IMARC Group, a leading market research company, has recently releases report titled “Electric Vehicle (EV) 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 ev battery recycling market share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Electric Vehicle Battery Recycling Market?
The global electric vehicle battery recycling market size reached US$ 2.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.8 Billion by 2028, exhibiting a growth rate (CAGR) of 27.6% during 2023-2028.
What is Electric Vehicle Battery Recycling?
Electric vehicle (EV) battery recycling is a method of collecting, sorting, dismantling, shredding, processing, and reusing or disposing of used batteries. It assists in reducing the usage of finite metal elements, such as cobalt, aluminum, manganese, and nickel. As it aids in decreasing carbon emissions in the environment and reducing landfills, the demand for EV battery recycling is increasing across the globe.
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What are the growth prospects and trends in the electric vehicle battery recycling industry?
At present, the rising demand for zero-emission vehicles due to increasing environmental concerns among individuals represent one of the key factors influencing the market positively. In line with this, the growing utilization of lithium-ion batteries in EVs, as they have high thermal and chemical stability, is offering a positive market outlook.
Moreover, the increasing number of passenger cars on the road due to inflating income levels of individuals around the world is offering lucrative growth opportunities to industry investors. Apart from this, governing agencies of various countries are encouraging the adoption of EV battery recycling by implementing stringent rules and regulations to minimize the environmental impact, which is strengthening the growth of the market.
Furthermore, key players are introducing new lithium-ion recycling facilities to process huge amounts of battery material obtained from EVs.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
Breakup by Process:
Market Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Breakup by Application:
- Electric Cars
- Electric Buses
- Energy Storage Systems
Market 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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