Global Electric Vehicle Battery Recycling Market to Reach US$ 22.2 Billion by 2032, Propelled by Significant Growth in Automotive Sector

October 25, 2022 | Automotive Industry

According to the latest report by IMARC Group, titled “Electric Vehicle Battery Recycling Market Report by Type (Lithium-ion, Lead-acid, and Others), Process (Hydrometallurgical, Pyro-metallurgical, and Others), Vehicle Type (Passenger Cars, Commercial Vehicles), Application (Electric Cars, Electric Buses, Energy Storage Systems, and Others), and Region 2024-2032”, the global electric vehicle battery recycling market reached a value of US$ 2.9 Billion in 2023. Recycling EV (electric vehicle) batteries is a way to improve metallurgical processes by increasing the efficiency and extraction of copper, nickel, and cobalt, resulting in a higher yield for batteries. A process involving pyrometallurgy (or smelting) and hydrometallurgy is used to recover nickel (Ni), cobalt (Co), aluminum (Al), iron (Fe), and lithium (Li) from a battery cathode. It also prevents hazardous materials from entering the waste stream after the battery's end of life (EOL). As a result, recycling EV batteries helps reduce the dependence on intensive mining for battery development and recover most of the lithium contained within them.

Global Electric Vehicle Battery Recycling Market Trends:

The global market is primarily driven by considerable growth in the automotive industry. This can be attributed to the increasing adoption of zero-emission electric vehicles among the masses. In addition to this, the growing number of EV batteries requiring proper management at EoL is also resulting in a higher uptake of recycling services. Moreover, continual advancements in recycling technologies, including cathode-to-cathode recycling, chemical powders and direct recycling, are providing an impetus to the market. Apart from this, favorable government initiatives supporting the sales of EVs, including offering various incentives and tax deductions, are creating a positive market outlook. Some of the other factors contributing to the growth of the market include the continuous depletion of fossil fuels, rapid industrialization, the growing awareness regarding environmental pollution and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 22.2 Billion by 2032, exhibiting a CAGR of 24.9% during 2024-2032.

Market Summary:

  • Based on the type, the market has been segmented into lithium-ion, lead-acid, and others.
  • On the basis of the process, the market has been divided into hydrometallurgical, pyro-metallurgical, and others.
  • Based on the vehicle type, the market has been categorized into passenger cars and commercial vehicles.
  • On the basis of the application, the market has been classified into electric cars, electric buses, energy storage systems, and others.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include ACCUREC-Recycling GmbH, American Manganese Inc., Battery Solutions, G & P Batteries Limited, Li-Cycle Corp., Retriev Technologies, SITRASA, SNAM Groupe (Floridienne), TES-Amm, and Umicore N.V.

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Global Electric Vehicle Battery Recycling Market to Reach US$ 22.2 Billion by 2032, Propelled by Significant Growth in Automotive Sector
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