The report “Electric Vehicles Battery Recycling Market by Source (Passenger Vehicles, Commercial Vehicles, E-Bikes), Chemistry (Li-NMC, LFP, LMO, LTO, NCA), Process, and Region (North America, Europe, Asia Pacific) – Global Forecast to 2031″, is projected to grow from USD 9.0 billion in 2023 to USD 56.3 billion by 2031, at a CAGR of 25.8% during the forecast period. High demand from the automotive and consumer electronic sectors is expected to drive the EV Battery Recycling Market.
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- 217 Market Data Tables
- 48 Figures
- 211 Pages and in-depth TOC on “Electric Vehicles Battery Recycling Market – Global Forecast to 2031”
Some of the prominent key players are:
- Contemporary Amperex Technology Co., Limited. (China)
- Glencore (Switzerland)
- GEM Co., Ltd. (China)
- ERAMET (France)
- Li-Cycle Corp (Canada)
- Umicore (Belgium)
Driver: Increase in demand for recycled products and materials
The increasing interest in utilizing recycled materials and batteries is anticipated to promote research and development in the recycling of both batteries and materials. The upward path in material costs, coupled with a growing demand for eco-friendly or recycled products, is projected to create various sectors for growth within the battery recycling market. The mounting interest in recycled products and materials serves as a significant change, expected to have a substantial impact on the electric vehicle battery recycling market. This heightened demand is driven by a worldwide movement toward sustainable practices, a heightened environmental consciousness, and a growing awareness of the limited availability of natural resources.
“E-Bikes, by source, is estimated to account for the highest CAGR during the forecast period.”
E-bikes by source contribute to having the highest CAGR during the forecast period as electric vehicle (EV) batteries in e-bikes are driven by several key advantages. EV batteries, particularly lithium-ion and lithium-iron-phosphate (LFP) types, offer higher energy density, ensuring longer range and improved e-bike performance. Safety is enhanced, with lithium-ion batteries being less susceptible to thermal runaway and oxygen release in case of fire compared to lead-acid batteries.
“Asia Pacific is estimated to account for the highest CAGR during the forecast period.”
The demand for EV batteries in Asia Pacific is significant, driven by the increasing adoption of EVs in emerging economies. Growing investments by leading automotive OEMs to set up battery manufacturing and recycling facilities in the region, and rising government initiatives to support EV battery manufacturing and EV battery recycling are some of the factors driving the growth of the EV battery recycling market in the Asia-Pacific region.
