North America is Dominating the Lithium-Ion Battery Recycling Industry

The global lithium-ion battery recycling market was valued at $4,781 million in 2022, and this number is expected to reach $21,184 million by 2030, advancing at a CAGR of 20.45% during 2022-2030, as per P&S Intelligence.

This growth can be ascribed to the restricted supply of lithium metal and the increasing acceptance of electric vehicles throughout the world, because of the grants given in several countries. Principally, the decreasing price of electrical vehicles credited to road tax relaxations and government aid is driving their acceptance. This, indeed, surges the requirement for such batteries, specifically for e-motorcycles and e-scooters.

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In 2022, the LCO battery category had the largest revenue share, and it is projected to continue its leading position in the years to come. The high-power density and discharge voltage of LCO batteries, which help them to be more appropriate for power tools, including laptops, tablets, mobile phones, and hybrid EVs, is the main contributor to the market growth in the category.

APAC is projected to grow at a CAGR of 20.8% in recent years, owing to the increasing acceptance of electric vehicles. Basically, the increasing awareness among consumers about the ecological advantages of EVs in the emerging economies of the region is set to fuel the industry's enlargement. To fulfill the need for Li-ion batteries in automobiles, are concentrating on the recycling of the used ones.

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Hence, the limited presence of lithium metal and the increasing acceptance of electric vehicles throughout the world, are because of the grants given in several countries. Principally, the decreasing price of electrical vehicles will drive the lithium-ion battery recycling industry in the future.

Browse more reports:

Lithium-ion Battery Metals Market - https://www.psmarketresearch.com/market-analysis/lithium-ion-battery-metals-market

Automotive Lithium-Ion Battery Market - https://www.psmarketresearch.com/market-analysis/automotive-lithium-ion-battery-market

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This release was published on openPR.