Electric Vehicle Battery Recycling Market Upcoming Trends and Transformation, Growth Forecast to-2023
Market Synopsis
In the research report, MarketResearch Future (MRFR), emphasizes that the global electric vehicle batteryrecycling market 2020 is expected to grow exponentially, securing a substantialmarket valuation of USD 3 billion by 2025 and a healthy 19% CAGR over thereview period.
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Drivers and Restraints
Factors such as growing e-vehicledemand, increasingly strict fuel economy regulations with reduced greenhouseemissions and raising disposable income drive market growth. However, risingdemand for environmentally friendly batteries and improving high-yieldprocesses for recycling next generation batteries are expected to providemarket players with promising opportunities. The lack of battery recyclinginfrastructure in the emerging market and the high cost of building recyclingplant are key factors that inhibit this market's growth.However, growingadoption of environmentally friendly batteries, developing high-yield technologiesfor recycling next-generation batteries, growing the development of the batterysupply chain along with recycling networks, and enhancing developing countries'economies provide growth opportunities for global players to increase the sizeof the recycling market for electric vehicle batteries.
Segmental Analysis
The global electricvehicle battery recycling market is analyzed based on process, batterytype, vehicle type, and region. On the basis of type, the global electricbattery vehicle recycling market has been segmented into lithium-ion, leadacid, and others. On the basis of process, the global electric battery vehiclemarket has been segmented into hydrometallurgical, pyrometallurgical, andothers. On the basis of application, the global electric battery vehiclerecycling market has been bifurcated into passenger car and commercial vehicle.
Regional Analysis
The geographical overview of theglobal electric battery vehicle recycling market has been conducted in fourmajor regions, including the Asia Pacific, North America, Europe, and the restof the world.
In 2018 Asia-Pacific led theindustry, followed by Europe. The Asia-Pacific market is projected to hold thelargest market share due to increased production and sales during the forecastperiod of e-vehicles and electric car battery refrigeration systems. Inaddition, growing public and private players' investments in developing theelectric vehicle battery recycling industry in Japan, Australia, China,Vietnam, and India and rising demand for safety features in vehicles arecontributing to the development of the market in this area. In addition, aincreasing population and rising battery disposable income are expected to fueldemand for battery recycling of electric vehicles in this area. China is slatedto hold the largest share in Asia-Pacific, and is predicted to rise rapidlyover the review period due to the existence of a large customer base that hasrecognized the benefits of car battery disposal.
North America is seeing growthdue to factors such as investment in research and development, increasedgovernment funding for the production of car battery recycling and recyclingplants for EV batteries, and the market for environmentally sustainablevehicles adds to the wide potential customer base for battery sales in the USAand Canada.
The European Union (EU) hasadopted legislation covering vehicle emission standards in the UK, France andother countries and has already revealed its deadlines for establishingzero-emission zones, which raises demand for electric vehicles and stimulatesdemand for recycling electric car batteries. This leads to the construction ofbattery recycling plants to meet overall demand and to minimize emissions fromthe disposal of electric car batteries across the city.
Competitive Analysis
The major market playersoperating in the global electric battery vehicle recycling market as acknowledgedby MRFR are American Manganese Inc. (Canada), ACCUREC Recycling GmbH (Germany),Battery Solutions (US), Li-Cycle Corp. (Canada), Recupyl (France), G & PBatteries (UK), Retriev Technologies (US), Snam S.p.A. (Italy), AustralianBattery Recycling Initiative (Australia), and Umicore N.V.. (Belgium).
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