Electric Vehicle Battery Recycling Market Analysis

Electric Vehicle Battery Recycling Market Overview:

Electric Vehicle Battery Recycling Market Size was valued at USD 0.17 billion in 2021. The Electric Vehicle Battery Recycling market is projected to grow from USD 0.23 Billion in 2022 to USD 1.92 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 35.40% during the forecast period (2022 - 2030). Increasing attention is being paid to reducing the usage of natural resources in battery production. Research and development expenditures and increased government development assistance are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, M.R.F.R. Database and Analyst Review

Electric Vehicle Battery Recycling Market Trends

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  Growing Concerns About Global Warming and Growing Demand will boost the market growth

  
  

Concerns about the harmful effects of climate change and global warming are becoming more widespread and worrying pollution levels in important Asian Pacific nations like China and India have increased demand for electric cars and their associated batteries. Batteries for electric vehicles are recycled when they have served their purpose, which benefits the environment. Recycling contributes significantly to reducing pollution's negative effects. Most automobiles emit greenhouse gases when they are driven. Creating and transporting the gasoline that powers your car also emits greenhouse emissions. For instance, to produce gasoline, the oil must be extracted from the ground, transported to a refinery, refined into gasoline, and then transported to gas stations. These actions all have the potential to increase greenhouse gas emissions.

Figure 1: Global average surface temperature (1850-2025)

Source: Secondary Research, Primary Research, M.R.F.R. Database and Analyst Review

Additionally, there is a rise in customer demand for electric cars (E.V.s) due to increased environmental concerns. Rising EV sales are predicted to increase the overall number of E.V.s at the end of their useful lives, which is predicted to increase the need for recycling all the batteries used in electric cars. Due to the increase in the overall number of batteries purchased due to the increased sales of E.V.s and batteries purchased from sources that utilize second-hand batteries, it is also anticipated that E.V.B. recycling firms will increase their recycling capacity. Throughout the forecast period, all of these factors are anticipated to promote the expansion of the electric car battery recycling market CAGR.

Moreover, sustainable clean fuels are becoming more prevalent in automotive electric vehicle battery recycling. The transportation system relies heavily on oil as a fuel, raising worries among economists and environmentalists alike. The use of electric vehicles is growing along with environmental consciousness. E.D.V.s are being used more often, causing an increase in the demand for lithium-ion batteries, which are necessary for a constant power supply. The market for E.V.s is anticipated to expand due to factors including energy efficiency, pollution reduction, and customer adoption. Due to better battery technology and the minimal maintenance needs of these lithium-ion batteries, the rising number of electric cars will fuel the growth of electric vehicle battery recycling.

The electric vehicle battery recycling sector is seeing significant growth in developing novel processes. Major electric car battery recycling companies are investigating fresh and inventive methods to retrieve priceless battery components. For instance, in March 2022, Ascend Elements, a US-based producer of cutting-edge battery materials, and Koura, a US-based producer of fluoro products, joined forces to develop Hydro-to-Anode. This cutting-edge method can recover 99.9% pure graphite from depleted batteries. Recovered graphite may be used to create new batteries since it is of the same grade as virgin graphite. This approach reduces the need for mining new materials and enables the cost-effective recycling of lithium-ion (Li-ion) batteries. Therefore, such factors drive the Electric Vehicle Battery Recycling revenue growth.

Electric Vehicle Battery Recycling Market Segment Insights:

Electric Vehicle Battery Recycling Battery Insights

The Electric Vehicle Battery Recycling Market segmentation, based on Battery, includes lead acid, lithium-ion and others. During the projection period, the lead-acid battery sub-segment is expected to have a sizable electric car battery recycling market share and produce sales of $3.7 billion. Because they are expensive, heavy, and need little upkeep, lead-acid batteries are considered the ideal power source. The growth of this sub-segment is projected to be fueled by the rising usage of lead-acid batteries in a range of applications, including backup power supplies, electric scooters, and marine applications, as well as elements like simplicity, cost, and energy efficiency. More than 97% of lead-acid batteries are recycled in the U.S. and Europe, and around 75% of the lead used in new lead-acid batteries comes from recycled batteries. These factors lead to the gradually rising electric vehicle battery recycling market revenue.

Figure 2: Electric Vehicle Battery Recycling Market, by Battery, 2021 & 2030 (USD Million)

Source: Secondary Research, Primary Research, M.R.F.R. Database and Analyst Review

Electric Vehicle Battery Recycling Process Insights

The Electric Vehicle Battery Recycling Market segmentation, based on Process, includes Pyrometallurgical, Hydrometallurgical and others. The Pyrometallurgical segment of electric vehicle battery recycling held the majority share in 2021. From the standpoint of the environment and human health, hydrometallurgy is considered a more acceptable technique than pyrometallurgy. It permits decreased energy use, no air emissions, and better recovery of components with a purity grade. As the electric car battery recycling market for lithium-ion batteries expands, there will be a greater flow of used batteries that need to be recycled to avoid negative effects on the environment and human health, as well as to reduce the dependence on raw materials, reduce the possibility of a shortage, and support a circular economy.

Electric Vehicle Battery Recycling Application Insights

Based on application, the Electric Vehicle Battery Recycling Market data includes passenger and commercial vehicles. Sales of passenger cars are anticipated to have the highest growth over the projection period. Electric vehicle battery recycling is a big advancement in positively influencing the environment. Electric automobiles are more environmentally friendly than gasoline or diesel vehicles since they produce no exhaust emissions. Around 56.4 million passenger automobiles were sold worldwide in 2021, an increase of nearly 5% from the previous year. China was the world's largest regional electric car battery recycling market for vehicles in 2021, with a little under 21.5 million units.

