Electric Vehicle Battery Recycling Market Revenue Growth Statistics, Size Estimation, Upcoming Trends By 2023-2030 | Accurec Recycling GmbH, American Manganese Inc

Market Overview:

Electric vehicle battery recycling involves recovering materials from worn-out or lithium-ion batteries to manufacture new batteries. It helps reduce waste and promotes sustainability. The process recovers metals like cobalt, lithium, nickel, and manganese for reuse.

The global electric vehicle battery recycling market size is estimated at US$ 2.27 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 28.4% from 2023 to 2030.

Market Dynamics:

The electric vehicle battery recycling market is driven by the growing demand for lithium-ion batteries from the e-mobility sector. As EV sales increase exponentially, the need to dispose of and recycle old EV batteries will also rise, boosting market growth. Secondly, recycling recovered materials lowers production costs and promotes a circular economy. It helps offset rising raw material prices and energy security issues associated with mineral production. Recycled materials currently account for 30% of cobalt and 10% of lithium needs of battery makers. The process is expected to become more sustainable and cost-effective over the forecast period.

Request a Sample Copy of the Report @ https://www.coherentmarketinsights.com/insight/request-sample/5985

Electric Vehicle Battery Recycling Market Drivers: Sustainability and Environmental Concerns are Driving the Demand for Battery Recycling

One of the key drivers for the electric vehicle battery recycling market is the rising environmental and sustainability concerns associated with disposing spent lithium-ion batteries. Lithium-ion batteries contain heavy metals like nickel, cobalt, lithium, and graphite which are toxic if not disposed of properly. Landfilling or incineration of these batteries leads to groundwater pollution and release of harmful gases into the atmosphere. Recycling helps recover over 90% of these materials from spent batteries and puts them back into the supply chain, thus promoting a circular economy. As EV sales increase globally, proper recycling infrastructure will be required to handle millions of tonnes of battery waste expected in the coming decades. Stricter environmental regulations around the world are also pushing OEMs and battery manufacturers to adopt closed loop recycling processes.

Need for Secondary Raw Materials is Fueling Growth in the Battery Recycling Industry

Another major driver for the electric vehicle battery recycling market is the growing demand for secondary raw materials used in lithium-ion battery production. Metals like cobalt, lithium, and nickel are crucial inputs but have supply risks associated with geographic and political factors. Recycling spent batteries represents a valuable secondary source of these materials. It reduces reliance on mining activities and volatile commodity price fluctuations. As global EV production rises exponentially to meet climate targets, recycling will play a key role in ensuring consistent supply of raw materials. Leading battery and automakers are investing heavily in recycling facilities and partnerships to secure secondary materials for their future battery manufacturing needs.

Top Key Players:

Accurec Recycling GmbH, American Manganese Inc. Battery Solutions, Li-Cycle Corp., G & P Batteries, Recupyl, Retriev Technologies, Sitrasa, Floridienne (SNAM S.A.S.), and Umicore

Detailed Segmentation:

Global Electric Vehicle Battery Recycling Market, By Application
Electric Cars
Electric Buses
Energy storage systems
Others

Click Here to Request Customization of this Research Report:

https://www.coherentmarketinsights.com/insight/request-customization/5985

Electric Vehicle Battery Recycling Market Restrain: High Cost of Battery Recycling Process

High Cost of Sophisticated Recycling Technology is a Key Challenge:

The cost of electric vehicle battery recycling continues to be a major restrain for wider industry growth. Lithium-ion batteries contain a complex mix of materials and require advanced, sophisticated recycling processes to recover different components with high purity levels. Technologies like pyrometallurgy, hydrometallurgy and direct recycling are still at a nascent stage of commercialization and involve heavy capital investments. Building specialized recycling facilities with customized equipment, hiring skilled workforce and ensuring proper waste handling also increases operational costs. The smaller volumes of spent batteries currently available make unit recycling costs uneconomical for most businesses. However, as EV adoption accelerates globally, economies of scale will start to kick in, bringing down unit costs over the long term. Still, high initial investment remains a key adoption barrier, slowing industry expansion.

Electric Vehicle Battery Recycling Market Opportunity: Growth of Battery-as-a-Service Business Models

Battery-as-a-Service Business Models Open New Growth Avenues:

One of the major opportunities for electric vehicle battery recycling market lies in the emergence of battery-as-a-service business models. Instead of buying batteries upfront with the vehicle purchase, automakers as well as independent players are exploring leasing and subscription-based battery models. In this approach, batteries remain the property of the service provider who is also responsible for end-of-life recycling and remanufacturing. As batteries are reused through second-life applications after automotive use, it extends their lifespan and life cycle analysis benefits. It also provides a continuous supply of batteries for recycling. This presents an incentive for battery-as-a-service companies to invest more in scaling recycling infrastructure. At the same time, it can help automakers avoid large capital expenditures on batteries and shift focus to their core manufacturing competencies. The growing popularity of such innovative business models will drive higher volumes of batteries into the recycling stream, opening newer opportunities.

Electric Vehicle Battery Recycling Market Trend: Increasing Adoption of Direct Recycling Processes

Direct Recycling Processes Gain Traction to Improve Resource Recovery:

A major trend observed in the electric vehicle battery recycling industry is the increasing commercialization of direct recycling processes like physical separation and chemical/thermal processes. Compared to conventional pyrometallurgy and hydrometallurgy, direct recycling recovers battery materials with relatively less processing steps and higher purity levels. It allows for direct reintroduction of recycled materials into new battery manufacturing. The direct approach is considered more environmentally friendly and energy

Buy now @ https://www.coherentmarketinsights.com/insight/buy-now/5985

Key Questions Addressed in the Market Report:

What is the expected size, share, and CAGR of the Electric Vehicle Battery Recycling Market over the forecast period?
What are the key trends expected to influence the Electric Vehicle Battery Recycling Market between 2023 and 2030?
What is the expected demand for various types of products/services in the Electric Vehicle Battery Recycling Market?
What long-term impact will strategic advancements have on the Electric Vehicle Battery Recycling Market?
Who are the key players and stakeholders in the Electric Vehicle Battery Recycling Market?
What are the different segments and sub-segments considered in the Electric Vehicle Battery Recycling Market research study?

533 Airport Boulevard,
Suite 400, Burlingame,
CA 94010, United States
Phone: US +12067016702 / UK +4402081334027
Email: sales@coherentmarketinsights.com

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.