SAN FRANCISCO, June 15, 2023 /PRNewswire/ — The global electric vehicle battery recycling market size is expected to reach USD 10.45 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 61.7% from 2023 to 2030. The market for EV battery recycling is anticipated to be driven by the increasing popularity of electric vehicles (EVs) and renewable energy storage systems, leading to a higher demand for batteries, which drives the need for recycling. Governments globally are implementing regulations to promote recycling of batteries and reduce their environmental impact, which is expected to boost recycling market growth.
Key Industry Insights & Findings from the report:
- In terms of revenue, the lithium-ion battery segment accounted for the largest share of the market in 2022 and is further expected to witness steady growth over the forecast period.
- Asia Pacific is projected to grow at a substantial rate of 63.4% through the forecast period.
- The production scrap source segment accounted for the largest share of 71.36% in 2022 in the market for EV battery recycling.
- The passenger cars vehicle type segment is expected to emerge with the fastest CAGR of 80.90% over the forecast period.
- The U.S. is likely to display a substantial growth rate during the projected period, accounting for a significant share of the market.
Read 120-page market research report, “Electric Vehicle (EV) Battery Recycling Market Size, Share & Trends Analysis Report By Type (Lithium-ion, Lead Acid, Others), By Source (End of life, Production Scrap), By Vehicle Type, By Region, And Segment Forecasts, 2023 – 2030“, published by Grand View Research.
Electric Vehicle Battery Recycling Market Growth & Trends
As battery recycling technologies continue to evolve and improve, there is an opportunity for companies in the market for EV battery recycling to develop new and more efficient processes. This requires investment in R&D and the ability to adapt to the changing battery chemistries and designs. The demand for recycled batteries is growing as consumers have become more environment-conscious and seek sustainable alternatives to new batteries. This presents an opportunity for companies in the electric vehicle battery recycling market to meet this demand and increase their market share.
The market for EV battery recycling is projected to witness substantial growth in the coming years, owing to the increasing electric vehicle adoption and technological advancements in the Market. In addition, the presence of major companies such as Battery Solutions LLC, Gopher Resource LLC, Ecobat Logistics, Terrapure BR Ltd., East Penn Manufacturing Company, and Retriev Technologies is expected to strengthen the demand for EV battery recycling across the globe.
Electric Vehicle Battery Recycling Market Segmentation
Grand View Research has segmented the global electric vehicle battery recycling market based on type, source, vehicle type, and region
EV Battery Recycling Market – Type Outlook (Revenue, USD Billion; Volume, Kilotons, 2018 – 2030)
- Lithium-ion
- Lead Acid
- Others
EV Battery Recycling Market – Source Outlook (Revenue, USD Billion; Volume, Kilotons, 2018 – 2030)
- End of Life
- Production Scrap
EV Battery Recycling Market – Vehicle Type Outlook (Revenue, USD Billion; Volume, Kilotons, 2018 – 2030)
- Passengers Cars
- Buses
- Vans
- Others
EV Battery Recycling Market – Regional Outlook (Revenue, USD Billion; Volume, Kilotons, 2018 – 2030)
· North America
- U.S.
- Canada
- Mexico
· Europe
- Germany
- UK
- France
- Italy
- Spain
· Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
· Central & South America
- Brazil
- Argentina
· Middle East & Africa
- Saudi Arabia
- UAE
List of Key Players in the Electric Vehicle (EV) Battery Recycling Market
- Battery Solutions LLC
- Gopher Resource LLC
- Ecobat Logistics
- Terrapure BR Ltd.
- East Penn Manufacturing Company
- Retriev Technologies
- COM2 Recycling Solutions
- Call2Recycle
- Exide Technologies
- Gravita India Ltd.
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Browse through Grand View Research’s Power Generation & Storage Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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