Electric Vehicle Battery Recycling Regional Insights

By RegionRegion, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. Asia Pacific Electric Vehicle Battery Recycling market accounted for USD 0.07 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. The reason for this is the Region's rising e-vehicle manufacturing and sales. This Region's population is increasingly equipped with electric car battery cooling systems. Therefore such a factor will boost electric vehicle battery recycling. In nations like China, Japan, Australia, Vietnam, and India, the electric vehicle battery recycling business is growing thanks to rising investments from both public and private actors. According to market forecasts, these nations also have strong demand because of car safety features. When a bigger consumer base is acknowledged, the worth of everything increases. The China electric vehicle Battery recycling market shared that the largest regional market for vehicles in 2021 was China, with a little under 21.5 million units and India electric vehicle Battery recycling market is the fastest growing market.

Figure 3: Electric Vehicle Battery Recycling Market Share By Region 2021 (%)

 Source: Secondary Research, Primary Research, M.R.F.R. Database and Analyst Review

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

During the projected period, America's electric vehicle battery recycling is anticipated to account for a sizeable portion. This area's electric car battery recycling market is anticipated to expand due to significant market players, the use of electric cars in public transportation, and greater consumer disposable income. Due to several variables, North America's electric car battery recycling industry is anticipated to grow. These include expenditures in research and development, increasing government support for the growth of electric vehicle battery recycling, and establishing E.V. battery recycling facilities. A significant amount of the expanding potential consumer base in the U.S. and Canada is attributed to the need for environmentally friendly automobiles.

Over the predicted period, Europe's electric vehicle battery recycling market is anticipated to see consistent growth. All legislation governing car emissions in the U.K., its friends, and other nations are covered by European Union laws. Since these areas have set deadlines for establishing zero-emission zones, the demand for electric vehicle battery recycling has increased even more. This adoption across the area has resulted in the development of battery recycling factories to manage the overall demand and reduce pollution from disposing of electric car batteries. Further, the German electric vehicle battery recycling market held the largest market share. The U.K. electric vehicle battery recycling market was the fastest-growing market in the European Region region.

Electric Vehicle Battery Recycling Key Market Players & Competitive Insights

Major market players are investing a lot of money in R&D to expand their product portfolios, which will spur further market growth for the electric vehicle battery recycling industry. With significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and remain in a market that is becoming more competitive, competitors of electric vehicle battery recycling must provide affordable products.

Manufacturing locally to cut operational costs is one of the main business tactics used by the electric vehicle battery recycling industry to serve customers and increase the market sector. The electric vehicle battery recycling industry has recently given some innovations of the most important advantages. In the Electric Vehicle Battery Recycling market, major players such as A.C.C.U.R.E.C. Recycling GmbH (Germany), American Manganese Inc. (Canada),  Battery Solutions (U.S.), Li-Cycle Corp. (Canada), G & P In Batteries (U.K.) In, In Recupyl (France ) In,  Retriev Technologies (U.S.U.S.), Australian Battery Recycling Initiative (Australia), Snam S.p.A. (Italy), Umicore N.VN (Belgium), and others are working on expanding the market demand by investing in research and development activities.

Retrieved uses a proprietary hydrometallurgical technique to recover vital components required for producing the lithium-ion batteries that run our society. Research, education, compliance, electric vehicle battery recycling and management services are the foundation of Retriev's reputation. Battery Solutions was acquired by American lithium battery recycling and management company Retriev Technologies in March 2022 for an unknown price. This acquisition is expected to increase Retriev Technologies' expertise in the cross-chemistry collection, end-of-life battery sorting services, and a logistics network focused on batteries.

To provide a closed-loop and sustainable solution for recycling cathode materials used in lithium-ion batteries, American Manganese created the patented RecycLiCoTM Process. Recycling provides high extraction and purity of cathode metals like lithium, cobalt, nickel, manganese, and aluminum.

Key Companies in the Electric Vehicle Battery Recycling Market include

• C.C.U.R.E.C. Recycling GmbH (Germany)


• American Manganese Inc. (Canada)


• Battery Solutions (U.SU.S.)


• Li-Cycle Corp. (Canada)


• G & P Batteries (UK)


• Recupyl (France)


• Retriev Technologies (U.SU.S.)


• Australian Battery Recycling Initiative (Australia)


• Snam S.p.A. (Italy)


• Umicore N.VN.V.. (Belgium)

Electric Vehicle Battery Recycling Industry Developments

• May 2021: To create a facility in North America to extract and recycle battery metals from EVs, Primobius has reached a deal with Stelco.


• July 2022: In Seremban, Malaysia, Samsung S.D.I. broke ground on their second battery production facility. This plant will start making cylindrical PRiMX 21700 batteries in 2024. Up to 2025, the firm intends to invest USD 1.4 billion. Most of the batteries produced at the facility will be used in electric vehicles (E.V.E.V.), micromobility, and other applications.


• December 2021: In India, MG Motor successfully recycled its first E.V.E.V. (electric vehicle) Battery. To recycle and repurpose lithium-ion batteries for its Z.S.Z.S. electric vehicle model, it has worked with Attero Recycling Technology. Attero Recycling Technology has enabled the extraction of 99% of metals from lithium-ion Batteries.

Electric Vehicle Battery Recycling Market Segmentation:

EV Battery Recycling Battery Market Type Outlook

• lead acid


• lithium-ion


• others

EV Battery Recycling Market Application Outlook

• Pyrometallurgical


• Hydrometallurgical


• others

EV Battery Recycling Market Software & Algorithm Outlook

• Passenger Car


• Commercial Vehicle

EV Battery Recycling Market Regional Outlook

• North America

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  • US
  
  
  • Canada
  
  
  
  


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  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  

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  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  

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  Rest of the World

  
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America