CHICAGO, Sept. 13, 2023 /PRNewswire/ — According to Arizton’s latest research report, the electric vehicle battery recycling market will grow at a CAGR of 16.08% during 2022-2028.
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Electric Vehicle Battery Recycling Market by Arizton
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The rapid adoption of artificial intelligence and the Internet of Things, increasing government investments in technological advancement, and the spiking demand for New-generation automobiles are among the top contributing factors to the rising growth and adoption of Industry 4.0 tech across industries. Growing demand for electric vehicles due to compact size, less charging time, and low maintenance cost are primary factors driving the global automotive battery market.
Electric Vehicle Battery Recycling Market Report Scope
|
Report Scope |
Details |
|
Market Size (2028) |
USD 20.07 Billion |
|
Market Size (2022) |
USD 8.20 Billion |
|
CAGR (2022-2028) |
16.08 % |
|
Base Year |
2022 |
|
Forecast Year |
2023-2028 |
|
Market Segmentation |
Process Type, Chemistry Type, End User, and Geography |
|
Geographic Analysis |
North America, Europe, APAC, Latin America, and Middle East & Africa |
|
Market Dynamics |
· Rising Gasoline Prices · The Rising Demand for Zero-Emission Vehicles · Implementing Policies and Incentives to Encourage the Adoption of EVs |
The role of EV battery recycling in the North American automobile industry has been predominant in recent years due to its multiple and effective uses. The wide choices and preferences of consumers, such as vinyl wraps, roof denting, or stickering, can be met using tools such as heat guns. Auto body shop owners prefer heat guns since they enhance the aesthetics of automobiles by applying optimum heat in vinyl wrapping. They can also be used to fix blemishes and remove old adhesives. North America also accounted for more than 52.2% of global aerospace parts manufacturing. The situation is expected to remain consistent throughout the forecast period owing to the rising air traffic in the region. New aircraft designs with precision parts will further use EV battery recycling to enhance productivity.
Increasing investments by indicating automotive OEMs for setting up battery manufacturing facilities in the region, cumulative adoption of EVs, and decreasing battery access are some of the major considerations for the growth of this market. Increasing investments in other battery technologies provide substantial growth opportunities for market players.
Key Insights
The introduction of eco-design has made many products obsolete, and this has been the case in the industry for a long time. Hence, the competition is intense as vendors tend to focus on new products during each strong sales season.
Advances in technology have led to the development of several Electric vehicle batteries used across industries. EV batteries are outpacing traditional automobiles in the commercial and passenger vehicle segments due to the demand for efficiency.
Vendors are also maximizing their offerings with a range of Li-ion batteries as per the latest market trends.
From an economic perspective, the current situation is uncertain and can have long-term effects on the industry. Furthermore, when compared with other developed regions, such as Europe, the US EV battery Recycling systems industry is capable and poised to overcome current industry challenges as it has faced many economy-related problems, even before COVID-19, unlike other regions with strong growth trendlines.
Mass-market caters to niche customer segments. Hence, an opportunity exists for all categories of vendors to sustain themselves in the market.
Innovations and Advanced Technologies Shaping the EV Battery Recycling Market
Leading electric vehicle (EV) battery recycling companies are efficiently processing and recovering materials from these batteries, bolstered by the widespread adoption of electric vehicles worldwide. This growth is driven by government incentives, stricter emissions regulations, and increasing environmental awareness. As the number of spent EV batteries in need of recycling rises, major players in the industry benefit significantly.
Furthermore, governments in various countries are recognizing the environmental impact of EV batteries and implementing regulations to promote responsible recycling practices. This, in turn, encourages companies to establish compliant recycling methods and meet rigorous environmental standards, positively impacting the market.
The market is also being driven by the growing need to recycle batteries to extract valuable and scarce resources such as lithium, cobalt, nickel, and rare earth metals. Additionally, top EV battery recycling companies are forging strong relationships and forming strategic alliances with various stakeholders, including automotive manufacturers, battery producers, recyclers, and regulators, contributing to market growth. Moreover, ongoing advancements in battery dismantling, separation, and chemical processes, as well as the introduction of advanced recycling technologies, are creating a favorable outlook for the industry.
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Key Company Profiles
Umicore
Bosch
ACCUREC-Recycling GmbH
Li-Cycle Corp.
RecycLiCo
Battery Solution
G & P Batteries Limited
SITRASA
Retriev Technologies
SNAM Groupe
TES-Amm
FORTUM CORPORATION
MTB RECYCLING
Tata Chemicals Limited
Duesenfeld
Market Segmentation
Process Type
Hydrometallurgy
Pyrometallurgy
Other Process
Chemistry Type
Lithium-ion
Lead-acid
Nickel
Others
End User
Commercial Vehicle
Passenger Vehicle
Geography
North America
The US
Canada
Europe
The UK
Germany
France
Russia
Italy
Spain
APAC
China
Japan
South Korea
India
Australia
Rest of APAC
Latin America
Mexico
Brazil
Argentina
Middle East & Africa
South Africa
Saudi Arabia
The UAE
Turkey
Key Questions Answered in the Report:
How big is the electric vehicle battery recycling market?
What is the growth rate of the global electric vehicle battery recycling market?
Which region dominates the global electric vehicle battery recycling market share?
What are the significant trends in the electric vehicle battery recycling market?
Who are the key players in the global electric vehicle battery recycling market?
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