Global Electric Vehicle Battery Recycling Market Insights
Global Electric Vehicle Battery Recycling Market size was valued at USD 1.6 billion in 2021 and is poised to grow from USD 2.27 billion in 2022 to USD 19.3 billion by 2030, growing at a CAGR of 31.87% in the forecast period (2023-2030).
The growth of this global market is attributed to increasing demand for zero-emission vehicles, growing trend of using recycled products, and increasing bottleneck of certain battery pack material. In addition, greater consistency in the regulatory framework for electric vehicles in developing countries will also fuel the market growth.
The demand for electric vehicle is increased considerably due to consumer’s increasing attention to save cost over fuel spending, easy loan processing and higher approval rate, and availability of wide range of quality electric vehicles from leading brands with longer range. As per our latest findings, electric vehicles will make up 10% of global passenger vehicle sales by 2025, which is likely to inflate to increasing to 28% by 2030. Hence, growth in electric vehicle sales has increased the demand for electric vehicle battery recycling market.
Further, several governments are increased their spending on incentives for direct purchase and tax benefits for electric vehicles. In addition, government take initiatives to increase the adoption of electric vehicles. Various organization have arranged campaign to assist the electric vehicle battery recycling market for buses, trucks, electric passenger vehicle, and light commercial vans which is anticipated to grow the market in the coming years.
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