The global automotive battery recycling market is expected to grow primarily due to the increasing demand for lithium-ion batteries for electric vehicles. Lead-acid batteries sub-segment to flourish immensely. The Asia-Pacific region is predicted to grow with a high CAGR by 2031.
NEW YORK, March 13, 2023 /PRNewswire/ — Global Automotive Battery Recycling Market Forecast Analysis:
As per the report published by Research Dive, the global automotive battery recycling market is expected to register a revenue of $19,476.4 million by 2032 with at a CAGR of 6.0% during the forecast period 2022-2031.
Segments of the Automotive Battery Recycling Market
The report has divided the automotive battery recycling market into the following segments:
Type: lead-acid battery, lithium-ion battery, and others
Recycling Process: hydrometallurgical process, pyrometallurgy process, and others
Region: North America, Europe, Asia-Pacific, and LAMEA
|
Segment |
Sub-Segment |
|
Type |
Lead-Acid Batteries – Most dominant market share in 2021 |
|
Lead-acid batteries can be recharged numerous times and are less expensive as compared to lithium-ion batteries. Due to these advantages, lead-acid batteries are widely used in automobiles which is expected to augment the growth of this sub-segment. |
|
|
Recycling Process |
Hydrometallurgical Process – Highest market share in 2021 |
|
Depletion of natural metal resources and the rise in interest in rare earth elements are expected to be the two main factors pushing the growth rate of the sub-segment higher. |
|
|
Region |
Asia-Pacific – Most profitable in the forecast period |
|
Growing demand for electric vehicles and increasing environmental regulations are predicted to propel the market in this region. |
Access to the Complete PDF Sample of the Automotive Battery Recycling Market
Dynamics of the Global Automotive Battery Recycling Market
Growing demand for lithium-ion batteries in electric vehicles (EVs) is expected to become the primary growth driver of the automotive battery recycling market in the forecast period. Additionally, significant increase in passenger and commercial EVs is predicted to propel the market forward. However, according to market analysts, high investments in setting up battery recycling plant might become a restraint in the growth of the market.
Various initiatives implemented by automotive battery recycling companies is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, increasing utilization of lithium-ion batteries for energy storage is expected to propel the automotive battery recycling market forward in the coming period.
COVID-19 Impact on the Global Automotive Battery Recycling Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The automotive battery recycling market, too, was negatively impacted due to the pandemic. In fact, automobile manufacturing was one of the worst hit sectors due to disruptions in supply chains caused by the pandemic. Consequently, the demand for automotive battery recycling also fell causing a decline in the growth rate of the market.
Key Players of the Global Automotive Battery Recycling Market
The major players of the market include
OnTo Technology LLC.
American Manganese Inc.
Neometals Ltd
Retriev Technologies Inc.
Raw Materials Company Inc.
Contemporary Amperex Technology Co.
Envirostream Australia Pty Ltd.
Contemporary Amperex Technology Co.
Limited (CATL), Duesenfeld
Umicore
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in March 2022, Clarios, a leading advanced energy storage solutions provider, announced the acquisition of Metalúrgica de Medina, an automotive battery recycling company. The acquisition is predicted to boost the market share of Clarios in the coming few years and help the company to establish itself as the leader of the industry.
What the Report Covers?
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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