Electric Vehicle Battery Recycling Market to reach USD 5.6 Billion by 2027 – Report by Market Research Future (MRFR)
New York, June 21, 2021 (GLOBE NEWSWIRE) — EV Battery Recycling Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric Vehicle Battery Recycling Market Research Report, Battery Type, Process, Application and Region – Forecast till 2027” the market is estimated to reach USD 5.6 Billion by 2027 and is projected to witness 19% CAGR during the forecast period.
Electric Vehicle Battery Recycling Market Analysis/Electric Vehicle Battery Recycling Market Outlook
Battery recycling, put simply is a process that helps to reduce the total number of batteries that are disposed as municipal solid waste. Batteries contain various forms of toxic chemicals and heavy metals and disposing them without proper recycling may raise serious environmental pollutions. The lifespan of the battery varies with the technology innovation, degradation effect, battery capacity, battery type, and individual charging and driving behaviors.
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The eminent players profiled in the global electric vehicle battery recycling market report include –
- Umicore N.V. (Belgium)
- Snam S.p.A. (Italy)
- Australian Battery Recycling Initiative (Australia)
- Retriev Technologies (US)
- Recupyl (France)
- G & P Batteries (UK)
- Li-Cycle Corp. (Canada)
- Battery Solutions (US)
- American Manganese Inc. (Canada)
- ACCUREC Recycling GmbH (Germany)
Enhancing Features that Bolster Market Growth
As per the new MRFR report, there are numerous factors that are propelling the global electric vehicle battery recycling market share. Some of these entail the developing electric vehicle infrastructure in the UK, Japan, South Korea, Germany, and China, the rise in production and sales of electric cars worldwide, growing need for thermal cooling solutions in vehicles, strict emission and fuel efficiency regulations, the growing need for energy-efficient battery-powered devices, and the growing focus to reduce the use of natural resources for battery manufacturing. The additional factors that are propelling the global electric vehicle battery recycling market value include finite metal resources, growing need for recycled materials and products, increase in employment, high recycling gap and subsidies to encourage battery recycling, increasing use of eco-friendly batteries, rise in development of battery supply chain and recycling networks, developing high-yield processes to recycle next-generation batteries, and improving economies of developing countries. Besides, the growing need for zero emission vehicles are the latest electric vehicle battery recycling market trends.
On the contrary, the re-use of EV batteries, high cost of recycling plant setup, and the lack of battery recycling infrastructure may limit the global electric vehicle battery recycling market revenue over the forecast period.
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https://www.marketresearchfuture.com/reports/electric-vehicle-battery-recycling-market-8326
COVID-19 Analysis
The COVID-19 crisis had a negative impact on the global electric vehicle battery recycling industry due to plunge in EVs and shutdown of production lines. Movement restriction orders and quarantines had stopped workers to operate recycling facilities. Fall in customer spending and economic uncertainty have impacted market growth considerably. However, improvements in battery recycling techniques and government economic stimulus policies in battery recycling methods may revive the market. On the other hand, the increasing need for lithium and cobalt due to restrictions on mining may impede the market expansion plans.
Market Segmentation
The MRFR report highlights an inclusive analysis of the global electric vehicle battery recycling market based on vehicle type, process, and battery type.
By type, the global electric vehicle battery recycling market is segmented into lithium-ion, lead acid, and others. Of these, the lead acid segment will lead the market over the forecast period for the increasing demand from hybrid electric vehicle (HEV) and battery electric vehicle (BEV) manufacturers.
By process, the global electric vehicle battery recycling market is segmented into hydrometallurgical, pyrometallurgical, and others. Of these, the hydrometallurgical segment will dominate the market over the forecast period.
By vehicle type, the global electric vehicle battery recycling market is segmented into commercial vehicle and passenger car. Of these, the commercial vehicle segment will spearhead the market over the forecast period for the growing need for electric buses and trucks.
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Regional Analysis
APAC to Rule Electric Vehicle Battery Recycling Market
Geographically, the electric vehicle battery recycling market is classified into North America, Europe, the Asia Pacific, and Rest of the World (RoW). Of these, the APAC region will rule the market over the forecast period. Increasing production and sales of electric car battery cooling systems and e-vehicles, increasing investments by private and public players to develop the electric vehicle battery recycling industry in India, Vietnam, Australia, Japan, and China, increasing need for safety features in vehicles, the presence of large consumer base in China that have recognized the perks of car battery disposal, increase in vehicle population, increase in vehicle standards, and various technological advances in electric cars due to government initiatives are adding to the global electric vehicle battery recycling market growth in the region.
Europe to Hold Second-Largest Share in Electric Vehicle Battery Recycling Market
In Europe, the global electric vehicle battery recycling market is predicted to hold the second-largest share over the forecast period. The EU enacted laws covering regulations on vehicle emissions in France and the UK and other countries, creation of zero-emission zones, demand for electric cars, development of battery recycling plants for managing the overall demand and reduced electric car battery disposal pollution, and regulatory norms for EVBs in the region that is inducing battery manufacturers in opting for recycling processes rather than dumping the waste generated from batteries are adding to the global electric vehicle battery recycling market growth in the region.
North America to Have Admirable Growth in Electric Vehicle Battery Recycling Market
In North America, the global electric vehicle battery recycling market is predicted to have admirable growth over the forecast period. Investments in R&D, increasing government support to develop car battery recycling and EV battery recycling plants, the need for eco-friendly vehicles, and the huge customer base in Canada and the US are adding to the global electric vehicle battery recycling market growth in the region.
In RoW, the global electric vehicle battery recycling market is predicted to have sound growth over the forecast period.
The electric vehicle battery recycling market is fragmented as well as competitive due to the presence of several international and domestic industry players. These players have encompassed an array of strategies to remain at the vanguard and also suffice the burgeoning needs of the consumers, including partnerships, collaborations, contracts, partnerships, launches, geographic expansions, joint ventures, and new product launches, and more. Additionally, they are also making big investments in R&D for strengthening their portfolios and also creating a hold in the market.
Industry Updates
May 2021- Primobius has entered into an agreement with Stelco to establish a plant to extract as well as recycle battery metals from EVs in North America.
Segmentation of Market covered in the research:
Information by Battery Type (lead acid, lithium-ion and others), Process (Pyrometallurgical, Hydrometallurgical and others), Application (Passenger Car and Commercial Vehicle) and Region (North America, Europe, Asia-Pacific and the Rest of the World)
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