The electric vehicle battery recycling market is anticipated to record robust CAGR over the forecast period, i.e. 2019-2027
- The lithium-ion segment is anticipated to hold largest market share.
- Asia-Pacific is anticipated to hold largest market share regionally.
- Concerns for setting up of EVB recycling plants owing to high setup costs is estimate to act as a barrier to the growth of the market during the forecast period.
The statistics portray the rising costs of highly valuable metals, which is raising the manufacturing costs of electric vehicle batteries (EVBs). EVBs are manufactured by using several elements, which also includes few valuable metals such as lithium, cobalt and nickel among others.
These valuable metals are found in regions, for instance, Cuba, Papua New Guinea, and others, from which sourcing of these metals becomes a challenging aspect for the battery manufacturers. EVB recycling processes helps battery manufacturers procure these valuable metals at a lower cost, which also lowers the overall manufacturing costs of EVBs.
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Additionally, EVB recycling also eliminates the unnecessary exploitation of valuable metals and natural resources, which is also adding up to meet the proposed sustainable goals of the environment. All of these factors are anticipated to support the growth of the electric vehicle battery recycling market.
The electric vehicle battery recycling market is anticipated to record robust CAGR over the forecast period, i.e. 2019-2027. The market is segmented by type into lead acid, nickel metal hydride and lithium-ion batteries. Among these segments, lithium-ion segment is anticipated to hold largest market share on the back of improved discharge and charge efficiency, longer life span and the ability to deep cycle while maintaining power. Additionally, lithium-ion batteries are known for light weight, greater flexibility and smaller size, which makes it easier for electric vehicle manufacturers to make such battery types as the best fit for the vehicle.
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The market is also segmented by recycling process type into pyrometallurgical, hydrometallurgical and mechanical or physical recycling process, out of which, hydrometallurgical process segment is anticipated to gain significant market share on the back of greater range and complexity of recovered materials by hydrometallurgical process, coupled with other factors such as high efficiency of recycling process and greater future economic viability.
Geographically, the electric vehicle battery recycling market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region, out of which, Asia-Pacific is anticipated to hold largest market share on account of nations such as China, which is known to be the world leader in exports of lithium-ion batteries and having the highest stock of electric vehicles.
The International Energy Agency (IEA) stated in one of its report that electric car stock peaked 2306.30 thousand units in the year 2018 from that of 0.48 thousand units in the year 2009. Moreover, Europe is anticipated to gain significant market share on the back of growing number of battery manufacturers who are opting for EVB recycling owing to regulatory norms and actions taken by the government against the growing wastes generated from dumping of batteries.
However, concerns for setting up of EVB recycling plants owing to high setup costs is estimate to act as a barrier to the growth of the market during the forecast period.
This report also studies existing competitive scenario of some of the key players of the electric vehicle battery recycling market, which includes profiling:
- ACCUREC Recycling GmbH
- American Manganese Inc. (CVE: AMY)
- Battery Solutions
- LI-CYCLE CORP.
- G&P Service
- Recupyl, Retriev Technologies
- Veolia (EPA: VIE)
- SNAM (BIT: SRG) and Umicore (EBR: UMI)
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Electric Vehicle Battery Recycling Market – Global Demand Analysis & Opportunity Outlook 2027”, analyses the overall electric vehicle battery recycling industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the electric vehicle battery recycling market in the near future.
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