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Electric Vehicle Battery Recycling Market to witness 19% CAGR | Market Research Future (MRFR)

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Pune, March 10, 2021 (GLOBE NEWSWIRE) — Electric Vehicle Battery Recycling Market OverviewElectric vehicle battery recycling is likely to be lucrative segment owing to the shift towards electric-driven vehicles. Limited life of these batteries is likely to lead to an uptick in investments in scope of recycling. This is attributed to environmental effects caused by lithium-ion batteries. The global electric vehicle battery recycling market is anticipated to reach a value of USD 3 billion by 2025, according to the latest report by Market Research Future (MRFR). It can exhibit 19% CAGR over the forecast period (2019-2025). Pyrometallurgy and hydrometallurgy are two major methods of recycling used by key manufacturers.Establishment of charging infrastructure and plans to rollout electric vehicles (EVs) in U.S., India, China, Japan, Germany, and South Korea are major drivers of the market. Energy-efficient battery-powered devices, demand for thermal cooling, and stringent emission and fuel regulations can spur the market demand. Huge production of EVs and efforts for reducing dependence on fossil fuels may assist the market in its venture.However, lack of battery recycling facilities and high capital required for its setup are major deterrents of the market. In addition, the safety risks comprising collection to disposal of batteries while keeping emission levels under control can impede the market.https://www.marketresearchfuture.com/sample_request/8326
The COVID-19 pandemic has negatively affected the global market owing to shutdown of production lines and a plunge in EVs. Quarantines and movement restriction orders had barred workers from operating recycling facilities. Economic uncertainty and decline in customer spending are likely to affect the market growth. Government economic stimulus policies and improvements in battery recycling techniques can revive the market. Moreover, the intense demand for cobalt and lithium owing to restrictions on mining can hamper the market expansion plans.Industry Trends:Battery recycling units are being manufactured close to the production site of EVs for saving on logistic expenses. Moreover, battery experts are utilizing direct recovery for salvaging the cathode material without destroying its nanostructure. Government departments are selecting in-house agencies for working on viable solutions of recycling. For instance, the U.S. Department of Energy has selected Argonne National Laboratory for being the leader in lithium-ion recycling techniques. The center is looking to scale up its techniques to keep up with the increasing demand of electronic waste.Segmentation:On the basis of type, the global market has been segmented into lead acid, lithium-ion, and others. The lead acid segment is bound to capture a large market share owing to huge demand from battery electric vehicle (BEV) and hybrid electric vehicle (HEV) manufacturers.On the basis of process, the global market has been segmented into pyrometallurgical, hydrometallurgical, and others. The hydrometallurgical segment is projected to capture the largest market share over the forecast period. The use of chemical treatment process for gaining raw materials such as lithium for reproduction of EV batteries may favor the segment. On the other hand, the pyrometallurgical segment is deemed to capture a significant market demand till the end of the forecast period. This is attributed to the use of burning of EV batteries for eliminating uwanted plastics and organic materials. It is used in recovering sparse amounts of  copper, nickel, or cobalt.On the basis of application, the global market has been segmented into passenger car and commercial vehicle. The commercial vehicle segment is anticipated to register a stellar growth rate over the forecast period owing to demand for electric trucks and buses.https://www.marketresearchfuture.com/reports/electric-vehicle-battery-recycling-market-8326
The electric vehicle battery recycling market covers regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).APAC is expected to dominate the global market owing to rising production of electric vehicles and electric car battery cooling systems. Investments by public and private players for leveraging on electronic waste and recycling it for raw materials for production of new EV batteries may facilitate market growth. China is estimated to be the key contributor to the market owing to a large customer base and awareness of benefits of battery disposal. EV manufacturers in India have partnered with battery disposal firms as evident with the partnership between MG Motors and Umicore.North America is expected to enjoy a steady demand owing to government support for EV battery recycling, investments in research and development, and demand for environment-friendly vehicles. Policies and incentives for ensuring the recycling and reuse of EV batteries can bode well for the market. Moreover, annual demand for battery materials as well as efforts to lower mine to wheel life emission rates can lead to establishment of recycling units. Recycling companies such as Redwood Materials in the U.S. has used a combination of pyrometallurgy and hydrometallurgy to recover special materials.https://www.marketresearchfuture.com/enquiry/8326
