New York, June 21, 2021 (GLOBE NEWSWIRE) – EV Battery Recycling Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric Vehicle Battery Recycling Market Research Report, Battery Type, Process, Application, and Region – Forecast To 2027”, the market is valued at $ 5.6 billion by 2027 and is forecasting 19% CAGR during the To be recorded during the forecast period.
Electric Vehicle Battery Recycling Market Analysis / Electric Vehicle Battery Recycling Market Outlook
In simple terms, battery recycling is a process that helps reduce the total number of batteries that are disposed of as municipal waste. Batteries contain various forms of toxic chemicals and heavy metals, and disposal of them without proper recycling can cause serious environmental pollution. The service life of the battery varies with the technological innovation, the degradation effect, the battery capacity, the battery type and the individual charging and driving behavior.
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Key Players Featured In Global Electric Vehicle Battery Recycling Market Report Include –
- Umicore NV (Belgium)
- Snam SpA (Italy)
- Australian Battery Recycling Initiative (Australia)
- On-Demand Technologies (USA)
- Recupyl (France)
- G&P batteries (UK)
- Li-Cycle Corp. (Canada)
- Battery Solutions (USA)
- American Manganese Inc. (Canada)
- ACCUREC Recycling GmbH (Germany)
Enhanced features that fuel market growth
According to the new MRFR report, there are numerous factors driving the global EV battery recycling market share. Some of these concern the evolving electric vehicle infrastructure in the UK, Japan, South Korea, Germany and China, the increase in the production and sales of electric cars worldwide, the growing need for thermal cooling solutions in vehicles, strict emissions and fuel efficiency regulations, the growing need for energy efficient battery-powered ones Devices and the growing focus on reducing the consumption of natural resources for battery production. Additional factors driving global EV battery recycling market value include finite metal resources, growing demand for recycled materials and products, increasing employment, a large recycling gap and subsidies to promote battery recycling, increasing use of environmentally friendly batteries, the rise in the development of battery supply chains and recycling networks, the development of high-yield processes for recycling next generation batteries, and the improvement of the economies of developing countries. In addition, the growing need for zero-emission vehicles is the latest market trend for recycling electric vehicle batteries.
On the contrary, the reuse of EV batteries, the high cost of setting up recycling facilities, and the lack of a battery recycling infrastructure can limit global sales of the EV battery recycling market over the forecast period.
Browse the detailed market research report (100 pages) on Recycling Electric Vehicle Batteries
The COVID-19 crisis had a negative impact on the global recycling industry for electric vehicle batteries due to the slump in electric vehicles and the shutdown of production lines. Movement restrictions and quarantine orders had prevented workers from operating recycling facilities. The decline in customer spending and economic uncertainty have had a significant impact on market growth. However, improvements in battery recycling techniques and government stimulus measures in battery recycling methods could stimulate the market. On the other hand, the increasing demand for lithium and cobalt due to mining restrictions can hamper market expansion plans.
The MRFR report highlights a comprehensive analysis of the global Electric Vehicle Battery Recycling market based on vehicle type, process, and battery type.
By Type, the global Electric Vehicle Battery Recycling Market is segmented into Lithium Ion, Lead Acid, and Others. Of these, the lead-acid segment will lead the market in the forecast period due to the increasing demand from manufacturers of hybrid electric vehicles (HEV) and battery electric vehicles (BEV).
The global electric vehicle battery recycling market is process-wise divided into hydrometallurgical, pyrometallurgical, and others. Of these, the hydrometallurgical segment will dominate the market in the forecast period.
By vehicle type, the global electric vehicle battery recycling market is divided into commercial vehicles and passenger cars. Of these, the commercial vehicle segment will lead the market for the growing demand for electric buses and trucks in the forecast period.
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APAC rules the recycling market for electric vehicle batteries
Geographically, the EV battery recycling market is divided into North America, Europe, Asia-Pacific, and the rest of the world (RoW). Of these, the APAC region will dominate the market in the forecast period. Increasing the production and sales of cooling systems for electric car batteries and electric vehicles, increasing investment by private and public actors to develop the recycling industry for electric vehicle batteries in India, Vietnam, Australia, Japan and China, increasing need for safety features in vehicles, the presence of a large consumer base in China, which has recognized the benefits of car battery disposal, the increase in the number of vehicles, the increase in vehicle standards, and various technological advances in electric cars due to government initiatives are contributing to the global growth of the electric vehicle battery recycling market in the region.
Europe has the second largest share of the recycling market for electric vehicle batteries
In Europe, the global market for recycling electric vehicle batteries is expected to have the second largest share in the forecast period. The EU has passed laws that regulate vehicle emissions in France and the UK and other countries, the creation of zero emission zones, the demand for electric cars, the development of battery recycling facilities to manage aggregate demand and reduce pollution from the disposal of electric cars, as well as regulatory Norms for EVBs in the region, prompting battery manufacturers to opt for recycling processes rather than disposing of the waste generated from batteries, are contributing to the global growth of the electric vehicle battery recycling market in the region.
North America will see admirable growth in the electric vehicle battery recycling market
In North America, the global EV battery recycling market is projected to grow admirably during the forecast period. Investments in research and development, increasing government support for the development of car battery and EV battery recycling facilities, the need for environmentally friendly vehicles, and the huge customer base in Canada and the United States all contribute to the global growth of the electric vehicle battery recycling market in the region .
In RoW, the global recycling market for electric vehicle batteries is projected to have solid growth over the forecast period.
The electric vehicle battery recycling market is both fragmented and highly competitive due to the presence of multiple international and domestic industry players. These players have developed a range of strategies to stay on top and also meet the growing needs of consumers including partnerships, collaborations, contracts, partnerships, launches, geographic expansions, joint ventures and new product launches, and more. In addition, they make large investments in research and development to strengthen their portfolios and assert themselves in the market.
May 2021 – Primobius has reached an agreement with Stelco to build a facility for the extraction and recycling of battery metals from electric vehicles in North America.
Segmentation of the Market Covered In Research:
Information by battery type (lead acid, lithium-ion and others), process (pyrometallurgical, hydrometallurgical and others), application (passenger car and commercial vehicle) and region (North America, Europe, Asia-Pacific and rest of the world)
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