Electric Vehicle Battery Recycling Market Worth $56.3 Billion by 2031, CAGR of 25.8%, Says MarketsandMarkets

Chicago, Feb. 28, 2024 (GLOBE NEWSWIRE) — The global Electric Vehicle Battery Recycling Market The size is projected to grow from $9 billion in 2023 to $56.3 billion in 2031, with a CAGR of 25.8%. according to the recent MarketsandMarkets study. The market is undergoing expansion, driven by growing demand for electric vehicles (EV) and plug-in vehicles. The increasing prevalence of lithium-ion batteries is anticipated to further drive the demand for battery recycling, contributing to the overall growth of the market.

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List of Key Players in Electric Vehicle Battery Recycling Market:

1. Amperex Contemporary Technology Co., Limited. (Porcelain)
2. Glencore (Switzerland)
3. GEM Co., Ltd. (China)
4. ERAMET (France)
5. Li-Cycle Corp (Canada)
6. Umicore (Belgium)

Drivers, Opportunities and Challenges in Electric Vehicle Battery Recycling Market

1. Drivers: Increased demand for recycled products and materials
2. Restriction: Safety issues related to the storage and transportation of spent batteries
3. Chance: Lithium-ion battery adoption rises due to falling prices
4. Challenge: High cost of recycling and shortage of technologies

Key findings of the study:

1. Lithium-nickel-manganese-cobalt is expected to account for the largest share of the electric vehicle battery recycling market, by battery chemistry, during the forecast period, in terms of value.
2. By source, the passenger segment is expected to account for the largest market share during the forecast period in terms of value.
3. Asia Pacific is expected to register the largest market share during the forecast period.

Based on battery chemistry, the lithium-nickel-manganese-cobalt segment accounted for the largest share between 2023 and 2028. Lithium-nickel-manganese-cobalt batteries are widely used in the electric vehicle battery recycling market due to to its higher energy/power density, longer range for electric vehicles and high power output. Beyond renewable energies, they adapt to automotive and telecommunications, power vehicles and guarantee reliable communication networks. Their interest arises from profitability, safety features and recyclability. Rising market demand for electric vehicles drives market growth, becoming increasingly pivotal in the electric vehicle battery market. As technology evolves, these remain adaptable and maintain relevance in traditional and emerging applications.

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According to sources, the passenger segment accounted for the largest share, in value terms, of the overall electric vehicle battery recycling market during the forecast period. The convenience, comfort and personal mobility offered by passenger cars make them the preferred option for a large majority of consumers. The growing awareness and adoption of electric vehicles has contributed to the dominance of the passenger car segment in the automobile market. As the demand for electric passenger cars, consumer preferences and government support increase, this is expected to further boost the electric vehicle battery recycling market.

Based on region, Asia-Pacific is the largest market for electric vehicle battery recycling, in terms of value, during the forecast period. The region includes both emerging nations such as China, Japan and India. Asia Pacific has become a hotspot for electric vehicle battery recycling, benefiting from recent infrastructure development and industrialization in its emerging nations. These factors have created new opportunities for battery recycling, contributing to this region's continued growth for the electric vehicle battery market.

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