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The global electric vehicle battery recycling market is estimated to be valued at $13,299.6 million by 2028, surging from $1,217.1 million in 2020, at a noteworthy CAGR of 37.1%.
The effects of COVID-19 have swelled through many lives and have upended aspects of health care, transportation, and the economy virtually. The energy materials and renewable generation and conversion market, which contain grid storage, battery-powered electric vehicles and personal electronic devices, are no exception.
Quarantines, lockdown and movement restriction orders had barred workers from operating recycling facilities. Economic hesitation and decline in customer spending are likely to affect the market growth. However, government economic stimulus policies and improvements in battery recycling techniques might recover the market. Although, the intense demand for cobalt and lithium owing to restrictions on mining may hamper the market expansion plans.
Batteries are used as a secondary power source and electric vehicle battery is a secondary or rechargeable battery. Reducing greenhouse gas emissions, to recover air quality in urban centers and to meet the needs of consumers, with whom electric vehicles are gradually popular. Additionally, the demand for fuel-efficient vehicles has enlarged due to rise in price of petrol and diesel. Hence, these factors give rise to the need for demand for electrically powered vehicles for travel and advanced fuel-efficient technologies, which generate demand for the recycling batteries.
Re-use of EV batteries and high cost to setup recycling plant may obstruct the growth of the market. Moreover, large fluctuations in the prices of raw materials such as, cobalt, lithium and nickel may create a negative impact on the market during the forecast period.
Many companies are working on various techniques to recycle lithium-ion batteries in optimized manner after investigative the potential demand for the recycled raw materials such as nickel, cobalt, lithium, and others. For example, Kemetco Research Inc, a research and development company concentrating in specialty chemical analysis, extractive metallurgy and chemical processing is working with American Manganese, which is a critical metals and technology driven company, to develop a scalable and commercialized reutilizing technology for Lithium-ion batteries, which is low cost as well as environment friendly and the amount of the recycled lithium is expected to satisfy 9% of the global demand for lithium in several applications.
The global electric vehicle battery recycling market is segmented based on application, chemistry, and region.
Chemistry:
The Chemistry segment is further divided into lead-acid battery, lithium-based battery, and nickel-based battery. The lithium-based battery sub-segment is anticipated to have a dominating market share in the global market and register a revenue of $6,099.8 million during the analysis timeframe.
Lithium batteries are becoming increasingly popular, and their benefits fall into five broad categories: maintenance, longevity, charging speed, safety, and ease of charging. Also, the average lithium-ion battery lifespan for a large-capacity battery pack can be eight or more years. A long service life helps offer a return on your investment in lithium-ion battery technology. Rising numbers of electric vehicles present a thoughtful waste-management challenge for recyclers at end-of-life. However, recycled lithium-ion batteries from electric vehicles could offer a valuable secondary source of materials.
Application:
The application segment is further classified into electric cars, electric buses energy storage systems, and others. Among these, the electric cars sub-segment is anticipated to have the fastest growth and surpass $5,485.1 million by 2028, with a CAGR of 38.4%.
An electric car is driven by one or more electric motors, using energy stored in rechargeable batteries. Compared to internal combustion engine (ICE) vehicles, electric cars are quieter, and have low emissions. Additionally, electric cars have zero tailpipe emissions, which makes them greener, cleaner, and better for the environment than petrol or diesel cars. All these factors may generate a positive impact on the sub-segment throughout the forecast period.
Region:
The electric vehicle battery recycling market for the Asia-Pacific region is projected to witness rapid growth. This market generated a revenue of $598.8 million in 2020 and is further projected to reach up to $6,729.6 million by 2028.
Asia-Pacific is expected to show a rise in electric vehicle battery recycling market revenue due to research and development investments, growing government support for the development of car battery recycling, and increasing establishments of recycling plants for electric car battery. Increasing production in sales of electric vehicles due to increased population’s demand might drive the growth of the market in the region.
In North America, investments in R&D, growing government support to grow car battery recycling and electric vehicle battery recycling plants, the need for eco-friendly vehicles, and the vast customer base in Canada and the US are adding to the global electric vehicle battery recycling market growth.
Some of the leading global electric vehicle battery recycling market players are –
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
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