Dublin, Dec. 17, 2024 (GLOBE NEWSWIRE) -- The "Electric Vehicle Battery Reuse and Recycling Market" report has been added to ResearchAndMarkets.com's offering.
The Electric Vehicle Battery Reuse and Recycling Market was valued at USD 8 billion in 2024, and is projected to reach USD 28.1 billion by 2029, rising at a CAGR of 28.5%.
EV battery recycling is gaining momentum due to the growing use of LIBs, which are installed in EVs. Advances in LIB technology, like improving battery capacity and energy density, will be essential to meet consumer demand as battery applications move toward large power requirements at lower costs. These advances are expected to improve the LIB systems, which offer many opportunities in electric mobility and will fuel the growth of the EV battery reuse and recycling market.
Market Dynamics and Growth Factors
The rising global adoption of EVs has considerably increased the demand for LIBs. This surge has increased the quantity of end-of-life (EOL) batteries, which require appropriate reuse and recycling techniques. The EV battery reuse and recycling market is highly dependent on the sales of EVs. For example, global sales of electric cars reached 14 million in 2023 and is projected to surpass 17 million in 2024 according to the IEA report (International Energy Agency, Global EV Outlook 2024). With the rise in sales, there will be growth in battery recycling.
Governments worldwide are enacting strict regulations and policies to reduce the environmental impact of battery disposal as they seek to manage battery waste responsibly. For instance, the EU's Battery Directive requires recycling used batteries and establishes targets for recovering valuable minerals such as lithium, cobalt, and nickel. Such restrictions encourage manufacturers and consumers to embrace recycling techniques, which is driving the EV battery reuse and recycling market. Concerns regarding the safety of EV batteries during transportation and storage make it challenging to execute recycling programs, and this is slowing the growth of the EV battery reuse and recycling market.
Future Trends and Development
Recycling technologies are being developed to increase battery recycling effectiveness. For example, in 2023, Swedish researchers developed a technique that recovers 100% of the aluminum and 98% of the lithium from EV batteries using an environmentally friendly solvent, oxalic acid. This technology reduces material loss while avoiding the toxic chemicals commonly used in recycling. The transition to a circular economy is pushing advances in battery design for ecyclability. Manufacturers are under increasing pressure to build readily disassembled batteries containing recycled elements, which ensures sustainability throughout the product's lifecycle.
Segmental Analysis
LIBs dominate the global EV battery reuse and recycling market due to their valuable materials and the growing demand for clean energy technologies. In terms of process, hydrometallurgy leads the market due to the high recovery rate of pure metals and its low energy consumption. By EV type, BEV leads the market as these batteries are more fuel-efficient and offer a greater electric range than hybrids, making them suitable for longer trips. By source, the passenger-car segment dominated the EV battery reuse and recycling market due to the increasing number of electric cars globally.
Report Scope
This report includes an analysis of the different battery types in the global EV battery reuse and recycling market, including lithium-ion batteries (LIBS), nickel-metal hydride batteries (NiMH), and lead-acid batteries (LABs). Different processes are used to recycle EV batteries, including pyrometallurgy, hydrometallurgy, and others (mechanical and direct processes). The report also examines different EV types within the industry, such as BEV (battery electric vehicles), HEV (hybrid electric vehicle), and PHEV (plug-in hybrid electric vehicle). This study also segments the market by source for the global EV battery reuse and recycling market, including passenger cars, commercial vehicles, and two-wheelers and three-wheelers. In our scope, fuel cell electric vehicles (FCEV) are not considered as they are still in the emerging phase, and batteries used in these vehicles may take more than eight years to come to their end-of-life.
Additionally, the report includes emerging technologies and developments, upcoming trends, the competitive landscape, and market dynamics. The analyst has also included a patent analysis for the EV battery reuse and recycling market. The report includes an ESG development chapter and the impact of the Russia-Ukraine war on the market. The report also includes a regional analysis of the markets in North America, Europe, Asia-Pacific, and the Rest of the World (South America, the Middle East, and Africa). It concludes by providing detailed company profiles for the top players in the global market.
