According to the new report titled “Electric Vehicle (EV) Battery Recycling Market by Type (Lead acid, Lithium-ion and Others), by Process (Pyrometallurgical, Hydrometallurgical and Others) and Application (Commercial Vehicle and Passenger Car) – Global Analysis to 2022″, the valuation of the Electric Vehicle (EV) Battery Recycling market was $0,22 Billion in 2022 and is projected to reach $2.01 Billion by 2032, at a CAGR of 34.3% from 2023 to 2032.
The Electric Vehicle (EV) Battery Recycling Market was valued at $0.22 Billion in 2022 and expected to grow at CAGR of 34.3% over forecast period. The Electric Vehicle (EV) Battery Recycling market is being propelled sustainable and responsible resource management in the electric mobility sector. EV batteries, typically lithium-ion batteries, have a finite lifespan, and recycling helps recover valuable materials while minimizing environmental impact.
Growing concern about global warming dominated the Electric Vehicle (EV) Battery Recycling market
The trend toward environmentally friendly than traditional internal combustion engine vehicles because they produce fewer greenhouse gas emissions during operation. However, the production and disposal of EV batteries have environmental impacts. As concerns about climate change and environmental sustainability increase, governments and regulatory bodies are implementing stricter regulations related to the disposal and recycling of batteries.
Lithium-ion product held the largest share in the Electric Vehicle (EV) Battery Recycling market
Based on Type, the Electric Vehicle (EV) Battery Recycling Market is segmented into Lead acid, Lithium-ion and Others. Lithium-ion segment accounted for largest share in 2022 and they were the most commonly used battery technology in electric vehicles. Lithium-ion batteries are preferred for their high energy density, lightweight nature, and efficiency, making them well-suited for powering electric vehicles.
Asia Pacific headed the Electric Vehicle (EV) Battery Recycling market in 2022
Asia Pacific is a major hub for battery manufacturing, with many of the world’s leading battery producers located in countries like China, Japan, and South Korea. These countries have invested heavily in building a strong battery supply chain, including raw material extraction, battery cell production, and electric vehicle battery manufacturing.
Several countries in the Asia Pacific region have implemented supportive policies and incentives to encourage the adoption of electric vehicles. Such policies often extend to the recycling sector to ensure the proper handling and disposal of used EV batteries.
Key market players operating in the market that are profiled in the report are ACCUREC Recycling GmbH (Germany), American Manganese Inc. (Canada), Battery Solutions (US), Li-Cycle Corp. (Canada), G & P Batteries (UK), Recupyl (France), Retriev Technologies (US), Australian Battery Recycling Initiative (Australia), Snam S.p.A. (Italy), Umicore N.V. (Belgium).
