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EV Battery Recycling Market: Key Drivers, Market Share Analysis, and Comprehensive Growth Insights
EV Battery Recycling Market
EV Battery Recycling Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $8.29 billion In 2028 At A CAGR Of 28.7% :
The EV battery recycling market size has grown exponentially in recent years. It will grow from $2.32 billion in 2023 to $3.02 billion in 2024 at a compound annual growth rate (CAGR) of 30.3%. The growth in the historic period can be attributed to environmental concerns, supply chain security, rise in electric vehicle sales, innovation and R&D efforts, circular economy initiatives.
The EV battery recycling market size is expected to see exponential growth in the next few years. It will grow to $8.29 billion in 2028 at a compound annual growth rate (CAGR) of 28.7%. The growth in the forecast period can be attributed to research and development focus, environmental awareness and sustainability goals, investment in recycling infrastructure, market demand for recycled materials. Major trends in the forecast period include closed-loop recycling systems, advancements in recycling technologies, lithium-ion battery innovation, collaboration in industry ecosystem, focus on material recovery and purity.
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EV Battery Recycling Market Major Segments
The EV battery recycling market covered in this report is segmented -
1) By Battery Type: Lead-Acid Battery, Lithium-Based Battery, Other Battery Types
2) By Process: Pyrometallurgical, Hydrometallurgical, Other Processes
3) By Vehicle Type: Passenger Cars, Commercial Vehicles
4) By Application: Electric Cars, Electric Buses, Energy Storage Systems, Other Applications
Key Driver - Surge In Electric Vehicle Sales Sparks Growth In EV Battery Recycling Market
An increase in the sales of electric vehicles (EV) is expected to propel the growth of the EV battery recycling market going forward. EVs are vehicles that are either partially or fully powered by electricity and contain a battery that powers an electric motor. EV batteries contain critical minerals that can be reclaimed through recycling of end-of-life EV batteries and used for manufacturing new batteries that are used in electric vehicles. For instance, according to the International Energy Agency, a France-based autonomous intergovernmental organization, global sales of EVs that include fully electric and plug-in hybrids reached 6.6 million units in 2021. Also, the total number of EVs on the roads worldwide stood at 16.5 million in the year 2021. Therefore, the increase in the sales of electric vehicles is driving the demand for the growth of the EV battery recycling market.
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Prominent Trend -
The emergence of new processes is a key trend gaining popularity in the EV battery recycling market. Major companies operating in the EV battery recycling sector are developing new and innovative processes to recover valuable battery minerals. For instance, in March 2022, Ascend Elements, a US-based manufacturer of advanced battery materials, and Koura, a US-based manufacturer of fluor products have jointly developed a new process, called Hydro-to-Anode that can recover 99.9% pure graphite from the used batteries. The quality of the recovered graphite is at par with virgin graphite, and it can be used for manufacturing new batteries. The use of this process is cost effective and enables economical recycling of lithium-ion (Li-ion) batteries, and minimizes the need for mining new materials.
EV Battery Recycling Market Players
Major companies operating in the EV battery recycling market report are Glencore International AG, Veolia Environnement Société Anonyme, SNAM Société par Actions Simplifiée, Ganfeng Lithium Co. Ltd., Umicore NV, Benchmark Minerals Incorporated, Viridor Waste Management, Gravita India Limited, Sitrasa Società per Azioni, Ziptrax Cleantech, Redwood Materials Incorporated, Retriev Technologies, G & P Batteries Incorporated, Belithium Corporation, Cirba Solutions, Accurec Recycling GmbH, Li-Cycle Corp., Lithion Recycling Incorporated, Recytech, Lohum Cleantech, Recupyl, Attero Recycling, Australian Battery Recycling Initiatives, American Manganese Incorporated, ACE Green Recycling Incorporated, Call2Recycle, TES-Amm, Envirostream, Floridienne Société Anonyme, CleanCycle
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the EV battery recycling market in 2023. The regions covered in the ev battery recycling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. EV Battery Recycling Market Report Structure
3. EV Battery Recycling Market Trends And Strategies
4. EV Battery Recycling Market - Macro Economic Scenario
5. EV Battery Recycling Market Size And Growth
…..
27. EV Battery Recycling Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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