Lithium-Ion Battery Recycling Industry Will Hit $992 Million by 2030 | CAGR 19.9%

By 2030, the lithium-ion battery recycling market will reach a value of about $992 million. The growing electric vehicle demand and the availability of limited amount of lithium are the main drivers behind the expansion of the industry.

On the basis of battery type, the lithium-cobalt battery category held the largest share in the past. it will also continue its dominance in the coming years. This can be because of the fact that LOC batteries generate high energy density which, in turn, makes them suitable for transportable electronic equipment like tablets, laptops, and mobile phones.

Moreover, when these batteries are recycled, such batteries have a high voltage discharge, which make them favorable for a variety of uses.

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On the basis of value, automotives held the largest share in the lithium-ion battery recycling market in the past. It is also predicted to grow the fastest in coming years. The acceptance of EVs worldwide is one of the key reasons behind the boost of this category.

APAC held the largest share in the industry, and it will continue its dominance in the coming years. Owing to the growing acceptance of EVs in the region, for satisfying the demand of the automotive industry, automotive manufacturers procure batteries with recycled materials.

The lithium-ion battery recycling industry has grown significantly, credited to the surging demand from automotive sector. This can be accounted to the acceptance of EVs, mainly from developed countries because of environmental concerns.

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On the basis of data by International Energy Agency, the total number of four-wheelers EVs will be around 245 million units in 2030, which in turn will grow the need for Li-ion batteries in future.

It is because of the growing demand from automotive sector and rising awareness about climatic change will drive the requirement for lithium-ion battery recycling in the future, all around the world.

Browse more related reports:

Lithium-Ion Battery Industry Report - https://www.psmarketresearch.com/press-release/lithium-ion-battery-market

Second-Life Automotive Lithium-Ion Battery Industry - https://www.psmarketresearch.com/press-release/second-life-automotive-lithium-ion-battery-market

Lithium-ion Battery Metals Industry - https://www.psmarketresearch.com/press-release/li-ion-battery-metals-market

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