The report includes:
- 48 data tables and 51 additional tables
- An analysis of the global electric vehicle battery reuse and recycling market
- Analyses of global market trends, with market revenue data from 2023, estimates for 2024, forecasts for 2025, 2028, and projected CAGRs through 2029
- Estimates of the size and revenue prospects of the global market, along with a market share analysis by battery type, recycling process, EV type, and region
- An evaluation of the market dynamics, technological advances, regulations, prospects, and the impact of macroeconomic variables
- A look at the recent patent grants
- Overview of sustainability trends and ESG developments, with emphasis on consumer attitudes, ESG score analysis, and the ESG practices of leading companies
- A chapter on competitive intelligence, including companies' market shares, strategic alliances, M&A activity and a venture funding outlook
- Profiles of the market leaders, including Guangdong Brunp Recycling Technology Co. Ltd., GEM Co. Ltd., Umicore, Glencore, and Li-Cycle Corp.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 133 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $8 Billion |
| Forecasted Market Value (USD) by 2029 | $28.1 Billion |
| Compound Annual Growth Rate | 28.5% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1 Executive Summary
- Market Summary
- Market Dynamics and Growth Factors
- Future Trends and Development
- Segmental Analysis
- Regional Insights and Emerging Markets
Chapter 2 Market Overview
- Current Market Overview and Future Scenario
- Supply Chain Analysis
- Raw Materials Mining
- Battery Cell Manufacturing and Battery Pack Assembling
- EV Components Assembling
- EV Manufacturing
- EV Battery Charging/Service
- Battery Recycling and Disposal
- Porter's Five Forces Analysis
- Impact of the Russia-Ukraine War on the Global Market
- Regulatory Framework and Initiatives by Governments
- Case Studies
- Redwood Materials Inc.
- Umicore
Chapter 3 Market Dynamics
- Market Drivers
- The Global Sales of Electric Cars are on the Rise
- Falling Battery Costs are Facilitating the Global Adoption of EVs
- Demand for Recycled Materials and Products
- Market Restraints
- Inadequate Electric Vehicle Charging Infrastructure in Developing Countries
- Safety Concerns about the Transportation and Storage of Used Batteries
- Market Opportunities
- Government Support for Transportation Electrification and Battery Recycling
- Support from Automobile Manufacturers
- Market Trends
- Ongoing Research to Improve Recycling Efficiency
- Growing Demand for Energy Storage Applications Using Repurposed Batteries
Chapter 4 Emerging Technologies and Developments
- Key Emerging Technologies for EV Battery Reuse and Recycling
- Implementing Artificial Intelligence and Machine Learning
- Nanotechnology
- 3D Printing
- Patent Analysis
- Key Patents
- Key Findings
Chapter 5 Market Segmentation Analysis
- Global Market by Battery Type
- Lithium-ion
- Lead-acid
- Nickel Metal Hydride
- Global Market by Propulsion Type
- Battery Electric Vehicles (BEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
- Hybrid Electric Vehicles (HEV)
- Global Market by Source
- Passenger Cars
- Two-Wheelers and Three-Wheelers
- Commercial Vehicles
- Global Market by Process
- Hydrometallurgy
- Pyrometallurgy
- Others
- Market Breakdown by Region
Chapter 6 Competitive Landscape
- Market Ranking
- Guangdong Brunp Recycling Technology Co. Ltd.
- GEM Co. Ltd.
- Umicore
- Glencore
- Li-Cycle Corp.
- Key Developments
Chapter 7 Sustainability in the Electric Vehicle Battery Reuse and Recycling Market: An ESG Perspective
- Current Status of ESG in the Market
- Consumer Attitudes Towards ESG in the Market
- Case Study: Examples of Successful ESG Implementation
- Eramet
- Fortum
- Glencore
Companies Profiled
- Accurec-Recycling
- Batx Energies
- Call2Recycle Inc.
- Cirba Solutions
- Ecobat
- Eramet
- Fortum
- Gem Co. Ltd.
- Glencore
- Guangdong Brunp Recycling Technology Co. Ltd.
- Li-Cycle Corp.
- Neometals Ltd.
- Recyclico Battery Materials Inc.
- Redwood Materials Inc.
- Umicore
For more information about this report visit https://www.researchandmarkets.com/r/dv889
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