Transportation Battery Recycling Market to Observe Significant Growth Due to Company Collaborations and Acquisitions by Market Players, such as Ecobat, Li-Cycle Holdings, and Others

Batteries consist of toxic chemicals and heavy metals like lithium, cadmium, mercury, lead, and others than can deteriorate the environment by contaminating ground water and surface waters. Thus, an immaculate practice of reprocessing and reutilizing of batteries is carried out so as to considerably reduce the number of discarded batteries as a waste. This practice is called transportation battery recycling.

Forecast Analysis of the Global Transportation Battery Recycling Market

Extensive application of battery technology in portable electronics, grid scale energy storage, transportation, and many more is expected to drive the growth of the market during the forecast period. In addition, increasing prevalence of electric vehicle across the globe is further expected to accelerate the growth of the transportation battery recycling market during the forecast period. Moreover, growing demand for consumer electronics is expected to create tremendous opportunities for the growth of the global market during the forecast period. However, unavailability of proper collection infrastructure is expected to hinder the growth of the market during the forecast period.

According to the report published by Research Dive, the global transportation battery recycling market is expected to generate a revenue of $9,947.5 million by 2030, growing exponentially at a CAGR of 8.2% during the forecast period 2022-2030. The major players of the market include Cell2Recycle, Inc., Aqua Metals, Inc., Umicore, Exide Technologies, Contemporary Amperex Technology Co. Limited, Battery Solutions, Kochi Industries, GEM Co. Ltd., and Li-Cycle Corp.

Key Trends and Developments of the Transportation Battery Recycling Market

The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global transportation battery recycling market to grow exponentially. For instance,

• In July 2021, Ecobat, a global leader in the collection, recycling, production, and distribution of batteries, acquired Promesa, a leading EV lithium-ion battery recycling operator based in Hettstedt, Germany, in order to expand Ecobat's position in Europe as a dominant player of recycling batteries of all chemistries.
   
• In July 2021, Li-Cycle Holdings Corp, a Canada-based battery recycling company collaborated with Helbiz, an Italian-American intra-urban micro-mobility leader, in order to create a safe and sustainable recycling solution for end-of-life lithium-ion batteries used by e-scooters and e-bikes.
   
• In October 2021, Heritage Battery Recycling, an innovative battery recycling company addressing sustainable solutions for lithium-ion batteries, announced the combination of their battery management and recycling business, with Retriev Technologies, the largest and most diverse lithium-ion battery processor in North America, in order to further develop a comprehensive recycling and reuse battery management platform.

Most Profitable Region of the Market

The Europe region is expected to be most dominant and grow at a CAGR of 8.1% during the forecast period. Immense presence of prominent electric vehicle manufacturers in this region is expected to drive the growth of the market. In addition, rapid adoption of sustainable activities in this region is further expected to accelerate the growth of the regional transportation battery recycling market during the forecast period.

Impact of COVID-19 on the Market

The outbreak of coronavirus has had a devastating impact on the growth of the global transportation battery recycling market, owing to the occurrence of lockdowns in numerous countries across the globe. Lockdowns adversely disrupted the supply chain and workforce due to the stringent restrictions imposed by the government on social distancing during the pandemic, in order to curb the spread of the virus. In addition, manufacturing plants of numerous automotive companies were also shut down, which decreased the sales of electric vehicles. Thus, COVID-19 has had a negative impact on the market.