Electric Vehicle Battery Recycling Market

Global Electric Vehicle Battery Recycling Market Size (2024 to 2029)

The global electric vehicle battery recycling market is expected to be valued at USD 6.90 billion in 2024 and USD 27.53 billion by 2029 and grow at a CAGR of 31.87% from 2024 to 2029.

Batteries are used as a secondary source of power when the car is launched. The electrical vehicle battery is a secondary (rechargeable) battery that uses chemical energy stored in rechargeable battery packs for power; therefore, no combustion engine is needed for propulsion. Such cells reach a point called the end of life, after which a new one replaces them. Valuable materials inside each of these batteries, which reach the end of their life, can be recovered and reused to maximize the use of scarce metal assets. Aluminum, cobalt, nickel lithium, and other kinds of metals can be extracted from these end-of-life batteries.

Global Electric Vehicle Battery Recycling Market Drivers:

Because of finite metal resources, people are now trying to work their way through recycling electric vehicle batteries, which is a huge driver in the electrical vehicle battery recycling market. Environmental concerns led us to set up a few “zero-emission” goals, and these certainly are a massive driver to the battery recycling market. There is a rise in the requirement for recycled products and materials, which is another driver of the battery recycling market.

Global Electric Vehicle Battery Recycling Market Restraints:

The high cost of setting up these recycling plants might restrict the battery recycling market., The high recycling gap is another thing that restricts the battery recycling market.

REPORT COVERAGE:

This research report on the global electric vehicle battery market has been segmented and sub-segmented into the following categories.  

Global Electric Vehicle Battery Recycling Market - By Application:

• Electric Cars
• Electric Buses
• Energy Storage Systems
• Others

Out of these, the segment of electric buses is expected to dominate the global market during the forecast period, accounting for almost half of the total market share. This is due to the increasing adoption of alternative fuel technologies in commercial vehicles, such as buses that deliver zero emissions, increased acceleration, and quiet service. However, the energy storage systems segment is projected to have the highest CAGR of 47.8% between 2018 and 2025 due to the remanufacturing of lithium-ion batteries to provide a second life with 70–80% charging capability.

Global Electric Vehicle Battery Recycling Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

LAMEA is expected to grow by 46.1% at the fastest CAGR during the forecast period due to the high level of adoption of advanced electric vehicle systems in commercial vehicles. In addition, the increase in vehicle emission standards in this area and the increase in demand for fuel-efficient and environmentally friendly technologies are complementing development. Meanwhile, Asia-Pacific is expected to remain the dominant region by 2025, generating almost half of the global revenue. This is due to the high penetration of smart mobility services, increased government controls, an increase in fuel prices, and an increase in the trend towards non-fossil fuel-based vehicles.

KEY MARKET PLAYERS:

ACCUREC Recycling GmbH, American Manganese Inc., Battery Solutions, LI-CYCLE CORP, G&P Company, Recupy, Retriev Technologies, SITRASA, SNAM S.A.S., Umicore. Are some of the major key players dominating the global electric vehicle battery recycling market.

They have implemented different strategies, including alliances, joint ventures, partnerships, expansions, mergers and acquisitions, and others, to achieve a strong position in the industry.

MARKET RESEARCH REPORT KEY HIGHLIGHTS:

• Evaluation of the current stage of the market and future implications of the market based on the detailed observation of Recent key developments.
• Address the matter by better understanding the market size estimates through CAGR analysis to forecast the future market.
• Comprehensive segmentation of the market, detailed evaluation of the market by further sub-segments.
• Address Market Drivers and restraints and provide insights for gaining market share.
• Porter’s Five Forces are used to analyze the factors responsible for shaping the industry as a result of the competitive environment.

RECENT HAPPENINGS IN THE MARKET:

• On 29 July 2017, Britain joined France in agreeing to ban the sale of gasoline and diesel cars by the end of 2040 in order to reduce the emissions of toxic vehicles. It results in excess demand for electric vehicles and, as a result, for battery components and raw materials such as lithium, nickel, cobalt, aluminum, and others. Battery manufacturers are struggling to control the supply of raw materials used in the manufacturing of these battery packs as resources are finite and costly. It helps in the recycling of batteries that have reached the end of their life. The process removes essential parts from such batteries, which can then be used in other applications due to the shortage of metal components, such as nickel, cobalt, and more.
• Many companies are working on effective strategies for the reuse of lithium-ion batteries in an integrated way after evaluating the future market for recycled raw materials such as nickel, cobalt, lithium, and others. For example, Kemetco is collaborating with American Manganese to develop a scalable and commercialized recycling system for Lithium-ion batteries that is both cost-effective and environmentally friendly. In addition, the volume of recycled lithium is expected to meet 9% of the global demand for lithium in various applications.