Meticulous Research®, a leading global market research firm, has published a new comprehensive report titled “EV Battery Recycling Market by Type (Li-ion, Ni-MH, SLA), Source (Commercial, Passenger, E-bikes), Process (Direct, Pyro, Hydro), Model (Contractual Services, Direct-to-Market), Material (Graphite, Lithium), and Geography - Global Forecast to 2031.”
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5483
Market Overview
According to the latest insights from Meticulous Research®, the global electric vehicle (EV) battery recycling market is poised to reach an impressive $10.1 billion by 2031, growing at a compound annual growth rate (CAGR) of 40.9% from 2024 to 2031. This rapid market expansion is driven by escalating demand for electric vehicles, stringent regulatory frameworks mandating battery recycling, and growing concerns over the depletion of raw material resources. However, safety concerns related to the storage and transportation of used batteries present significant challenges to market growth.
Growth Opportunities and Challenges
Government incentives for battery recycling and innovations in recycling technologies are expected to create substantial growth opportunities. Nevertheless, the high costs associated with recycling EV batteries remain a formidable challenge for market players. Additionally, increasing investments in battery recycling infrastructure in emerging economies are set to become a pivotal trend in the market.
Market Segmentation
The global EV battery recycling market is segmented based on battery type, source, recycling process, business model, and material. The report also provides a detailed competitive analysis and evaluates the market at regional and country levels.
• By Battery Type: The market is segmented into Lithium-ion (Li-ion), sealed lead acid (SLA), nickel-metal hydride (Ni-MH), ultracapacitors, and other batteries. In 2024, the Li-ion batteries segment is anticipated to dominate the market due to the growing adoption of electric vehicles and the necessity to recover valuable materials from these batteries. This segment is also expected to register the highest CAGR during the forecast period.
• By Battery Source: Segments include commercial vehicles, passenger cars, e-scooters & motorcycles, and e-bikes. The e-bikes segment is predicted to hold the largest market share in 2024, driven by the rising adoption of e-bikes globally. The commercial vehicles segment is forecasted to experience the highest CAGR, driven by the increasing demand for electric public transportation and logistics services.
• By Recycling Process: The market is divided into direct physical, pyrometallurgical, hydrometallurgical, and other processes. The pyrometallurgical process segment is expected to lead the market in 2024 due to its scalability and cost-effectiveness. However, the hydrometallurgical process segment is projected to achieve the highest CAGR, attributed to its efficiency in extracting a wide range of materials with low environmental impact.
• By Business Model: The market is categorized into contractual recycling services and direct-to-market models. Contractual recycling services are expected to hold the larger market share in 2024 and exhibit a higher CAGR, driven by increasing government incentives and stringent recycling regulations.
• By Material: Segments include graphite, nickel, cobalt, copper, manganese, lithium, aluminum, iron, plastics, and others. The graphite segment is anticipated to dominate in 2024, while the lithium segment is expected to register the highest CAGR, spurred by ongoing R&D and innovations in lithium-ion batteries.
Geographic Analysis
The report segments the market into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is forecasted to hold the largest market share in 2024, followed by Europe and North America. This growth is attributed to favorable government policies, increasing battery waste, and the high adoption of electric mobility in the region.
Key Market Players
Leading companies in the EV battery recycling market include Glencore plc (Switzerland), Fortum Corporation (Finland), Umicore NV (Belgium), Li-Cycle Holdings Corp. (Canada), Lithion Recycling Inc. (Canada), Tata Chemicals Limited (India), SNAM S.A.S. (France), Ascend Elements, Inc. (U.S.), ACE Green Recycling, Inc. (Singapore), Redwood Materials, Inc. (U.S.), Primobius GmbH (Germany), Attero Recycling Pvt. Ltd. (India), ACCUREC Recycling GmbH (Germany), Trishulavel Eshan Pvt. Ltd. (India), BatX Energies Pvt. Ltd. (India), MTB GROUP (France), and Duesenfeld GmbH (Germany).
Quick Buy @ https://www.meticulousresearch.com/Checkout/45013298
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
Contact Us:
Meticulous Research®
Email- [email protected]
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research