Electric Vehicle Battery Recycling Market to reach over USD 3.47 billion by the year 2031 – Exclusive Report by InsightAce Analytic
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Electric Vehicle Battery Recycling Market Size, Share & Trends Analysis Report By Type (Lithium-ion, Lead Acid), By Source (End of life, Production ), By Vehicle Type (passenger cars, buses, vans), Region, Market Outlook And Industry Analysis 2031”
The global electric vehicle battery recycling market is estimated to reach over USD 3.47 billion by 2031, exhibiting a CAGR of 35.3% during the forecast period.
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The electric vehicle (EV) battery recycling market is poised for significant growth. Valuable metals within these batteries can be recycled to create new batteries or repurposed for other applications. This process recovers critical minerals, reducing reliance on raw material mining and promoting a more sustainable resource cycle.
Several factors are fueling this market expansion. Growing environmental consciousness and the need for sustainable practices have increased demand for recycled EV batteries. Additionally, as electric car batteries reach their end-of-life, there’s a growing emphasis on proper disposal from both consumers and industry stakeholders.
Furthermore, the market is expected to be driven by the rising demand for zero-emission vehicles, potential shortages of certain battery pack components, and an overall increase in the use of recycled materials. A more uniform regulatory framework for electric vehicles in developing nations is also anticipated to accelerate industry growth.
List of Prominent Players in the Electric Vehicle Battery Recycling Market:
• COM2 Recycling Solutions
• Call2Recycle
• Exide Technologies
• Gravita India Ltd.
• Battery Solutions LLC
• Gopher Resource LLC
• Ecobat Logistics
• Terrapure BR Ltd.
• East Penn Manufacturing Company
• Retriev Technologies
Market Dynamics:
Drivers-
Electric vehicles (EVs) are gaining popularity among consumers. Rising electric vehicle sales are also projected to increase the overall quantity of EVBs at the end of their degrading lifetime, necessitating the recycling of all batteries used in electric vehicles.
It is also expected that EVB recycling companies will enhance their recycling capacity as the overall number of batteries collected from rising electric car sales and batteries obtained from second-life usage sources grows. All of these factors are expected to aid the growth of the electric car battery recycling market throughout the forecast period.
Challenges:
The EVB recycling operation has substantially higher operating expenses, including transaction and collection fees, which could stymie the development of large-scale second-life battery recycling.
This is owing to the complex and difficult process of extracting components such as batteries, as well as uncertainty concerning the efficiency, safety, and remaining lifetime of batteries sent for refurbishing. Furthermore, it is expected that the development of the electric vehicle battery recycling business will be limited by a lack of understanding regarding EVB recycling.
Regional Trends:
Asia Pacific Electric Vehicle Battery Recycling Market is expected to register a major market share in terms of revenue and is projected to grow at a high CAGR in the near future. The Asia Pacific region is a significant, rapidly expanding market for EV battery recycling.
Significant technological developments in electric vehicle battery recycling are taking place in the Asia Pacific area. Efforts are being made in research and development to improve recycling processes, increase efficiency, and maximize the recovery of valuable materials. Advances in sorting, disassembling, and extraction processes are examples of this. Furthermore, collaboration among stakeholders is critical to the expansion of the electric vehicle battery recycling sector.
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Recent Developments:
• In March 2022, Battery Solutions, a company engaged in sustainable, end-to-end management solutions for end-of-life batteries and consumer electronics in North America, has been purchased by Retriev Technologies, the most thorough lithium battery recycler in the continent and a pioneer in end-of-life battery management. The merged product unites two complementary sector experts to produce North America’s first all-inclusive battery management solution.
Segmentation of Electric Vehicle Battery Recycling Market-
By Type-
• Lithium-ion
• Lead Acid
• Others
By Source-
• End of life
• Production
By Vehicle Type-
• Passenger Cars
• Buses
• Vans
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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This release was published on openPR.
