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Electric Vehicle Battery Recycling Market 2030 Key Business Strategies by Top 50 Companies

04-09-2020 07:23 PM CET | Energy & Environment

Press release from: Allied Market Research

Electric Vehicle Battery Recycling Market 2030 Key Business

Leading market players analyzed in the electric vehicle battery recycling market report include American Manganese Inc., LI-CYCLE CORP., Battery Solutions, G & P Service, ACCUREC Recycling GmbH, Recupyl, Retriev Technologies, Umicore, SITRASA, and SNAM S.A.S. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.

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According to the report published by Allied Market Research, the global electric vehicle battery recycling market was estimated at $138.6 million in 2017 and is expected to hit $2,272.3 million in 2025, growing at a CAGR of 41.8% from 2018 to 2025. The research provides an in-depth analysis of top investment pockets, major segments, changing market dynamics, market size & forecasts, and competitive scenario.

Finite metal resources, growth in demand for zero emission vehicles, growing demand for recycled products & material, and increase in employment have fueled the growth of the global vehicle battery recycling market. On the other hand, high cost to set up recycling plant has restrained the growth to some extent. Nevertheless, high recycling gap and subsidies to encourage battery recycling have created multiple opportunities in the segment.

Based on application, the electric buses segment accounted for the highest revenue in the global electric vehicle battery recycling market in 2017 and is expected to be dominant till 2025. The market is analyzed across various regions including North America, Asia-Pacific, Europe, and rest of Asia-Pacific. Asia-Pacific held the major market share in 2017, followed by Europe, North America, and LAMEA. Simultaneously, LAMEA is projected to grow at the highest CAGR during the study period.

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Increase in global concerns regarding the negative effect of climate change along with alarming pollution levels recorded in the major cities have created a significant demand for electric vehicles. The demand for fuel-efficient vehicles has increased recently owing to rise in price of petrol and diesel. Thus, these factors increase the need for advanced fuel-efficient technologies, leading to surge in demand for electrically powered vehicles for travel, which generate demand for the batteries. These batteries are recycled once they reach end of their life. The first batch of batteries from electric and hybrid vehicles have reached their retirement age. The total number of batteries retired from electric bus and car equals to around 55,000 units and is expected to be recycled in 2018. Thus, increase in demand for electric vehicles drives the growth of the EV battery recycling market.

Various companies are working on effective technique to recycle the lithium-ion batter in optimized manner after analyzing the potential demand for the recycled raw materials, such as nickel, cobalt, lithium, and others. For instance, Kemetco is working with American Manganese to develop a scalable and commercialized recycling technology for Lithium-ion batteries, which is low cost as well as environment friendly. In addition, the amount of the recycled lithium is expected to satisfy 9% of the global demand for lithium in various applications. More than 66% of the spent EV batteries are expected to be recycled in China which will be used to serve the countrys fast growing battery material industry.

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Recycling of EV batteries involves processes such as collecting, dismantling, processing, and more. Approximately, 15 jobs are created per thousand tons of lithium-ion battery waste, for collecting, dismantling, and recycling these batteries. Out of these 15 jobs, 20% of jobs are for the recycling of batteries and 80% are for collecting and dismantling lithium-ion batteries. This increases the job opportunities in the industry. This growth might be fueled by the government initiatives such as subsidies on the sales of electric vehicles, which eventually result in increase in sales of the battery of the electric vehicle. Therefore, increase in job opportunities involved in the recycling process of these batteries drives the electric vehicle battery recycling market growth.

However, electric vehicles require high-performance batteries to operate efficiently. Hence, such batteries, which are removed from the vehicles are able to charge and discharge to a specific point, which is around 70% to 80%. Instead of recycling these batteries which have reached its end of the life stage and are removed from the vehicle, the battery cells can be re manufactured and the cells can be given a second life in storage applications. For instance, Toyota and Chubu Electric Power Co. will be constructing a large-capacity storage battery system that reuses recycled batteries from Toyota electric vehicles to construct storage battery system. This hampers the growth of the electric vehicle battery recycling market.

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Press Release:

Electric Vehicle Battery Recycling Market Is Expected to Hit $2,272.3 Million by 2025: Says AMR | https://www.globenewswire.com/news-release/2019/04/30/1812735/0/en/Electric-Vehicle-Battery-Recycling-Market-Is-Expected-to-Hit-2-272-3-Million-by-2025-Says-AMR.html

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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