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EV Battery Recycling Market Segments 2024-2033: Size, Share, and Insights
EV Battery Recycling Market Segments
As per the report, 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 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%.
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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.
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.
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
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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
Contents of the report:
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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