Electric Vehicle Battery Recycling Market Synopsis:
In the research report, Market Research Future (MRFR), emphasizes that the global electric vehicle battery recycling market 2021 is expected to grow exponentially, securing a substantial market valuation of USD 3 billion by 2025 and a healthy 19% CAGR over the review period.
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Competitive Analysis
The major market players operating in the global electric battery vehicle recycling market growth as acknowledged by MRFR are American Manganese Inc. (Canada), ACCUREC Recycling GmbH (Germany), Battery Solutions (US), Li-Cycle Corp. (Canada), Recupyl (France), G & P Batteries (UK), Retriev Technologies (US), Snam S.p.A. (Italy), Australian Battery Recycling Initiative (Australia), and Umicore N.V.. (Belgium).
Drivers and Restraints
Factors such as growing e-vehicle demand, increasingly strict fuel economy regulations with reduced greenhouse emissions and raising disposable income drive market growth. However, rising demand for environmentally friendly batteries and improving high-yield processes for recycling next generation batteries are expected to provide market players with promising opportunities. The lack of battery recycling infrastructure in the emerging market and the high cost of building recycling plant are key factors that inhibit this market's growth. However, growing adoption of environmentally friendly batteries, developing high-yield technologies for recycling next-generation batteries, growing the development of the battery supply chain along with recycling networks, and enhancing developing countries' economies provide growth opportunities for global players to increase the size of the recycling market for electric vehicle batteries.
Segmental Analysis
The global electric vehicle battery recycling market is analyzed based on process, battery type, vehicle type, and region. On the basis of type, the global electric battery vehicle recycling market has been segmented into lithium-ion, lead acid, and others. On the basis of process, the global electric battery vehicle market has been segmented into hydrometallurgical, pyrometallurgical, and others. On the basis of application, the global electric battery vehicle recycling market has been bifurcated into passenger car and commercial vehicle.
Regional Analysis
The geographical overview of the global electric battery vehicle recycling market share has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
In 2018 Asia-Pacific led the industry, followed by Europe. The Asia-Pacific market is projected to hold the largest market share due to increased production and sales during the forecast period of e-vehicles and electric car battery refrigeration systems. In addition, growing public and private players' investments in developing the electric vehicle battery recycling industry in Japan, Australia, China, Vietnam, and India and rising demand for safety features in vehicles are contributing to the development of the market in this area. In addition, a increasing population and rising battery disposable income are expected to fuel demand for battery recycling of electric vehicles in this area. China is slated to hold the largest share in Asia-Pacific, and is predicted to rise rapidly over the review period due to the existence of a large customer base that has recognized the benefits of car battery disposal.
North America is seeing growth due to factors such as investment in research and development, increased government funding for the production of car battery recycling and recycling plants for EV batteries, and the market for environmentally sustainable vehicles adds to the wide potential customer base for battery sales in the USA and Canada.
The European Union (EU) has adopted legislation covering vehicle emission standards in the UK, France and other countries and has already revealed its deadlines for establishing zero-emission zones, which raises demand for electric vehicles and stimulates demand for recycling electric car batteries. This leads to the construction of battery recycling plants to meet overall demand and to minimize emissions from the disposal of electric car batteries across the city.
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