Global EV Battery Recycling Market Report 2024: Market Size, CAGR, Lucrative Segments

Overview and Scope
The EV battery recycling refers to the process of recycling the batteries of electric vehicles. Lithium-ion batteries are the common type of batteries that are used in electric vehicles (EVs), and recycling of these batteries is done to reclaim the crucial minerals such as lithium, cobalt, manganese, and nickel. These minerals are further used to produce new batteries.

Sizing and Forecast
The EV battery recycling market size has grown exponentially in recent years. It will grow from $2.32 billion in 2023 to $3.02 billion in 2024 at a compound annual growth rate (CAGR) of 30.3%. The growth in the historic period can be attributed to environmental concerns, supply chain security, rise in electric vehicle sales, innovation and R&D efforts, circular economy initiatives.

The EV battery recycling market size is expected to see exponential growth in the next few years. It will grow to $8.29 billion in 2028 at a compound annual growth rate (CAGR) of 28.7%. The growth in the forecast period can be attributed to research and development focus, environmental awareness and sustainability goals, investment in recycling infrastructure, market demand for recycled materials. Major trends in the forecast period include closed-loop recycling systems, advancements in recycling technologies, lithium-ion battery innovation, collaboration in industry ecosystem, focus on material recovery and purity.

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Segmentation & Regional Insights
The EV battery recycling market covered in this report is segmented –

1) By Battery Type: Lead-Acid Battery, Lithium-Based Battery, Other Battery Types
2) By Process: Pyrometallurgical, Hydrometallurgical, Other Processes
3) By Vehicle Type: Passenger Cars, Commercial Vehicles
4) By Application: Electric Cars, Electric Buses, Energy Storage Systems, Other Applications

Asia-Pacific was the largest region in the EV battery recycling market in 2023. The regions covered in the ev battery recycling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
An increase in the sales of electric vehicles (EV) is expected to propel the growth of the EV battery recycling market going forward. EVs are vehicles that are either partially or fully powered by electricity and contain a battery that powers an electric motor. EV batteries contain critical minerals that can be reclaimed through recycling of end-of-life EV batteries and used for manufacturing new batteries that are used in electric vehicles. For instance, according to the International Energy Agency, a France-based autonomous intergovernmental organization, global sales of EVs that include fully electric and plug-in hybrids reached 6.6 million units in 2021. Also, the total number of EVs on the roads worldwide stood at 16.5 million in the year 2021. Therefore, the increase in the sales of electric vehicles is driving the demand for the growth of the EV battery recycling market.

Key Industry Players
Major companies operating in the EV battery recycling market report are Glencore International AG, Veolia Environnement Société Anonyme, SNAM Société par Actions Simplifiée, Ganfeng Lithium Co. Ltd., Umicore NV, Benchmark Minerals Incorporated, Viridor Waste Management, Gravita India Limited, Sitrasa Società per Azioni, Ziptrax Cleantech, Redwood Materials Incorporated, Retriev Technologies, G & P Batteries Incorporated, Belithium Corporation, Cirba Solutions, Accurec Recycling GmbH, Li-Cycle Corp., Lithion Recycling Incorporated, Recytech, Lohum Cleantech, Recupyl, Attero Recycling, Australian Battery Recycling Initiatives, American Manganese Incorporated, ACE Green Recycling Incorporated, Call2Recycle, TES-Amm, Envirostream, Floridienne Société Anonyme, CleanCycle

The ev battery recycling market report table of contents includes:

1. Executive Summary
2. EV Battery Recycling Market Characteristics
3. EV Battery Recycling Market Trends And Strategies
4. EV Battery Recycling Market - Macro Economic Scenario
5. Global EV Battery Recycling Market Size and Growth
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32. Global EV Battery Recycling Market Competitive Benchmarking
33. Global EV Battery Recycling Market Competitive Dashboard
34. Key Mergers And Acquisitions In The EV Battery Recycling Market
35. EV Battery Recycling Market Future Outlook and Potential Analysis
36. Appendix

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