USD 1.6 billion
Report ID: SQMIG55C2006 | Region: Global | Published Date: February, 2023 | Pages: 242 | Tables: 92 | Figures: 76
Global Electric Vehicle Battery Recycling Market size was valued at USD 1.6 billion in 2021 and is poised to grow from USD 2.27 billion in 2022 to USD 19.3 billion by 2030, growing at a CAGR of 31.87% in the forecast period (2023-2030).
The growth of this global market is attributed to increasing demand for zero-emission vehicles, growing trend of using recycled products, and increasing bottleneck of certain battery pack material. In addition, greater consistency in the regulatory framework for electric vehicles in developing countries will also fuel the market growth.
The demand for electric vehicle is increased considerably due to consumer’s increasing attention to save cost over fuel spending, easy loan processing and higher approval rate, and availability of wide range of quality electric vehicles from leading brands with longer range. As per our latest findings, electric vehicles will make up 10% of global passenger vehicle sales by 2025, which is likely to inflate to increasing to 28% by 2030. Hence, growth in electric vehicle sales has increased the demand for electric vehicle battery recycling market.
Further, several governments are increased their spending on incentives for direct purchase and tax benefits for electric vehicles. In addition, government take initiatives to increase the adoption of electric vehicles. Various organization have arranged campaign to assist the electric vehicle battery recycling market for buses, trucks, electric passenger vehicle, and light commercial vans which is anticipated to grow the market in the coming years.
Global Market Size
USD 1.6 billion
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Global Electric Vehicle Battery Recycling market is segmented on the basis of chemistry, Process, Application, and region. By chemistry, the market is segmented into lithium-ion batteries, lead-acid, nickel, and others. By process, the market is segmented into pyrometallurgical, hydrometallurgical, and others. By application, the market is segmented into electric cars, electric buses, energy storage systems, and others. The market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America as according region.
Analysis by Chemistry
The lithium-ion batteries segment is expected to grow at the fastest rate during the forecast period. The demand for lithium-ion batteries is increased due to their numerous environmental benefits such as good high temperature performance, high power-to-weight ratio, low self-discharge, high energy efficiency. The electric vehicle sales are increased which reduces the carbon emissions and have positive impact on the segment growth. On the other hand, lead-acid battery segment is expected to account for the significant share during the forecast period. The growth of this segment is due to increased use of lead-acid batteries in a variety of applications such as electric scooters, backup power supplies, and maritime application. For instance, in the United States and Europe, more than 97% of lead-acid batteries are recycled, and about 75% of the lead used in generation of the new lead-acid batteries. Hence, the demand for lead-acid battery is increased.
Analysis by Application
Electric cars segment dominated the global market. Since electric cars don't emit any exhaust fumes, they are more environmentally friendly than gasoline or diesel cars. In 2021, over 56.4 million passenger cars were sold worldwide, an increase of almost 5% from the year before. With just under 21.5 million units, China held the title of the world's largest regional market for recycling electric car batteries. A number of government regulatory bodies have put rules into place to encourage the market for electric vehicles. Consumer preferences are predicted to shift towards electric vehicles as a result of environmental factors like rising pollution, energy depletion, global warming, and biological dangers, which will increase the demand for recycled batteries.
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North America is expected to account for the significant share during the forecast period. The growth of this region is attributed to presence of major players in this region, higher disposable income of the consumers, implementation of the electric vehicles in the transportation. In North America lead-acid batteries are recycled at a rate of roughly 100%. The market is anticipated to grow as a result of the presence of significant recyclers including Call2Recycle, Aqua Metals, Enersys, and Battery Solutions, Inc.
The Asia Pacific region is anticipated to control the global market during the forecast period. The growing production and sales of electric vehicle in this region is expected to drive the market. China is the leading producer of the electrical vehicles and hybrid cars. For instance, in 2021, China produced around 2.9 million battery electric vehicles, an increase of 166 percent compared to 2020. In the same year, 601,000 plug-in hybrid cars were produced in China, and increase of 131 percent compared to the previous years. In addition, the increasing investments by the public and private sector to develop the electric vehicle battery recycling industry across the region is anticipated to drive the market in the coming years.
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Increasing Demand for Electric Vehicles
Growing Demand for Recycled Products
High Operating Costs
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Global electric vehicle battery recycling market is moderately competitive due to presence of local players. Major players have adopted strategies such as merger, acquisitions, collaborations, andpartnershipsp to strengthen their position in the global market. majority of the companies increased their investment in research and development to produce effective technology for the recycling of electric vehicle battery.
Top Player’s Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global electric vehicle battery recycling market analysis, growing sales of electric vehicles, government initiatives to increase the adoption of zero emission vehicles, growing trend of using recycled vehicles are the factors which is expected to propel the market growth. In addition, major players are increased their focus on the development of efficient technologies for the recycling of the electric vehicle batteries which has positive impact on the global market. However, high operating cost restrains the market growth.
|Market size value in 2021||USD 1.6 billion|
|Market size value in 2030||USD 19.3 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Electric Vehicle Battery Recycling Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Electric Vehicle Battery Recycling Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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