Electric Vehicle Battery Recycling Market Overview
Electric Vehicle Battery Recycling Market was valued at US$ 3.2 Billion in 2024 and is projected to grow at a CAGR of 7.90 % to reach US$ 6.5 Billion by 2034.
Energy storage systems especially batteries are essential for electric vehicles, hybrid electric vehicles (HEVs), and plug-in-hybrid electric vehicles (PHEVs). Lithium ion batteries are used in electric vehicles, laptop, computers, cell phones, etc. Recycled lithium-ion batteries from electric vehicles provides a valuable secondary source of materials. Demand for electric vehicles is increasing which has led to de-carbonizing personal transportation to meet global targets which will help in reduction of greenhouse gas emissions and improving quality of air in urban centers. Lithium ion phosphate batteries has no maintenance, longer life span, and lightweight, charge efficiency, extremely safe and benefitted. Lithium ion phosphate batteries lasts for over 12 years. Lithium batteries are recycled in large plants by shredding whole battery into powder. Pyro metallurgy (smelting), Direct recycling (physical processes) and Hydrometallurgy (leaching) are basic process for recycling electric batteries. Pyro metallurgy and Hydrometallurgy are chemical processes which includes, separation, extraction, leaching, and electrochemical precipitation. Recycling of electric vehicle batteries helps in extracting raw materials from used batteries and reused by manufacturing companies. Recycling of electric vehicle batteries bring down the cost of new batteries. Recycling helps in reducing pollution, conserving resources and contribute to economy. Recycling lithium ion batteries help in reducing human and environmental impact, improving security of supply chain, and reducing dependency on materials. However, rising automotive industries and demand for electric vehicles has fueled the Electric Vehicle Battery Recycling market growth.
Electric Vehicle Battery Recycling Market Dynamics
Rising demand for electric vehicles
Rise in electric vehicles due to increase in fuel prices is one of the leading factors for the Electric Vehicle Battery Recycling Market growth. Awareness about electric vehicles by consumers, affordable prices, ecofriendly vehicle, improvement in charging system and charging speed, increase in fuel prices has given rise in purchasing of electric vehicles. Rising demand for electric vehicles has given rise in recycling electric vehicle batteries. Recycling of electric vehicle batteries helps in lowering negative impact on environment which is caused due to mining. For instance, in 2022, In India, demand for electric vehicles has picked up exponentially. An Indian carmaker Tata Motors has won the category with sales of 15,198 electric cars with share of 85.37% and MG Motor India sold 2,045 cars with share of 11.49% and won second place. However, rising demand for electric vehicles due to increase in fuel prices has boosts the demand for Electric Vehicle Battery Recycling Market growth.
Technological advancement and rise in production
Recent technological advancement and rise in production of EV batteries has become the major factor in target market growth. Advancement and technology innovations in electric vehicle charging like smart EV charging, smart battery management, megawatt charging system for big trucks, self-healing algorithms for EV charging management has given rise in target market growth. Government investing in electric cars, rising sales of electric vehicles has given rise in technology innovations in recycling process. For instance, in 2022, six EV battery technological invention has driving the automotive industry forward. The newly EV batteries are, Nanobuilt Lithium Tungsten Batteries – It helps in improving power storage and reduce charging demands. Zinc Manganese Oxide Batteries – It has expansion storage properties. Organosilicon Electrolyte Batteries, Gold Nanowire Gel Electrolyte Batteries – These battery exceeds around 100,000 charges and also increase electric car battery life. Tank Two String Cell Batteries – It has quick charging speed and minimum reliance on lithium-ion. Hydrogen Fuel Cell Batteries – It only outputs water while charging fuel cell vehicles. For instance, in 2022, US government has announced that it will provide more than $3bn to boost the growth of domestic production of EV (electric vehicles) batteries. However, new technological inventions and rise in production of EV batteries has given rise in demand for Electric Vehicle Battery Recycling Market growth.
