product Type, Operating Platforms, and Region - Forecast till 2030”, The market for electric vehicle battery recycling will increase from USD 0.23 Billion in 2022 to USD 1.92 billion by 2030, with a forecasted rate of 35.40% from 2022 to 2030.
Electric Vehicle Battery Recycling Market Overview
An electric car's batteries serve as a backup power source. The necessary electricity for vehicle propulsion is provided by the batteries in electric vehicles. It makes use of chemical energy that is kept in battery packs that may be recharged. After a particular amount of time, these batteries reach a point known as end of life, at which point new batteries are used in their place. The use of finite metal elements like cobalt, aluminium, and nickel is decreased by recycling the vital and recyclable components found in batteries.
Market Competitive Landscape:
The major vendors part of the electric vehicle battery recycling industry are
- C.C.U.R.E.C. Recycling GmbH (Germany)
- American Manganese Inc. (Canada)
- Battery Solutions (U.S.)
- Li-Cycle Corp. (Canada)
- G & P Batteries (U.K.)
- Recupyl (France)
- Retriev Technologies (U.S.)
- Australian Battery Recycling Initiative (Australia)
- Snam S.p.A. (Italy)
- Umicore N.V. (Belgium)
- Among others.
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Market USP Covered:
Electric Vehicle Battery Recycling Market Restraints:
The market growth can be restricted by the high startup costs for recycling facilities and EV battery reuse.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 1.92 billion |
| CAGR during 2022-2030 | 35.40% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Key Market Opportunities | The growing use of environmentally friendly batteries, creation of high-yield methods for recycling next-generation batteries, expansion of the battery supply chain and recycling networks, and strengthening of emerging nations' economies. |
| Key Market Dynamics | Increasing attention is being paid to reducing the usage of natural resources in battery production. Research and development expenditures, as well as increased government development assistance |
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Electric Vehicle Battery Recycling Market Drivers:
Due to the growing need from EV manufacturers and governmental organizations to recycle the trash produced by the automotive sector, the market for recycling electric vehicle (EV) batteries is expanding. Since electric vehicles do not have a standard fuel tank for an internal combustion engine, batteries have emerged as one of its key components. Electric vehicle batteries have a finite lifespan of between 5 and 15 years, and once that time has passed, they must be replaced. As the production of electric vehicles rises, so do the prices of raw materials and component parts. To improve the number of rare metals recovered, such as platinum and vanadium, market participants have invested in battery recycling technologies.
Market participants are increasing the amount of recycled raw materials used in their production processes and investing in recycling facilities. Regulators have begun enacting laws requiring that a specific percentage of the materials used to make batteries come from recycled sources. As businesses begin to invest in battery recycling infrastructure over the course of the projected period, this is expected to spur market growth.
The United States is expected to experience rising sales of electric vehicles over the forecast period as a result of the development of favorable federal policies like the Responsible Battery Recycling Act of 2022, California, and the presence of major market players. According to California's Responsible Battery Recycling Act of 2022, every battery store in the state is required to establish a system for collecting spent rechargeable batteries for recycling and repurposing as well as for disposal.
Electric Vehicle Battery Recycling Market COVID 19 Analysis
The COVID issue was anticipated to have a significant impact on the sale of electric cars (EVs) at the beginning of 2020. The main contention was that electric vehicles are less economically appealing than conventional automobiles, primarily because they require more assistance from various governmental initiatives and have higher investment expenses. It was hypothesized that some governments would be more likely to cut back on e-mobility subsidies in the event of financial crisis and rising unemployment. Additionally, when a worldwide recession is a possibility, buyers may opt to purchase conventional cars because they are less expensive. Cars should be able to meet mobility needs, including for long journey distances, due to the unpredictable weather and constrained travel options with public transportation, notably airplanes.
Conventional cars might be a better choice, though, as electric vehicles have limited driving ranges and slow charging periods. Since the transportation industry ranks among the top global producers of greenhouse gas emissions (GHG), electric vehicles have received a lot of promotion and support in the past ten years. This might have a favorable effect on the worldwide market.
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Electric Vehicle Battery Recycling Market Segmentation
By Battery
Lead acid, lithium-ion, and other battery types are available for electric vehicles. The lead-acid battery sub-segment is anticipated to generate sales of $3.7 billion over the forecast period and have a large market share for recycling electric car batteries. The increasing use of lead-acid batteries in a variety of applications, such as backup power supplies, electric scooters, and maritime applications, as well as factors including simplicity, cost, and energy efficiency, are predicted to fuel the expansion of this sub-segment.
By Process
Pyrometallurgical, hydrometallurgical, and other processes are among those that are included in the study. In 2021, the pyrometallurgical sector dominated the recycling of electric car batteries. In comparison to pyrometallurgy, hydrometallurgy is viewed as a more acceptable approach for the environment and human health. It enables lower energy consumption, zero air emissions, and improved recovery of components with a purity grade.
By Application
Passenger and commercial cars are the main uses for used electric vehicle batteries. Over the projection period, it is predicted that passenger car sales will expand at the fastest rate. Recycling electric vehicle batteries has made significant environmental improvements. Since they don't emit any exhaust fumes, electric cars are more environmentally friendly than those powered by petrol or diesel. In 2021, over 56.4 million passenger cars were sold globally, an almost 5% rise from the previous year. With little under 21.5 million units, China dominated the global market for recycling electric car batteries in 2021.
Electric Vehicle Battery Recycling Market Regional Insights
The Asia Pacific electric vehicle battery recycling market touched USD 0.07 billion in 2021 and register a sizable CAGR over the research period. This may be due to the increased production and sales of electric vehicles. The number of people in this region who have electric car battery cooling systems is rising. The recycling of electric vehicle batteries is expanding in countries like China, Japan, Australia, Vietnam, and India as a result of increased investments from both public and private entities. Market predictions indicate that these countries also have high demand for automobile safety features. The Indian electric vehicle Battery recycling market is expected to develop at the fastest rate in the area, while China's electric vehicle battery recycling market currently holds the top spot.
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The electric vehicle battery recycling market in America will attain a significant position in the years ahead. Due to established market participants, the growing popularity of electric vehicles among consumers, and rising disposable income, it is projected that the market for recycling electric car batteries in this region would grow. Electric car battery recycling is expected to expand in North America as a result of a number of factors. Spending on R&D, boosting government support for the expansion of electric vehicle battery recycling market, and setting up E.V. battery recycling facilities are a few of these. The need for environmentally friendly automobiles is a major contributor to the growing potential consumer base in the United States and Canada.
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