Automobile batteries are utilized as a backup power source. Electric vehicle batteries (EVs) are the batteries that power a battery electric vehicle’s propulsion system. The batteries used in electric vehicles are usually rechargeable and have a high ampere-hour capacity. These batteries are tiny and light, which helps to reduce vehicle weight and hence improve vehicle performance.
Electric Vehicle Battery Recycling Market Overview:
The Electric Vehicle Battery Recycling market study gives a complete picture of the competition, including the market share and company profiles of the key competitors in the global industry. The scope of the research includes a thorough investigation of the Electric Vehicle Battery Recycling Market, as well as the reasons for variations in the industry’s growth in various locations.
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Electric Vehicle Battery Recycling Market size was valued at US$ 1.22 Bn. in 2020 and the total revenue is expected to grow at 37.1 % through 2021 to 2027, Electric Vehicle Battery Recycling Market is reaching nearly US$ 13.3 Bn. by 2027.
Market Scope:
Post completion of market engineering, which included calculations for market statistics, market size estimations, market forecasts, market breakdown, and data triangulation, thorough primary research was done to acquire information and verify and validate important numbers. To perform market estimating and forecasting for the overall market segments and sub-segments described in this research, both top-down and bottom-up methodologies, as well as multiple data triangulation methods, were widely employed throughout the whole market engineering process. Extensive qualitative and quantitative analysis is also performed on all of the figures obtained during the whole market engineering process in order to provide essential information throughout the report.
Dynamics:
Demand for electric vehicles is rising as the automotive industry transitions to cleaner, more sustainable fuels. Both environmentalists and economists are concerned about the heavy reliance on oil as a fuel in the transportation system. As people become more conscious of the environment, electric vehicles are becoming more and more popular. Lithium-ion batteries, which are essential for guaranteeing a constant power supply, are becoming more and more popular as a result of the widespread use of EDVs. As a result of elements like energy savings, pollution reduction, and consumer adoption, the market for electric vehicles is anticipated to grow. The number of electric vehicles has increased as a result of improvements in battery technology and decreased lithium-ion battery maintenance needs.
Segmentation:
The market is divided into Lithium-ion, Lead-acid, Nickel-based batteries, and others based on the type of battery. The lithium-based sub-segment is anticipated to experience the fastest growth, with sales rising from US$541.0 million in 2020 to US$6,099.8 million in 2027. A number of factors, including a high power-to-weight ratio, high energy efficiency, good high-temperature performance, and low self-discharge, all of which offer significant environmental benefits over other fossil fuel alternatives, are contributing to the growth of the lithium-based sub-segment of the global Electric Vehicle Battery Recycling Market. As their popularity increases, electric vehicles are anticipated to have an immediate impact on carbon emission reductions. Such significant factors may have a significant effect on market expansion during the anticipated years. These are all elements that contribute to the rise in demand.
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Key Players:
Major players in the market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top manufacturers; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, CEOs, and marketing executives. The percentage splits, market shares, growth rate, and breakdowns of the global markets are determined by using secondary sources and verified through the primary sources. The biggest players in the Electric Vehicle Battery Recycling market are as follows:
• ACCUREC Recycling GmbH
• American Manganese Inc.
• Battery Solutions
• LI-CYCLE CORP.
• G & P Service
• Recupyl
• Retriev Technologies
• SITRASA
• SNAM S.A.S.
• Umicore
• Glencore International AG (Switzerland)
• International Metals Reclamation Company
• LLC /INMETCO (US)
• Retriev Technologies (US)
• Australian Battery Recycling Initiative
• IT eCycling Solutions
• Zhuhai Zhongli New Energy Sci-Tech (iNTE)
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Regional Analysis:
Individual market influencing elements and changes in market laws that influence present and future market trends are also included in the geographical overview of the Electric Vehicle Battery Recycling market study. Current and future trends are examined in order to assess the entire market potential and uncover profitable trends in order to get a more stable footing. The geographical market assessment is based on the present environment and expected developments.
COVID-19 Impact Analysis on Electric Vehicle Battery Recycling Market:
Due to a break in operations, end-user sectors where Electric Vehicle Battery Recycling are used had a decline in growth from January to May in various countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India. This resulted in a large drop in the revenues of firms operating in these industries and, as a consequence, in demand for Electric Vehicle Battery Recycling manufacturers, affecting the development of the Electric Vehicle Battery Recycling market in 2020. End-user business demand for Electric Vehicle Battery Recycling has dropped considerably as a result of lockdowns and a rise in COVID-19 incidents throughout the world.
Key Questions Answered in the Electric Vehicle Battery Recycling Market Report are:
- Which segment had the largest share in the Electric Vehicle Battery Recycling market in 2021?
- What is the competitive landscape of the Electric Vehicle Battery Recycling market?
- Which are the key drivers aiding the Electric Vehicle Battery Recycling market growth?
- Which region has the maximum share in the Electric Vehicle Battery Recycling market?
- What will be the CAGR of the Electric Vehicle Battery Recycling market during the forecast period (2022-2027)?
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