Global Electric Vehicle Battery Recycling Market is Expected to Grow a CAGR of 38.4% during the Forecast Period

The latest market report published by Credence Research, Inc. “Global Electric Vehicle Battery Recycling Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The Global Electric Vehicle Battery Recycling Market generated revenue of around USD 141.6 million in 2020 and anticipated to grow at a CAGR of over 38.4% during the forecast period from 2021 to 2027 to reach around USD 2,123.5 million in 2027.

Browse the full report at  https://www.credenceresearch.com/report/electric-vehicle-battery-recycling-market

Electric vehicles are a division of the global transportation sector undergoes a paradigm change with a clear inclination towards greener vehicles. Battery is used as a secondary power source with the introduction of first automobile. EV battery is a rechargeable battery and uses chemical energy stored in rechargeable battery packs for power. These type of batteries reach to end of life and after this are replaced with a fresh one. Also, the valuable materials inside each of these batteries, which reach end of life, can be recovered to optimize the use of limited metal resources. Cobalt, aluminum, lithium, nickel, and other types of metals can be improved from these batteries.

Growth in Demand for Zero Emission Vehicles

Increase in global concerns about the negative result of climate change has created a considerable demand for electric vehicles are expected to drive the growth of the global market. Increasing demand for fuel-efficient vehicles due to rising prices of diesel and petrol is expected to fuel the growth of the global electric vehicle battery recycling market. This result in depletion of fossil fuel reserves and companies to increase highest profit from these oil reserves is projected to drive the growth of the target market. Growing demand for thermal cooling, energy-efficient battery-powered devices, and stringent emission and fuel regulations expected to drive the growth of the global market.

Impact of COVID 19 on Electric Vehicle Battery Recycling Market

The COVID-19 virus has negatively affected the global market due to shutdown of production lines and a push in electric vehicles. Quarantines and movement restriction orders had banned workers from operating recycling services. Economic uncertainty and turn down in customer spending are probable to affect the market growth. Government economic spur policies and improvements in battery recycling techniques can restart the market. Furthermore, the increasing demand for lithium and cobalt due to limitations on mining can hinder the market growth plans.

Global Electric Vehicle Battery Recycling Market by Type Insights

Lead Acid, Lithium-ion and others are some of the major types through electric vehicle battery recycling market. Lead Acid segment accounted for the largest share in 2020 of the Electric Vehicle Battery Recycling Market in 2020.

 

Global Electric Vehicle Battery Recycling Market by Process Insights

Pyrometallurgical, Hydrometallurgical, and Others are the process of Electric Vehicle Battery Recycling market. In 2020, Hydrometallurgical accounted for the largest share of Electric Vehicle Battery Recycling Market.

Global Electric Vehicle Battery Recycling Market by Application Insights

Global Electric Vehicle Battery Recycling Market is segmented based on Passenger car and Commercial vehicle. Commercial vehicle accounted for the largest share of the Electric Vehicle Battery Recycling Market in 2020.

Global Electric Vehicle Battery Recycling Market by Regional Insights

The Asia Pacific market is accounted for the highest revenue share and is expected to dominate the global market over the forecast period. This is attributed to increasing production of electric car battery cooling system and electric vehicle. In addition, rising investments by private and public player for leveraging on electronic waste is expected to drive the growth of the global market. China is the major contributor in the global market, due to benefits of battery disposal and large customer base. North America market is expected to significant revenue share in the global market, due to investments in R&D, demand for environment-friendly vehicles and government support for electric vehicle battery recycling.

Global Electric Vehicle Battery Recycling Market Competitive Landscape

Most prominent players in the global Electric Vehicle Battery Recycling Market include ACCUREC Recycling GmbH, American Manganese Inc., Battery Solutions, LI-CYCLE CORP., G & P Service, Recupyl, Retriev Technologies, SITRASA, SNAM S.A.S., Umicore. The report covers very detailed profiles of these key players.

Market Segmentation

Global Electric Vehicle Battery Recycling Market by Type, 2015 – 2027

· Led Acid

· Lithium-ion

· Others

Global Electric Vehicle Battery Recycling Market by Process, 2015 – 2027

· Pyrometallurgical

· Hydrometallurgical

· Others

Global Electric Vehicle Battery Recycling Market by Application, 2015 – 2027

· Passenger car

· Commercial vehicle

Global Electric Vehicle Battery Recycling Market by Region, 2015 – 2027

· North America

· Europe

· Asia Pacific

· Latin America

· Middle East and Africa

Global Electric Vehicle Battery Recycling Market: Key Players

· ACCUREC Recycling GmbH

· American Manganese Inc.

· Battery Solutions

· LI-CYCLE CORP.

· G & P Service

· Recupyl

· Retriev Technologies

· SITRASA

· SNAM S.A.S.

Umicore