IMARC Group, a leading market research company, has recently releases report titled “Electric Vehicle Battery Recycling Market Report by Type (Lithium-ion, Lead-acid, and Others), Process (Hydrometallurgical, Pyro-metallurgical, and Others), Vehicle Type (Passenger Cars, Commercial Vehicles), Application (Electric Cars, Electric Buses, Energy Storage Systems, and Others), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the global electric vehicle battery recycling market.
How Big is the Electric Vehicle Battery Recycling Market?
The global electric vehicle battery recycling market size reached US$ 2.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 22.2 Billion by 2032, exhibiting a growth rate (CAGR) of 24.9% during 2024-2032
Industry Overview of Electric Vehicle Battery Recycling
The recycling of electric vehicle (EV) batteries involves two processes, namely pyrometallurgy/smelting, and hydrometallurgy, which can be used separately or in combination. The main focus is to recover valuable cathode metals, including nickel (Ni), cobalt (Co), aluminum (Al), iron (Fe), and lithium (Li), in order to decrease the reliance on extensive mining for battery production. Additionally, by preventing the introduction of hazardous substances into the waste stream when a battery reaches the end of its life (EOL), the global demand for EV battery recycling is increasing.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/electric-vehicle-battery-recycling-market/requestsample
What are the growth prospects and trends in the electric vehicle battery recycling industry?
With the current surge in electric vehicle (EV) sales, the need for proper management of EV batteries at the end of their lifecycle is also on the rise. This factor, along with the ongoing expansion of the automotive industry, plays a crucial part in driving the market forward. Furthermore, major industry players are actively developing innovative recycling technologies, such as direct recycling or cathode-to-cathode recycling, to reclaim metals, minerals, chemicals, and chemical powders that can be directly sold to battery manufacturers.
This approach differs from the conventional method of producing metal-laden materials for refining and recovering separate metals like nickel, cobalt, and other cathode materials. Additionally, numerous governments are increasing their investments in direct purchase incentives and tax deductions for EVs while also establishing initiatives like the electric vehicles initiative (EVI) to expedite the global adoption of EVs.
Moreover, global organizations have launched various campaigns to bolster the market for buses, trucks, electric passenger cars, and light commercial vans (LCVs). These efforts, combined with the depletion of non-renewable metal resources, are driving the market’s growth.
Leading Companies Operating in the Global Electric Vehicle Battery Recycling Industry:
- ACCUREC-Recycling GmbH
- American Manganese Inc.
- Battery Solutions
- G & P Batteries Limited
- Li-Cycle Corp.
- Retriev Technologies
- SITRASA
- SNAM Groupe (Floridienne)
- TES-Amm
- Umicore N.V.
Electric Vehicle Battery Recycling Market Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Lithium-ion
- Lead-acid
- Others
Breakup by Process:
- Hydrometallurgical
- Pyro-metallurgical
- Others
Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Breakup by Application:
- Electric Cars
- Electric Buses
- Energy Storage Systems
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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