Transportation Battery Recycling Market Top Companies
The key players profiled in transportation battery recycling market report include Call2Recycle, Inc., Battery Solutions, LLC, Exide Technologies, Umicore, Contemporary Amperex Technology Co., Limited, ENERSYS, GEM Co., Ltd., Johnson Controls, Fortum, and Aqua Metals, Inc.
According to a new report published by Allied Market Research, the transportation battery recycling market size was valued at $4.75 billion in 2021, and is estimated to reach $9.95 billion by 2030, growing at a CAGR of 8.2% from 2022 to 2030.
Europe market registered the highest market share in 2021 and is projected to maintain its dominant position during the forecast period.
The Asia-Pacific region is anticipated to be the fastest growing market during the forecast period.
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Based on type, the lithium-based battery sub-segment emerged as the global dominating leader in 2021 and the lead-acid battery sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
Based on sources, the industrial batteries sub-segment emerged as the global dominating leader in 2021 and the automotive batteries sub-segment is predicted to show the fastest growth in the upcoming years, which in turn is projected to propell the transportation battery recycling market growth.
Developments such as manufacturing on a large scale, lower component prices, and adoption of technologies to boost battery capacity are factors leading to a decline in prices of lithium-ion batteries.
For instance, in the U.S., Battery Resources is planning to open a 154,000-square-foot recycling facility in August 2022, which is expected to be among the largest in North America region.
Large lithium-based batteries, like those used in automotive applications, may be mislabeled as lead-acid batteries by regional battery manufacturers. Due to these problems, state or federal governments restrict transportation and storage of used batteries.
However, some of the disadvantages of these batteries are they contain heavy metals such as mercury and lead which are among the dangerous substances. These batteries retain some of their charge, which raises possibility of an accidental discharge that might endanger or harm persons as well as nearby property.
Impact Of Covid-19
Due to quick spread of COVID-19, the establishment of new transportation battery recycling projects was hampered due to the global economic recession.
The COVID-19 pandemic has had a severe effect on a number of businesses, including the automotive industry. The pandemic has caused a sharp decrease in automotive sales. The need for recycling transportation batteries decreased significantly due to widespread usage of automotive batteries in the automotive industry.
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Over the past ten years, the market for Electric Vehicles (EVs) increased dramatically, partly due to aggressive sales’ goals set globally. Lithium-ion batteries must be carefully discarded at end-of-life to maximize reuse and recycling, which necessitates an effective and secure system for its collection and transportation.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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