Restrains:
However, electric cars travel less distance, takes longer time to charge the batteries, cost is expensive of electric cars, if not recycled properly its dumping in landfill causes environmental pollution. Thus, its expensive costs and hazardous to environment may somewhat restrain the Electric Vehicle Battery Recycling market growth.
Electric Vehicle Battery Recycling Market Segmentation
Electric Vehicle Battery Recycling Market is segmented based on chemistry, application, end-user and region.
Chemistry Insight
On the basis of chemistry Electric Vehicle Battery Recycling Market is segmented into Lithium ion phosphates, Lithium metal phosphates, and Lithium manganese cobalt oxides.
Application Insights
On the basis of application Electric Vehicle Battery Recycling Market is segmented into Electric Buses, Energy Storage Systems, Electric Cars and others. Electric cars has dominated the market due to rising demand by consumers and their disposable income.
End-User
On the basis of end-user Electric Vehicle Battery Recycling Market is segmented into Industrial, Transportation, and others. Transportation has dominated the market due to rapid growth in urbanization.
Regional Insights:
On region the Electric Vehicle Battery Recycling Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is estimated to witness a significantly high revenue share over the forecast period, owing to growing population, especially in countries such as Europe and Asia Pacific, and technological advancements. Moreover, rising automotive industries, increased per capita income, rising production of electric vehicles, electric car battery cooling systems, strict environmental regulations is anticipated to increase demand for Electric Vehicle Battery Recycling in the region.
Report Scope:
|
Attribute |
Details |
|
Base year for estimation |
2023 |
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Forecast period |
2024 – 2034 |
|
Market representation |
Revenue in USD Billion & CAGR from 2024 to 2034 |
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Market Segmentation |
By Chemistry - Lithium ion phosphates, Lithium metal phosphates, and Lithium manganese cobalt oxides By Application - Electric Buses, Energy Storage Systems, Electric Cars and others By End-User - Industrial, Transportation, and Others
|
|
Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
|
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Electric Vehicle Battery Recycling Market report based on chemistry, application, end-user and region:
Electric Vehicle Battery Recycling Market, By Chemistry:
- Lithium ion phosphates
- Lithium metal phosphates
- Lithium manganese cobalt oxides
Electric Vehicle Battery Recycling Market, By Application:
- Electric Buses
- Energy Storage Systems
- Electric Cars
- Others
Global Electric Vehicle Battery Recycling, By End-User:
- Industrial
- Transportation
- Others
Electric Vehicle Battery Recycling Market, By Region:
- North America
- Middle East & Africa
-
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
-
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
-
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
-
- Europe
-
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
-
-
- U.S.
- Canada
- Middle East & Africa
Electric Vehicle Battery Recycling Market Key Players
The key players operating the Electric Vehicle Battery Recycling Market includes,
Aqua Metals
It is the metal recycling company. It is based in McCarran, Nevada.
Battery Solutions Inc.
It is the designer and manufacturer of custom lithium battery packs from Bengaluru, India.
Call2Recycle
It provides business with convenient way in collecting and recycling used rechargeable batteries and old cell phones.
Enersys
It is the global leader in chargers, batteries and accessories for reserve, aerospace, motive, industrial batteries and defense applications. It is the major operator in battery and accumulator recycling.
Snam S.P.A
It is the French company and major operator in battery and accumulator recycling.
Accurec recycling GmbH
It is the innovation leader in battery recycling and also offers dismantling and packaging services on site in case of storage of battery systems.
American Manganese Inc.
It is the company of mining and electric vehicle lithium-ion battery recycling.
G&P Batteries
It is the leading battery recycling and waste battery collection specialist in UK.
Li-Cycle Corp.
It is the leading lithium-ion battery recycling company.
Retriev Technologies
It is specialized in management and recycling of batteries and battery related waste.
Umicore N.V.
It is the leading company of circular materials technology with an extensive expertise in field of chemistry, metallurgy and material science.
