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 2024-2032.” The study provides a detailed analysis of the industry, including the global electric vehicle battery recycling market outlook, share, size, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Electric Vehicle Battery Recycling
Electric vehicle (EV) battery recycling refers to the process of collecting used and end-of-life batteries from vehicles and repurposing, remanufacturing, and breaking them down into their component materials. It involves several steps, such as battery collection, sorting and testing, shredding, chemical recovery, refurbishment, and material purification. It facilitates the extraction of valuable materials like lithium, cobalt, and nickel for reuse while reducing waste and environmental hazards. It mitigates the risk of soil and water contamination from battery waste and helps secure a stable supply of valuable raw materials, which aids in reducing dependency on imports. It is widely used in manufacturing new batteries and consumer electronics.
How Big Is the Electric Vehicle Battery Recycling Market?
The global electric vehicle battery recycling market size reached US$ 2.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 22.2 Billion by 2032, exhibiting a growth rate (CAGR) of 24.9% during 2024-2032.
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What are the growth prospects and trends in the electric vehicle battery recycling industry?
The increasing sales of EVs across the globe are catalyzing the demand for batteries, which represents one of the key factors driving the need for recycling. Additionally, the scarcity of essential materials like lithium, cobalt, and nickel is driving the need for recycling for sourcing these materials.
Apart from this, continuous innovations in recycling technologies are making the process more efficient and economical. Furthermore, the rising awareness among individuals and industries about the environmental impact of improper disposal is encouraging the recycling of EV batteries.
Moreover, governments of various countries are imposing stringent environmental laws and guidelines for responsible disposal and recycling of EV batteries, which is expected to propel the market growth.
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
- Umicore N.V.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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