The global electric vehicle (EV) battery recycling market size reached a value of US$ 1.77 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 8.66 Billion by 2027, exhibiting a CAGR of 28.70% during 2022-2027.
Electric vehicles (EVs) are powered by rechargeable batteries which need to be replaced when they reach the end of life (EOL). The critical and reusable products in the batteries are recycled to reduce the dependence on intensive mining of finite metal elements such as cobalt, aluminum, and nickel. They are recycled through the processes of pyrometallurgy/smelting as well as hydrometallurgy. Nowadays, EV battery recycling is increasingly gaining traction to stop harmful materials from being released into the waste streams and other water bodies.
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Electric Vehicle (EV) Battery Recycling Market Trends and Drivers:
The global EV battery recycling market is primarily driven by the increasing demand for zero-emission vehicles and the rising trend of recycled products. Besides this, the growing sales of electric vehicles that require batteries with proper management at EOL are also fueling the market growth.
In addition, the high recycling gap and subsidies on EVs are encouraging the recycling of EV batteries. Nowadays, the increasing awareness regarding the adverse effects of climate change and the alarming pollution levels across major cities are also escalating the demand for EV battery recycling.
Furthermore, governments in various countries are extensively investing in direct purchase incentives and tax deductions for EVs, which is significantly impacting the market growth in the upcoming years.
|Electric Vehicle (EV) Battery Recycling Market Report Scope|
|Market size value in 2021||US$ 1.77 Billion|
|Market forecast in 2027||US$ 8.66 Billion|
|Growth Rate||CAGR of 28.70% from 2022 to 2027|
|Base year for estimation||2021|
Global Electric Vehicle (EV) Battery Recycling Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these top key players include:
ACCUREC-Recycling GmbH, American Manganese Inc., Battery Solutions, G & P Batteries Limited, Li-Cycle Corp., Retriev Technologies, SITRASA, SNAM Groupe (Floridienne), TES-Amm and Umicore N.V.
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The report has segmented the market on the basis of region, type, process, vehicle type and application.
Breakup by Type:
Breakup by Process:
Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Breakup by Application:
- Electric Cars
- Electric Buses
- Energy Storage Systems
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.