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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).

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)'

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.

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Global Electric Vehicle (EV) Battery Recycling Market

Product ID: SQMIG55C2006