What is the global market size of Electric Vehicle Battery Recycling Market?

Electric Vehicle (EV) Battery Recycling Market size was valued at USD 1.6 billion in 2019 and is poised to grow from USD 2.27 billion in 2023 to USD 19.3 billion by 2031, growing at a CAGR of 31.87% in the forecast period (2024-2031).

Who are the key vendors in the Global Electric Vehicle Battery Recycling Market?

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. 'Umicore SA', 'Tesla, Inc.', 'Li-Cycle Corp.', 'Retriev Technologies Inc.', 'GEM Co., Ltd.', 'Glencore International AG', 'American Manganese Inc.', 'Battery Solutions Inc.', 'Aqua Metals Inc.', 'Raw Materials Company Inc.', 'Fortum Oyj', 'Neometals Ltd.', 'Enirgi Group Corporation', 'Gopher Resource LLC', 'Recupyl', 'Lithion Recycling Inc.', 'Terracycle Inc.', 'Battery Recycling Made Easy (BRME)', 'Green Energy Metals Pty Ltd', 'International Metals Reclamation Company (INMETCO)'

Electric Vehicle (EV) Battery Recycling Market Size

Electric Vehicle (EV) Battery Recycling Market Insights

Global Electric Vehicle (EV) Battery Recycling Market size was valued at USD 9.1 billion in 2023 and is poised to grow from USD 11.47 billion in 2024 to USD 72.84 billion by 2032, growing at a CAGR of 26.0% during the forecast period (2025-2032).

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 2031, which is likely to inflate to increasing to 28% by 2031. 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.

US Electric Vehicle (EV) Battery Recycling Market is poised to grow at a sustainable CAGR for the next forecast year.

FAQs

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. 'Umicore (Belgium) ', 'Neometals Ltd. (Australia) ', 'Li-Cycle Corp. (Canada) ', 'Recyclico Battery Materials Inc. (Canada) ', 'Accurec-recycling GmbH (Germany) ', 'Fortum (Finland) ', 'Cirba Solutions (US) ', 'Contemporary Amperex Technology Co., Limited (CATL) (China) ', 'Ecobat (US) ', 'Shenzhen Highpower Technology Co., Ltd. (China) ', 'Redwood Materials Inc. (US) ', 'Gem Co., Ltd. (China) ', 'Ascend Elements, Inc. (US) ', 'BatX Energies (India) ', 'Glencore (Switzerland) ', 'Ace Green Recycling (US) ', 'Primobius GmbH (Germany) ', 'Attero Recycling Pvt. Ltd. (India) ', 'Trishulavel Eshan Pvt. Ltd. (Li-circle) (India) ', 'Eramet (France)'

The demand for electric vehicle is increased due to growing global concerns regarding environmental impact and increasing pollution across the major cities. Petrol and diesel prices are increased recently so there is a need for fuel efficient vehicles, leading to surge in demand for electrically powered vehicles for travel, that generates the demand for batteries. Once these batteries reach end of their life, they can be recycled. For instance, 12m tons of lithium-ion batteries are expected to retire between the year 2021-2030 and it is expected to be recycled. Hence, the increasing demand for electric vehicle drives the growth of the electric vehicle battery recycling market.

The number of EV batteries requiring proper management at EOL is growing due to the current surge in EV sales. This is one of the main things that is favourably affecting the market, along with the expanding automobile industry. Leaders in the industry are also creating novel recycling processes, such direct recycling or cathode-to-cathode recycling, to recover metals, minerals, chemicals, and chemical powders suitable for direct sales to battery manufacturers. This approach differs from the existing method of creating materials containing metals that are sent to smelters for processing and extracting Ni, Co, and other cathode materials as metals. In addition, governments in many countries are investing more on EV tax credits and direct purchasing incentives. The electric vehicles initiative (EVI), which aims to hasten the deployment of EVs globally, is also being established by them. Additionally, a number of initiatives have been launched by international organisations to boost the market for buses, trucks, electric passenger cars, and light commercial vans (LCVs).

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.