Competitive Analysis:The electric vehicle battery recycling market is likely to witness innovation in recycling methods and partnerships to counter the huge amount of EVs globally.  Key players involved in the market are Battery Solutions, Australian Battery Recycling Initiative, Recupyl, Snam S.p.A., Li-Cycle Corp., Retriev Technologies, G & P Batteries, ACCUREC Recycling GmbH, American Manganese Inc., and Umicore N.V.Industry NewseBikeGo, an Indian EV manufacturer, has launched a drive for recycling EV batteries made of lithium and lead acid. It is attempting to tie up with solar plant manufacturers for extending the lifecycle of batteries.Government Tax Breaks to Influence Global Electric Vehicle Battery Recycling Market DemandThe global electric vehicle battery recycling market is set to recharge itself to a stupendous value in the coming years owing to increasing dependence on lithium-ion batteries, according to Market Research Future (MRFR). Anti-dumping regulations of EV batteries in developed countries may support this niche market. Government incentives and environmental credits that adhere to sustainability may facilitate market growth.Air Powered Vehicle Market Research Report: Information by Energy Mode (Single Energy Mode, Dual Energy Mode), Vehicle Type (Passenger Car, LCV, HCV) and Region – Global Forecast till 2023Global Electric Car Rental Market Research Report: Information by Vehicle Type (Battery, Hybrid and Plug-In Electric Car), Application (Economic Car, Executive Car, and others), Service (Online and Offline) and Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast till 2025Global Battery Management System for Electric Vehicles Market Research Report: Information by System (Hardware and Software), Application (Passenger Car and Commercial Vehicle), Vehicle Type [Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicles (PHEV)] and Region (North America, Europe, Asia-Pacific and the Rest of the World) – Forecast till 2025Global Electric Vehicle Powertrain Market Research Report: Information, by Component (Battery, E-Motor, Power Electronics, Thermal Management Modules and others), Propulsion (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicles (PHEV)), Vehicle Type (Passenger Car and Commercial Vehicle) and Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast till 2025Global Solar-Powered Vehicle Market Research Report: Information by Solar Panel (Monocrystalline and Polycrystalline Solar Panel), by Battery Type (Lithium-Ion Battery, Lead-Acid, Lead-Carbon and others), by Propulsion (Battery and Hybrid Electric Vehicle), by Vehicle Type (Passenger Car and Commercial Vehicle) and by Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast till 2025Global Hyper Car Market Research Report: Information by Propulsion (ICE Vehicle, Electric Vehicle and Hybrid Vehicle), by Application (Racing Competition, Entertainment and others) and by Region (North America, Europe, Asia-Pacific and the Rest of the World) – Forecast till 2025Global Semi-Autonomous Vehicle Market Research Report: Information by Component (Camera, LiDAR, Radar, Ultrasonic Sensor and others), ADAS Features (Lane Assist, Crash Warning System, Adaptive Cruise Control, Smart Park Assist, Cross Traffic Alert, Automatic Emergency Braking and others), Automation Level (Level 1, Level 2 and Level 3), Propulsion (ICE and Electric) and by Region (North America, Europe, Asia-Pacific and the Rest of the World) – Forecast till 2030Global Electric Vehicle Battery Charger Market Research Report: Information by Electric Vehicle Type (Battery Electric Vehicle and Plug-In Hybrid Electric Vehicle), Level of Charging (Level 1, Level 2 and Level 3), Application (Private and Public) and by Region (North America, Europe, Asia-Pacific and the Rest of the World) – Forecast till 2025Global Automotive Industry Research Report, Information Segmentation By Vehicle Type (Passenger Cars, Commercial Vehicle) and Region – Global Report Forecast till 2026Global Used Vehicle Market Research Report: Information by Vehicle Age (0-5, 6-10, 11-15, 15-20, and > 20 years old), Vehicle Type (Passenger Car, Light Commercial Vehicle, And Heavy Commercial Vehicle), Propulsion (ICE and Electric Vehicle), Sales Channel (Franchised, Independent Car Dealers, Rental Car Companies, and Others), and Region (North America, Asia–pacific, Europe, and Rest of the World) – Forecast till 2025Electric Sports Utility Vehicle (e-SUV) Market Research Report: Information by Drive Train (Front Wheel Drive, Rear Wheel Drive, All Wheel Drive), Seater Type (5-Seater, 7-Seater) and Region – Global Forecast till 2023Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.Follow Us: LinkedIn | Twitter

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