The Electric Vehicle Battery Recycling Market Growth Is Accelerated By Increased Adoption Of Electric Vehicles
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| Electric Vehicle Battery Recycling Market |
Electric vehicle battery recycling involves collecting and processing used batteries from plug-in electric vehicles like electric cars, trucks, scooters, buses, forks, among others. Batteries contain heavy metals like lithium, cobalt, nickel and manganese which can cause damage to the environment if not disposed of properly. The recycling process recovers valuable materials from used batteries to manufacture new batteries, reducing waste and costs.
The global Electric Vehicle Battery Recycling Market is estimated to be valued
at US$ 2.4 Bn in 2023 and is
expected to exhibit a CAGR of 5.7%
over the forecast period 2023 to 2030, as highlighted in a new report published
by Coherent Market Insights.
Market key trends:
The increased adoption of electric vehicles across the globe especially in
regions like Europe and Asia Pacific is one of the major factors driving the
growth of electric vehicle battery recycling market. With rising electric
vehicle sales, the demand for recycling of used electric vehicle batteries is
also increasing to ensure proper disposal. Various government regulations
regarding disposal of used batteries and initiatives to set up battery
recycling infrastructure is further boosting the electric vehicle battery recycling
market. Manufacturers are also focusing on improving recycling processes to
recover more materials from used batteries and increase their recycling rates.
The electric vehicle battery recycling market is dominated by lithium-ion battery chemistry sub segment. Lithium-ion batteries account for over 60% of EV batteries production globally and their recycling is challenging compared to lead acid batteries. Due to complexity in recycling process and recovery of precious and scarce materials like lithium, cobalt, there is higher focus and demand for lithium-ion battery recycling.
Key Takeaways:
The Global Electric Vehicle Battery Recycling Market Analysis is expected to witness high. The stringent government policies regarding recycling of batteries used in automotive and deployment of electric vehicles worldwide is pushing the need for sustainable battery recycling infrastructure and facilities.
Regional analysis: Asia pacific region currently dominates the global EV battery recycling market with over 40% share, led by countries like China, Japan and South Korea. This is due to large automotive production and presence of key battery material refining companies in the region. However, Europe region is witnessing fastest growth and is expected to grow at around 8% during the forecast period due to strong government drives to develop circular economy practices for battery waste management in countries like Germany, France and UK.
Key players operating in the electric vehicle battery recycling market are ICF International, Inc., A.T. Kearney, Inc., McKinsey & Company, Inc., PricewaterhouseCoopers LLP (PwC), ERM Group, Inc., KPMG International, Coastal Risk Consulting, LLC, CH2M HILL Companies, Ltd. (Jacobs Engineering Group), Deloitte LLP, Ramboll Environ, Inc. ICF leads the market with innovative collection and preprocessing facilities across major markets while Kearney is focussed on consulting services for battery waste management policies and infrastructure development projects globally.
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