New York, United States, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The Global Electric Vehicle Battery Recycling Market Size is expected to reach USD 38.71 Billion by 2032, at a CAGR of 57.2% during the forecast period 2022 to 2032.
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Electric Vehicle (EV) battery recycling is an essential process that aims to minimize environmental impact and maximize resource utilization. As EV adoption increases, effective recycling methods are necessary to handle the growing number of used batteries. Through collection, dismantling, and sorting, valuable materials like lithium, cobalt, and nickel can be recovered from these batteries. Recycling prevents hazardous waste disposal, reduces reliance on mining for raw materials, conserves resources, and lowers carbon emissions. It also promotes a circular economy by repurposing battery components for secondary applications. EV battery recycling plays a vital role in supporting sustainability in the electric vehicle industry while ensuring the responsible management of these batteries' end-of-life.
Browse key industry insights spread across 200 pages with 130 Market data tables and figures & charts from the report on the “Global Electric Vehicle Battery Recycling Market Size, Share, and COVID-19 Impact Analysis, By Type (Lithium-ion, Lead Acid, and Others), By Source (End of life and Production Scrap), By Vehicle Type (Passenger Cars, Buses, Vans, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032.”
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The passenger cars segment is expected to grow at a CAGR of around 54.3% during the forecast period
Based on the vehicle type, the global electric vehicle battery recycling market is segmented into passenger cars, buses, vans, and others. The passenger cars segment is poised for significant growth during the forecast period due to increasing consumer demand for sustainable transportation options and the growing emphasis on reducing carbon emissions are driving the adoption of electric passenger cars. Governments worldwide are implementing supportive policies, incentives, and charging infrastructure development to accelerate this shift. The advancements in battery technology, resulting in improved range and performance of electric passenger cars, are boosting their appeal to a wider consumer base. Additionally, automakers are expanding their electric vehicle offerings and investing in R&D, further propelling the growth of the passenger cars segment in the coming years.
The production scrap segment held the largest market share with more than 70.5% in 2022.
Based on the source, the global electric vehicle battery recycling market is segmented into end of life and production scrap. The production scrap segment has emerged as the leader in terms of revenue share in the market. During the manufacturing process of batteries, there is inevitably some amount of scrap or waste generated. This scrap includes defective or damaged batteries, rejected components, and excess materials. As the volume of battery production increases, so does the amount of production scrap, creating a significant revenue stream for recycling companies. Moreover, recycling production scrap is relatively straightforward compared to end-of-life batteries, as the scrap is typically of higher quality and easier to extract valuable materials from, resulting in a larger revenue share for this segment.
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Asia-Pacific is predicted to grow at a higher CAGR of around 58.7% over the projected period
Based on region, Asia-Pacific is anticipated to maintain its growth trajectory in the forecast period in the electric vehicle (EV) battery recycling market. The region's continued expansion can be attributed to the increasing adoption of EVs in countries like China, Japan, and South Korea is expected to generate a substantial volume of used batteries, driving the demand for recycling infrastructure. Additionally, governments in the region are implementing favorable policies and regulations to encourage sustainable practices and the proper disposal of EV batteries. Furthermore, Asia-Pacific is witnessing significant investments in recycling technologies and facilities, fostering the growth of the market. Moreover, the region's strong manufacturing capabilities and technological advancements provide a competitive advantage, further propelling the EV battery recycling market's growth in Asia-Pacific.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the Market. Major players in the global electric vehicle battery recycling market include Battery Solutions LLC, Gopher Resource LLC, Ecobat Logistics, Terrapure BR Ltd., East Penn Manufacturing Company, Retriev Technologies, COM2 Recycling Solutions, Call2Recycle, Exide Technologies, and Gravita India Ltd and Other key vendors.
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Recent Developments
- In July 2022, LG Energy Solution and Huayou Cobalt have announced their joint venture plans to establish a new battery waste recycling facility in China. The collaboration aims to leverage their expertise and resources in the recycling industry to address the growing demand for sustainable battery disposal solutions. The joint venture signifies a significant step towards promoting circular economy practices and ensuring responsible management of battery waste in the region.
- In January 2023, Lohum, an Indian battery manufacturer, has formed a strategic partnership with Mercedes Benz. The collaboration aims to recover and recycle used batteries from e-rickshaws in India. This partnership highlights the joint commitment to sustainable practices and the responsible management of battery waste in the growing e-mobility sector in India.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global electric vehicle battery recycling market based on the below-mentioned segments:
Electric Vehicle Battery Recycling Market, By Type
- Lithium-ion
- Lead Acid
- Others
Electric Vehicle Battery Recycling Market, By Source
- End of life
- Production Scrap
Electric Vehicle Battery Recycling Market, By Vehicle Type
- Passenger Cars
- Buses
- Vans
- Others
Electric Vehicle Battery Recycling Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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