Projected Value of EV Battery Recycling Market Soars to $6.5 Billion by 2030

Meticulous Research®, a premier global market research company, has unveiled its latest research report titled, 'EV Battery Recycling Market: A Comprehensive Global Analysis.' The report explores various facets of the market, including battery types, sources, recycling processes, business models, materials, and geographical considerations.

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According to Meticulous Research®, the global electric vehicles (EVs) battery recycling market is poised to reach $6.5 billion by 2030, boasting a remarkable CAGR of 37.1% from 2023 to 2030. This surge is attributed to the escalating demand for electric vehicles, stringent regulatory frameworks dictating battery recycling, and growing concerns over the depletion of raw material resources. Despite this growth trajectory, challenges persist in terms of safety concerns related to the storage and transportation of used batteries.

Amidst these challenges, opportunities are emerging in the form of increased government incentives for battery recycling and ongoing innovations in recycling technologies. However, the market faces a hurdle in the form of high recycling costs for EV batteries. A notable trend is the heightened investments in battery recycling infrastructure in emerging economies.

The global EV battery recycling market is intricately segmented by battery type, source, recycling process, business model, and material. The report provides a thorough analysis of industry competitors and a comprehensive evaluation of the market at both regional and country levels.

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In terms of battery type, the market is broadly categorized into Lithium-ion batteries (Li-ion), sealed lead acid batteries (SLA), nickel-metal hydride batteries (Ni-MH), ultracapacitors, and other batteries. In 2023, the lithium-ion batteries segment is anticipated to hold the lion's share at 75.0% of the global EV battery recycling market, with factors such as the rising adoption of electric vehicles and the need to recover valuable materials driving this dominance. The lithium-ion batteries segment is expected to exhibit the highest CAGR during the forecast period.

Battery source segmentation includes commercial vehicles, passenger cars, e-scooters & motorcycles, and E-bikes. In 2023, the E-bikes segment is projected to dominate the global EV battery recycling market due to the increasing adoption of e-bikes worldwide. However, the commercial vehicles segment is expected to witness the highest CAGR, driven by the demand for electric public transportation and logistics services.

The recycling process segment encompasses direct physical recycling, pyrometallurgical process, hydrometallurgical process, and other recycling processes. The pyrometallurgical process is anticipated to dominate in 2023, driven by the growing need to remove organic material from Li-ion batteries and extract metals from ores. Meanwhile, the hydrometallurgical process is expected to register the highest CAGR.

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In terms of business models, the market is segmented into contractual recycling services and direct-to-market. The contractual recycling services segment is expected to lead in 2023, owing to government incentives, stringent laws, and increasing revenue streams. This segment is also projected to exhibit a higher CAGR during the forecast period.

Material segmentation includes graphite, nickel, cobalt, copper, manganese, lithium, aluminum, iron, plastics, and other materials. In 2023, the graphite segment is expected to dominate, driven by the high recycling rate of sealed lead acid batteries (SLA) and the need to recover valuable materials. However, the lithium segment is expected to exhibit the highest CAGR, fueled by R&D initiatives and innovations in lithium-ion batteries.

Geographically, Asia-Pacific is forecasted to account for the largest share of the global EV battery recycling market in 2023, followed by Europe and North America. Asia-Pacific's dominance is attributed to the implementation of policies to reduce EV battery waste, concerns over precious and rare earth metal depletion, and the growing demand for lithium-ion batteries.

Top 10 Companies Operating in EV Battery Recycling Market: https://meticulousblog.org/top-10-companies-in-ev-battery-recycling-market/

Key Players:

Leading the charge in the EV battery recycling market are key players such as Glencore plc (Switzerland), Fortum Corporation (Finland), Umicore NV (Belgium), Li-Cycle Holdings Corp. (Canada), Lithion Recycling Inc. (Canada), Tata Chemicals Limited (India), SNAM S.A.S. (France), Ascend Elements, Inc. (U.S.), ACE Green Recycling, Inc. (Singapore), Redwood Materials, Inc. (U.S.), Primobius GmbH (Germany), Attero Recycling Pvt. Lyd. (India), ACCUREC Recycling GmbH (Germany), Trishulavel Eshan Pvt. Ltd. (India), BatX Energies Pvt. Ltd. (India), MTB GROUP (France), and Duesenfeld GmbH (Germany).

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