Electric Vehicle Battery Recycling Market Key Issues Addressed
- In April 2022, Aqua Metal has produced high purity nickel from lithium-ion battery black mass. Newly produced high purity nickel has enabled the streamlined process for producing lithium battery grade material. It has also produced copper and lithium hydroxide from lithium-ion battery black mass at company’s innovation center located in Tahoe-Reno industrial center.
- In February 2022, Umicore N.V., has developed new generation Li-ion battery recycling technology and announced the award with ACC (Automotive Cells Company). Newly developed recycling technology will help in minimizing manual handling to increase process efficiency and robustness, recovers most of lithium, help in improving metallurgical process with increased extraction efficiency of copper, nickel and cobalt to reach 95% of yield for various battery chemistries.
Electric Vehicle Battery Recycling Market Company Profile
- Aqua Metals *
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Battery Solutions Inc.
- Call2Recycle
- Enersys
- Snam S.P.A.
- Accurec recycling GmbH
- American Manganese Inc.
- G&P Batteries
- Li-Cycle Corp.
- Retriev Technologies
- Umicore N.V.*
“*” marked represents similar segmentation in other categories in the respective section
Electric Vehicle Battery Recycling Market Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Preview
- Executive Summary
- Key Findings—Global Outlook for medical carts Strategies
- Key Questions this Study will Answer
- Market Snippet, By Chemistry
- Market Snippet, By Application
- Market Snippet, By End-User
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restrains
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Market Segmentation, By Chemistry
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024 – 2034
- Y-o-Y Growth Analysis (%), 2024 – 2034
- Segment Trends
- Lithium ion phosphates
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Lithium metal phosphates
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Lithium manganese cobalt oxides
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Overview
- Market Segmentation, By Application, 2024 – 2034, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024 – 2034
- Y-o-Y Growth Analysis (%), 2024 – 2034
- Segment Trends
- Electric Buses
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Energy Storage Systems
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Electric Cars
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Others
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Overview
- Market Segmentation, By End-User, 2024 – 2034, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024 – 2034
- Y-o-Y Growth Analysis (%), 2024 – 2034
- Segment Trends
- Industrial
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Transportation
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Others
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Overview
- Global Market, By Region, 2024 – 2034, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024 – 2034
- Y-o-Y Growth Analysis (%), 2024 – 2034
- Regional Trends
- North America
- Market Size and Forecast (US$ Bn), By Chemistry, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
- Market Size and Forecast (US$ Bn), By End-User, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Bn), By Chemistry, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
- Market Size and Forecast (US$ Bn), By End-User, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Bn), By Chemistry, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
- Market Size and Forecast (US$ Bn), By End-User, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Bn), By Chemistry, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
- Market Size and Forecast (US$ Bn), By End-User, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Bn), By Chemistry, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
- Market Size and Forecast (US$ Bn), By End-User, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
- Aqua Metals
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Battery Solutions Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Call2Recycle
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Enersys
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Snam S.P.A.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Accurec recycling GmbH
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- American Manganese Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- G&P Batteries
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Li-Cycle Corp.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Retriev Technologies
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Umicore N.V.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- The Last Word
- Future Impact
- About Us
- Contact
FAQs
The Electric Vehicle Battery Recycling Market is segmented into chemistry, application, end-user, and region.
Electric Vehicle Battery Recycling Market is driven by factors like rising demand for electric vehicles and technological advancement.
By region, the Electric Vehicle Battery Recycling market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is estimated to witness a significantly high revenue share over the forecast period, owing to growing population, especially in countries such as Europe and Asia Pacific, and technological advancements.
The key players operating the Electric Vehicle Battery Recycling Market includes, Aqua Metals, Battery Solutions Inc., Call2Recycle, Enersys, Snam S.P.A., Accurec recycling GmbH, American Manganese Inc., G&P Batteries, Li-Cycle Corp., Retriev Technologies, Umicore N.V., and others.