Transportation battery recycling market is expected to grow by 2030 due to rising use of EVs. The lead-acid battery sub-segment is predicted to be highly lucrative. Market in the Europe region is projected to witness better growth opportunities.
NEW YORK, Aug. 23, 2022 /PRNewswire/ — Research Dive has added a new report to its offering titled, “Global Transportation Battery Recycling Market by Type (Lithium-based Battery, Lead-acid Battery, Nickel-based Battery, and Others), Sources (Industrial Batteries, Automotive Batteries, Electronic Appliances Batteries, and Others), and Regional Analysis (Europe, North America, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2030“.
According to the report, the global transportation battery recycling market is estimated to surpass a revenue of $9,947.5 million by 2030, growing at a CAGR of 8.2% during the forecast period 2022-2030.
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Dynamics of the Transportation Battery Recycling Market
Drivers: The exorbitant prices of petroleum and diesel along with government’s rising initiatives to increase the awareness about electric vehicles and the benefits are some factors anticipated to drive the growth of the global transportation battery recycling market. Moreover, people’s growing inclination towards electric as well as hybrid vehicles over fossil fuel-based ones is also expected to boost the market growth by 2030.
Opportunities: Harmful components present in batteries like cobalt, nickel, lithium, etc. can contaminate soil and water if left unrecycled. Moreover, if these components are mined, harmful gases are released in the environment that are hazardous for human health. To prevent this, the recycling of such batteries becomes essential. These factors are predicted to create ample growth opportunities for the global transportation battery recycling market by 2030.
Restraints: The easy availability of raw materials used in manufacturing batteries at a lower cost as compared to the recycling cost is the prime factor to impede the market growth.
Covid-19 Impact on the Transportation Battery Recycling Market
The onset of the covid-19 pandemic has had an adverse effect on the global transportation battery recycling market due to strict travel restrictions and lockdowns imposed by governments across the world. This led to the reduced demand for vehicles, thus decreasing the need for recycling vehicle batteries. Moreover, import-export restrictions between countries led to the stoppage of manufacturing processes and disrupted the raw materials supply chain. However, with the easing of these restrictions and lower covid-19 cases across the globe, people’s demand for hybrid and electric vehicles has increased that can boost the requirement for transportation battery recycling.
Segments of the Transportation Battery Recycling Market
The report has divided the transportation battery recycling market into a few segments based on type, sources, and regional analysis.
- By type, the lead-acid battery sub-segment of the transportation battery recycling market is projected to hold a dominant market share and register a revenue of $6,517.1 million by 2030 due to lower manufacturing costs and complexity of lead-acid batteries. Moreover, this type of batteries is used in various vehicles and their performance are not affected by temperature changes. Besides, the recycling process of lead-acid batteries is less time-consuming as compared to lithium-based ones. These factors are estimated to bolster the sub-segment’s growth by 2030.
- By sources, the industrial batteries sub-segment is anticipated to have the highest growth rate and gather a revenue of $5,014.3 million by 2030 due to the growing usage of lead-acid batteries in industrial applications like emergency power backup, UPS system, etc. Moreover, industrial batteries are cost-effective and perform well even under extreme temperature changes. Furthermore, the simple recycling process of industrial batteries is yet another factor to propel the sub-segment’s growth during the forecast period.
- By region, the transportation battery recycling market in the Europe region is expected to have the highest growth rate of 8.1% CAGR by 2030 due to increasing adoption of electric vehicles and government-implemented sustainability standards for developing battery recycling units. In addition, the presence of some prominent automobile companies like Volkswagen, Tesla, Renault, etc. is also predicted to uplift the market growth in the Europe region by 2030.
Key Transportation Battery Recycling Market Players:
Some key transportation battery recycling market players are
- Contemporary Amperex Technology Co., Limited
- Umicore
- Exide Technologies
- Cell2Recycle, Inc.
- Li-Cycle Corp
- Battery Solutions
- GEM Co. Ltd.
- Aqua Metals, Inc.
- Kochi Industries
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in July 2022, Volkswagen, a world-class German motor vehicle manufacturer, announced its collaboration with Redwood Materials, an American company that provides recycling solutions for lithium-ion batteries, to accelerate the adoption and recycling of EV batteries in the North American region.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments. Inquire Here Before Buying the Full Report
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