Electric Vehicle Battery Recycling Market Size, Share & Industry Analysis, By Type (Lithium-ion., Lead-acid., Others), By Process (Hydrometallurgical., Pyro-metallurgical., Others.), By Vehicle Type (Passenger Cars., Commercial Vehicles.) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Batteries in an electric vehicle act as a secondary power source. Electric vehicle batteries provide the required power for vehicle propulsion. It uses chemical energy, which is stored in rechargeable battery packs. These batteries come to a point called end of life after a certain period, after which these batteries are replaced with new ones. The critical and reusable products in the batteries are then recycled to reduce the usage of finite metal elements such as cobalt, aluminum, and nickel.
The factors such as the rise in demand for zero-emission vehicles, the increasing bottleneck of certain battery pack materials, and the rise in the trend of using recycled products are expected to drive the market growth. Additionally, greater consistency in the regulatory frameowrk for electric vehicles in developing countries will also fuel the growth of the market. However, the high cost of the setup of recycling plants and re-use of EV batteries is expected to hamper the market growth.
Key Market Driver -
The factors such as rise in demand of zero emission vehicles, definite metal resources and rise in trend of using recycled products are expected to drive the market growth
Key Market Restraint -
The high cost of setup of recycling plants and re-use of EV batteries are expected to hamper the market growth
Market Segmentation:
The global electric vehicle battery recycling market is segmented by type, process, vehicle type, and geography. Based on type, the market is further sub-segmented into lithium-ion, lead-acid, and others. The lithium-ion segment accounted for the largest market share in 2020. Increasing demand for battery electric vehicles (BEV) and hybrid electric vehicles (HEV) around the globe is expected to drive the growth of the segment. Based on the process, the market is segmented into hydrometallurgical and pyro-metallurgical. The hydrometallurgical segment accounted for the largest market in 2020. Factors such as high treatment capacity, the capability of operations in low temperature, and high removable efficiency are expected to boost the growth of the segment. Based on vehicle type, the market is segmented into commercial vehicles and passenger cars. The commercial vehicle segment accounted for the largest market share in 2020. Factors such as increased demand for electric buses and trucks are expected to boost the use of battery recycling services.
Key Players:
Major players operating in the global electric vehicle battery recycling market include Snam S.P.A., Retriev Technologies, Australian Battery Recycling Initiatives, Umicore N.V., Li-Cycle Corp., American Manganese Inc., Accurec Recycling GmbH, G&P Batteries, Recupyl, and Battery Solutions, among others.
Key Insights
- New Advancements in Electric Vehicle Battery Recycling Market.
- Number of Products, Key Countries, 2020
- New Product Launches, Key Players
Regional Analysis:
Geographically, the global electric vehicle battery recycling market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific is expected to dominate the market during the forecast period. The increased sales of electric vehicles in the region (especially China) and increased investment of private and public players in electric car battery cooling systems are expected to drive the market growth. Europe is expected to show steady growth during the forecast period. The strict EU laws related to carbon emissions has driven the electric vehicle sales in the region, which eventually increases the demand for batteries. Therefore the major OEMs are now opting for the recycling of electric vehicles battery which is expected to drive the growth of the market in this region. North America is expected to account for a considerable share of the market during the forecast period. The presence of major market players in the region, implementation of electric vehicles in public transportation, and higher disposable income of the consumers are expected to drive the growth of the market in this region.
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Segmentation
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- Ongoing
- 2023
- 2019-2022
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