IMARC Group, a leading market research company, has recently releases report titled “Electric Vehicle Battery Recycling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global electric vehicle battery recycling market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Electric Vehicle Battery Recycling Market?
The global electric vehicle (EV) battery recycling market report by IMARC Group, the market reached a value of US$ 2.3 Billion in 2022, and it is projected to reach a value of US$ 9.8 Billion by 2028, exhibiting a growth rate (CAGR) of 27.6% during 2023-2028.
What are Electric Vehicle Battery Recycling?
Electric vehicle (EVs) battery recycling is the process of recovering the cathode metals of a battery, such as aluminum (Al), iron (Fe), nickel (Ni), cobalt (Co), and lithium (Li). It reduces the reliance on intensive mining for battery development and prevents hazardous materials from entering the waste stream at the end of life (EOL) of a battery. EVS recycling depends on two methods, including pyrometallurgy/smelting and hydrometallurgy, which are either utilized in combination or separately.
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What are the growth prospects and trends in the Electric Vehicle Battery Recycling Industry?
The market is primarily driven by the expanding automotive industry. This can be attributed to the escalating demand for zero-emission vehicles. In addition, the increasing population, rapid urbanization, and consequent demand for EV batteries across the globe are contributing to market growth.
Besides this, key market players are formulating new recycling technologies, including cathode-to-cathode recycling or direct recycling, to recover metals, minerals, chemicals, and chemical powders qualified for direct sales to battery manufacturers, thus propelling the market growth.
Moreover, governments of numerous countries are investing in the electric vehicles initiative (EVI) to reduce carbon footprint, which is providing a thrust to the market growth. Furthermore, the implementation of various campaigns to support the market of electric passenger cars, buses, trucks, and light commercial vans (LCVs) is also creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Lithium-ion
- Lead-acid
- Others
Breakup by Process:
- Hydrometallurgical
- Pyro-metallurgical
- Others
Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Breakup by Application:
- Electric Cars
- Electric Buses
- Energy Storage Systems
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
ACCUREC-Recycling GmbH, American Manganese Inc., Battery Solutions, G P Batteries Limited, Li-Cycle Corp., Retriev Technologies, SITRASA, SNAM Groupe (Floridienne), TES-Amm and Umicore N.V.
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