Batteries, such as Lithium-Ion (Li-ion), lead-acid, and nickel-metal hydride batteries, play an important role in the propulsion of battery, hybrid, and other electric vehicles. However, battery disposal is becoming an environmental challenge due to the presence of various toxic metals and chemicals into vehicle batteries. Hence, battery recycling helps conserve the environment and the earth’s natural resources and fulfills the demand-supply gap of batteries for electric vehicles globally.
Factors such as the growing demand for e-vehicles, increasingly stringent regulations regarding the fuel economy with limited greenhouse emissions, and rising disposable income drive the market growth. However, increasing demand for eco-friendly batteries and developing high-yield processes to recycle next-generation batteries are expected to provide promising opportunities to the market players.
Government initiatives are also promoting the adoption of electric vehicles globally. For instance, in September 2017, the Indian Ministry of Road Transport and Highways announced a list of non-fiscal incentives to ensure that electric vehicles account for 15% of total vehicle sales in the country over the next five years.
Market Research Analysis
The market is estimated to reach around USD 3 Billion by 2025 and is segmented based on battery type, process, vehicle type, and region. On the basis of type, the global market has been segmented into lead acid, lithium-ion, and others. On the basis of process, the global market has been segmented into pyrometallurgical, hydrometallurgical, and others. On the basis of application, the global market has been segmented into passenger car and commercial vehicle.
Asia-Pacific is estimated to hold the largest market share during the forecast period owing to the development of Electric Vehicle Battery Recycling Market, establishing aftermarket facilities for electric vehciles. Moreover, a growing population and the rising battery disposable income are expected to boost the demand for electric vehicle battery recycling in this region. In Asia-Pacific, China held the largest share and is projected to grow at a rapid pace during the forecast period due to presence of large consumer base and strengthing economy.
Europe is estimated to grow at a significant rate in Electric Vehicle Battery Recycling Market during the forecast period owing to the presence of key players, such as ACCUREC Recycling GmbH (Germany), G & P Batteries (UK), and Recupyl (France) are contributing in the growth of this market.
In North America, the presence of major battery recycling players, such as Battery Solutions and American Manganese Inc. and the growing demand for emission free vehicles are set to drive the market growth across the region. In North America, the US held the largest share of Electric Vehicle Battery Recycling Market and is projected to grow at a rapid pace during the forecast period. The growth is attribute to the stringent vehicle emission regulations such as the US Environmental Protection Agency (EPA) and the Department of Transportation’s National Highway Traffic Safety Administration (NHTSA). These standards enhance the demand for electric vehicles, which in turn drives the growth of electric vehicle battery recycling.
The growing investments for the development of advanced battery recycling process for the electric vehicles used in public transport across MEA and South America are expected to fuel the market growth. Furthermore, increased environmental awareness and stringent government vehicle standards are expected to influence electric vehicle sale across the region, which in turn drives the growth of global market.
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Scope of the Report
This study provides an overview of the global Electric Vehicle Battery Recycling Market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the rest of the world. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Electric Vehicle Battery Recycling Market by battery type, process, application, and region.
By Battery Type
- Lead Acid
- Passenger Car
- Commercial Vehicle
- North America
- Rest of the World
The prominent players operating in the Global Electric Vehicle Battery Recycling Market are Umicore N.V.. (Belgium), 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), and Snam S.p.A. (Italy).