DUBLIN, March 7, 2024 /PRNewswire/ — The “Global Electric Vehicles Battery Recycling Market by Source (Passenger Vehicles, Commercial Vehicles, E-Bikes), Chemistry (Li-NMC, LFP, LMO, LTO, NCA), Process, and Region (North America, Europe, Asia Pacific) – Forecast to 2031” report has been added to ResearchAndMarkets.com’s offering.
The EV Battery Recycling Market is projected to grow from USD 9 billion in 2023 to USD 56.3 billion by 2031, at a CAGR of 25.8 % during the forecast period. The growing demand for batteries in energy storage devices, coupled with increased research and development in EV Battery, is one of the key driver that is boosting the EV Battery Recycling Market.
Lithium Iron Phosphate by battery chemistry, is estimated to account for the second largest share during the forecast period
The Lithium Iron Phosphate battery chemistry segment is projected to secure the second-largest share in the forecast period, primarily fueled by its extensive application in the automotive. As they are among the safest batteries, with a low risk of overheating and fire. These batteries are environmentally sustainable, being non-toxic and recyclable, devoid of harmful materials like lead or cadmium. This broader utilization is expected to contribute to the sustained growth of the Lithium Iron Phosphate battery chemistry segment in the EV Battery Recycling Market.
By source, commercial segment is accounted for the second largest share during the forecast period
Lithium-ion batteries are well-known for powering commercial vehicles. The combination of increasing demand for commercial electric vehicles, regulatory support, and the need for recycling valuable materials contributes to the projection that the commercial segment will be the important and ongrowing source in the EV battery recycling market during the specified period. Therefore, the use of lithium-ion battery in commercial vehicles will increase and it is expected to drive the EV Battery Recycling Market.
Europe region is estimated to account for the second largest share during 2023-2031
Europe is expected to be the second-largest market for EV battery recycling market. Germany is among the key player in the region, which is driven by automobile sector, with a rise in the demand for electric vehicles. As a major contributor to the automotive industry, Germany emerges as a favorable market for various batteries, particularly those using lithium-ion recycling technology. Additionally, the ongoing transition to renewable energy sources in the country is expected to boost the market further, contributing to the overall growth of the European EV Battery Recycling Market.
The report provides insights on the following:
Analysis of key drivers (increasing adoption of lithium-ion batteries in automobiles, growing adoption of EVs and plug-in vehicles, limited minerals), restraints (Safety issues related batteries, low availability of lithium and cobalt), opportunities (subsidies by government, growing R&D for battery chemistry), and challenges (high cost of recycling ecosystem) influencing the growth of the EV Battery Recycling Market.
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities in the EV Battery Recycling Market.
Market Development: Comprehensive information about lucrative markets – the report analyses the EV Battery Recycling Market across varied regions.
Market Diversification: Exhaustive information about new products, various types, untapped geographies, recent developments, and investments in the EV Battery Recycling Market.
Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players such as Contemporary Amperex Technology Co., Limited. (China), Glencore (Switzerland), GEM Co., Ltd. (China), ERAMET (France), Li-Cycle Corp (Canada), Umicore (Belgium), Accurec-Recycling GMBH (Germany), Fortum (Finland), Cirba solutions (US), Neometals Ltd.(Australia), Redwood Materials Inc. (US), Ecobat (US), Stena Recycling (Sweden), TES (Singapore), Ace Green Recycling, Inc. (USA),, Shenzhen Highpower Technology Co., Ltd (China) and others in the EV Battery Recycling Market.
Key Topics Covered:
Executive Summary
Electric Vehicle Battery Recycling Market Snapshot: 2022 vs. 2031
Asia-Pacific to Account for Largest Market Share During Forecast Period
Passenger Segment to Account for Largest Market Share During Forecast Period
North America to Hold Largest Market Share During Forecast Period
Premium Insights
Attractive Opportunities in Electric Vehicle Battery Recycling Market – Growing Adoption of Lithium-Ion Batteries in Electric Vehicles to Drive Market
Electric Vehicle Battery Recycling Market, by Region – Europe to Register Highest CAGR During Forecast Period
Electric Vehicle Battery Recycling Market, by Battery Chemistry – LFP Segment to Register Highest CAGR During Forecast Period
Market Dynamics
Drivers
High Demand for Electric Vehicles
Stringent Government Regulations Related to Lithium-Ion Battery Recycling
Increase in Demand for Recycled Products and Materials
Scarcity Related to Availability of Earth Metals
Restraints
Safety Issues Related to Storage and Transportation of Spent Batteries
Opportunities
Rising Adoption of Lithium-Ion Batteries due to Decline in Prices
Challenges
High Recycling Costs and Dearth of Technologies
Technology Analysis
Pyrometallurgy
Hydrometallurgy
Pyrolysis
Mechanical Thermodynamic Recycling
Case Study Analysis
Attero Recycling
Company Profiles
Umicore
Neometals Ltd.
Li-Cycle Corp.
Recyclico Battery Materials Inc.
Accurec-Recycling GmbH
Fortum
Cirba Solutions
Contemporary Amperex Technology Co. Limited
Ecobat
Tes
Stena Recycling
Shenzhen Highpower Technology Co. Ltd.
Redwood Materials Inc.
Gem Co. Ltd.
Ascend Elements, Inc.
Batx Energies
Glencore
Australian Battery Recycling Initiative
Ace Green Recycling
Primobius GmbH
Attero Recycling Pvt. Ltd
Trishulavel Eshan Pvt. Ltd. (Li-Circle)
Eramet
Envirostream Australia Pty Ltd.
Duesenfeld GmbH
Lithion Technologies
Batrec Industrie
Sitrasa
Tata Chemicals Limited.
Exigo Recycling Pvt. Ltd.
Ziptrax
Jx Nippon
For more information about this report visit https://www.researchandmarkets.com/r/wcuwu5
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