Electric Vehicle Battery Recycling Market to grow by USD 1,862.56 million from 2022 to 2027|Growing adoption of electric vehicles boosts the market - Technavio
NEW YORK, Aug. 3, 2023 /PRNewswire/ -- The electric vehicle battery recycling marketsize is set to grow by USD 1,862.56 million from 2022 to 2027, progressing with a CAGR of 38.68%, according to the latest research report from Technavio. Discover Environmental & Facilities Services industry potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports. View Sample Report!
The electric vehicle battery recycling market covers the following areas:
The electric vehicle battery recycling market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. Some vendors who are experts in the process industry are trying to increase their presence and market share by horizontally integrating with system integrators. End-users in discrete industries rely on their experiences from past purchases, based on which they maintain future relationships with vendors. This enables global and established RPA vendors to dominate the local and regional vendors in terms of quality, durability, reliability, and technological innovations. Hence, the competition among the vendors in the global RPA market is expected to intensify during the forecast period.
Accurec Recycling GmbH: The company offers electric vehicle battery recycling for NiCd, NiMH, and Lithium batteries.
Aqua Metals Inc: The company offers electric vehicle battery recycling such as aqua refining, pyro, and standard hydro process.
Call2Recycle Inc: The company offers electric vehicle battery recycling for lithium-ion batteries.
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Electric Vehicle Battery Recycling Market - Market Segmentation
This report extensively covers market segmentation by source (production scrap and end of life), vehicle type (passenger cars and commercial vehicles), and geography (APAC, Europe, North America, South America, and the Middle East and Africa).
The market share growth by the production scrap segment will be significant during the forecast period. Production scarp can be referred to as the recycling and reusing of waste generated during the manufacturing process and this comprises scrap produced during cell assembly, electrode manufacturing, and battery pack assembly. The main advantages of recycling production include minimizing waste, preserving natural resources, and mitigating the environmental impact of electric vehicle battery production. Hence, such factors will drive the market growth during the forecast period.
Electric Vehicle Battery Recycling Market - Regional Market Outlook
APAC is estimated to account for 47% of the market growth during the forecast period. The rapidly growing demand for electric mobility solutions is one of the main reasons fuelling the market growth in APAC. This increasing demand will lead to the requirement for efficient and sustainable battery recycling solutions which has become essential to ensure the long-term sustainability of the electric vehicle industry. Some of the other key factors which are fuelling the growth of the market in the region include increasing environmental awareness and regulations and several government initiatives promoting the adoption of electric mobility solutions and ensuring the sustainability of these technologies. Hence, such factors are expected to drive market growth in the region during the forecast period.
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Electric Vehicle Battery Recycling Market - Market Dynamics
Major Driver
The increasing adoption of electric vehicles drives the electric vehicle battery recycling market growth during the forecast period. There is a growing concern regarding global warming and climate change caused by the harmful effects of vehicular emissions caused by fossil fuel-operated vehicles. As a result, it has significantly fuelled the demand for electric vehicles. Additionally, there is an increasing preference for electric vehicles by consumers due to the frequent fluctuations in global oil and gas prices. Hence, there is increasing adoption of electric vehicles across the world, leading to improved energy security, enhanced fuel economy, and lower vehicular emissions. Hence, such factors are expected to drive market growth during the forecast period.
Major Trend
The increasing lithium supply-demand gap is a key trend in the global electric vehicle battery recycling market. There is an increasing demand for lithium due to the rise in demand for electric vehicle batteries globally. As a result, it has led to a shortage of lithium in the market. Some of the key application areas of lithium include pharmaceuticals, construction, glass, and ceramic. Therefore the increasing demand for lithium has pressurized the suppliers to meet the demand. Hence, such factors are expected to drive market growth during the forecast period.
Significant Challenge
The high safety issue associated with the storage and transportation of spent batteries is a major challenge hindering the market growth. Logistic issues is one of the key challenge faced by the lithium-ion battery waste management market. In the case of transportation, proper disposal of collected waste can be a significant challenge. Thus, there must be a greater focus on solid wastes that are generated from battery recycling operations. Prevention, reuse and recycling, compositing, and landfills are some of the main criteria the manufacturers should consider while designing the handling and transportation systems of disposed lithium-ion batteries. Hence, such factors will hinder the market growth during the forecast period.
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Electric Vehicle Battery Recycling Market Scope
Report Coverage
Details
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 38.68%
Market growth 2023-2027
USD 1,862.56 million
Market structure
Fragmented
YoY growth 2022-2023(%)
35.17
Regional analysis
APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution
APAC at 47%
Key countries
US, China, Japan, Norway, and Germany
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of Contents
1 Executive Summary
1.1 Market overview
Exhibit 01: Executive Summary ? Chart on Market Overview
Exhibit 02: Executive Summary ? Data Table on Market Overview
Exhibit 03: Executive Summary ? Chart on Global Market Characteristics
Exhibit 04: Executive Summary ? Chart on Market by Geography
Exhibit 05: Executive Summary ? Chart on Market Segmentation by Source
Exhibit 06: Executive Summary ? Chart on Market Segmentation by Vehicle Type
Exhibit 07: Executive Summary ? Chart on Incremental Growth
Exhibit 08: Executive Summary ? Data Table on Incremental Growth
Exhibit 09: Executive Summary ? Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Global electric vehicle battery recycling market 2017 - 2021
Exhibit 18: Historic Market Size ? Data Table on global electric vehicle battery recycling market 2017 - 2021 ($ million)
Exhibit 165: Validation techniques employed for market sizing
Exhibit 166: Information sources
13.5 List of abbreviations
Exhibit 167: List of abbreviations
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