The EV Battery Recycling Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s EV Battery Recycling Global Market Report 2024, The EV battery recycling market size has grown exponentially in recent years. It will grow from $2.32 billion in 2023 to $3.02 billion in 2024 at a compound annual growth rate (CAGR) of 30.3%. The growth in the historic period can be attributed to environmental concerns, supply chain security, rise in electric vehicle sales, innovation and R&D efforts, circular economy initiatives.
The EV battery recycling market size is expected to see exponential growth in the next few years. It will grow to $8.29 billion in 2028 at a compound annual growth rate (CAGR) of 28.7%. The growth in the forecast period can be attributed to research and development focus, environmental awareness and sustainability goals, investment in recycling infrastructure, market demand for recycled materials. Major trends in the forecast period include closed-loop recycling systems, advancements in recycling technologies, lithium-ion battery innovation, collaboration in industry ecosystem, focus on material recovery and purity
An increase in the sales of electric vehicles (EV) is expected to propel the growth of the EV battery recycling market going forward. EVs are vehicles that are either partially or fully powered by electricity and contain a battery that powers an electric motor. EV batteries contain critical minerals that can be reclaimed through recycling of end-of-life EV batteries and used for manufacturing new batteries that are used in electric vehicles. For instance, according to the International Energy Agency, a France-based autonomous intergovernmental organization, global sales of EVs that include fully electric and plug-in hybrids reached 6.6 million units in 2021. Also, the total number of EVs on the roads worldwide stood at 16.5 million in the year 2021. Therefore, the increase in the sales of electric vehicles is driving the demand for the growth of the EV battery recycling market.
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The EV battery recycling market covered in this report is segmented –
1) By Battery Type: Lead-Acid Battery, Lithium-Based Battery, Other Battery Types
2) By Process: Pyrometallurgical, Hydrometallurgical, Other Processes
3) By Vehicle Type: Passenger Cars, Commercial Vehicles
4) By Application: Electric Cars, Electric Buses, Energy Storage Systems, Other Applications
Major companies operating in the EV battery recycling market are focusing on strategic collaboration, to provide reliable services to customers. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities who work together to achieve shared goals aligned with their individual strategic objectives. For instance, in July 2023, li-cycle private limited, a Canada-based global lithium-ion battery resource recovery company, and Eve Energy Co., Ltd., a China-based largest primary lithium battery manufacturer, have entered a memorandum of understanding (MOU) to explore lithium-ion battery recycling solutions. The partnership will extend to recycling battery manufacturing scrap from EVE’s upcoming facilities in Malaysia and Hungary. The initiative aligns with EVE’s environmental goals and Li-Cycle’s commitment to providing efficient, low-emission recycling solutions for lithium-ion batteries.
The ev battery recycling market report table of contents includes:
1. Executive Summary
2. EV Battery Recycling Market Characteristics
3. EV Battery Recycling Market Trends And Strategies
4. EV Battery Recycling Market – Macro Economic Scenario
5. Global EV Battery Recycling Market Size and Growth
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26. South America EV Battery Recycling Market
27. Brazil EV Battery Recycling Market
28. Middle East EV Battery Recycling Market
29. Africa EV Battery Recycling Market
30. EV Battery Recycling Market Competitive Landscape And Company Profiles
Top Major Players:
- Glencore International AG
- Veolia Environnement Société Anonyme,
- SNAM Société par Actions Simplifiée
- Ganfeng Lithium Co. Ltd
- Umicore NV
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