IMARC Group, a leading market research company, has recently releases report titled “Electric Vehicle Battery Recycling Market Report by Type (Lithium-ion, Lead-acid, and Others), Process (Hydrometallurgical, Pyro-metallurgical, and Others), Vehicle Type (Passenger Cars, Commercial Vehicles), Application (Electric Cars, Electric Buses, Energy Storage Systems, and Others), and Region 2024-2032", Offers a comprehensive analysis of the industry, which comprises insights on the global electric vehicle battery recycling market .
How Big Is the Electric Vehicle Battery Recycling Market?
The global electric vehicle battery recycling market size reached US$ 2.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 22.2 Billion by 2032, exhibiting a growth rate (CAGR) of 24.9% during 2024-2032.
Industry Overview of Electric Vehicle Battery Recycling
Electric vehicle (EV) battery recycling is the systematic and environment responsible process of retrieving and reusing valuable components and materials from used electric vehicle (EV) batteries. It encompasses numerous steps, such as battery collection, sorting and testing, shredding, chemical recovery, refurbishment, and material purification. It facilitates the extraction of valuable materials like lithium, cobalt, aluminum, and nickel for reuse while reducing waste and environmental hazards. It eliminates the need for new raw materials and aids in mitigating the risk of soil and water contamination from battery waste. Besides this, as it promotes environmental health, the demand for EV battery recycling is increasing across the globe.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/electric-vehicle-battery-recycling-market/requestsample
What are the growth prospects and trends in the electric vehicle battery recycling industry?
The increasing sales of EVs across the globe to reduce harmful vehicular emissions is favoring the market growth. Additionally, advancements in recycling technologies are making it more efficient and cost-effective to recycle EV batteries. These innovations include better methods for disassembly, material separation, and refining. Furthermore, the development of industry standards and regulations specific to EV battery recycling is offering a favorable market outlook. Moreover, governing authorities of several countries are implementing stricter environmental regulations and emissions targets. EV battery recycling aligns with these regulations, as it reduces waste and minimizes the environmental impact of battery production and disposal. Governing agencies of numerous countries are also providing incentives and subsidies to encourage the recycling of EV batteries, further stimulating the market growth.
Along with this, several companies are exploring innovative business models in the EV battery recycling space. This includes partnerships between automakers, battery manufacturers, and recycling firms to streamline the recycling process and optimize resource recovery. In addition, rising collaborations between governments, businesses, and research institutions are positively influencing the market. These partnerships aim to develop sustainable practices, share knowledge, and drive innovation in the EV battery recycling sector. Furthermore, the scarcity of essential materials like lithium, cobalt, and nickel is driving the need for recycling to source these materials. In line with this, the rising awareness among individuals and businesses about the importance of sustainable battery disposal and recycling practices is catalyzing the demand for recycling services worldwide. Besides this, ongoing research into new battery chemistries like solid-state batteries is creating new opportunities in recycling.
Moreover, the growing consciousness about environmental issues is propelling the demand for eco-friendly products and recycling solutions, including the recycling of EV batteries. Innovations in recycling technologies, including automation and artificial intelligence (AI)-driven sorting systems, are making recycling more efficient and cost-effective. Apart from this, the development of battery swapping stations for electric vehicles (EVs) is driving the need for efficient battery recycling to manage the replacement of end-of-life batteries. Furthermore, the availability of sustainable financing options and green bonds is encouraging investments in environment friendly projects, including those related to EV battery recycling, which is strengthening the market growth.
Leading Companies Operating in the Global Electric Vehicle Battery Recycling Industry:
- ACCUREC-Recycling GmbH
- American Manganese Inc.
- Battery Solutions
- G P Batteries Limited
- Li-Cycle Corp.
- Retriev Technologies
- SITRASA
- SNAM Groupe (Floridienne)
- TES-Amm
- Umicore N.V.
Electric Vehicle Battery Recycling Market Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Lithium-ion
- Lead-acid
- Others
Breakup by Process:
- Hydrometallurgical
- Pyro-metallurgical
- Others
Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Breakup by Application:
- Electric Cars
- Electric Buses
- Energy Storage Systems
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact US
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163
