USD 1.6 billion
Electric Vehicle (EV) Battery Recycling Market Size, Share, Growth Analysis, By Chemistry(Lithium-ion batteries, lead-acid, nickel, and others), By Process(Pyrometallurgical, hydrometallurgical, and others), By Application(Electric cars, electric buses, energy storage systems, and others), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG55C2006 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
92
|Figures:
76
Electric Vehicle (EV) Battery Recycling Market Insights
Electric Vehicle (EV) Battery Recycling Market size was valued at USD 2.27 Billion in 2023 and is poised to grow from USD 2.99 Billion in 2024 to USD 25.45 Billion by 2032, growing at a CAGR of 31.87% during the forecast period (2025-2032).
The growth of this global market is attributed to increasing demand for zero-emission vehicles, growing trend of using recycled products, and increasing bottleneck of certain battery pack material. In addition, greater consistency in the regulatory framework for electric vehicles in developing countries will also fuel the market growth.
The demand for electric vehicle is increased considerably due to consumer’s increasing attention to save cost over fuel spending, easy loan processing and higher approval rate, and availability of wide range of quality electric vehicles from leading brands with longer range. As per our latest findings, electric vehicles will make up 10% of global passenger vehicle sales by 2031, which is likely to inflate to increasing to 28% by 2031. Hence, growth in electric vehicle sales has increased the demand for electric vehicle battery recycling market.
Further, several governments are increased their spending on incentives for direct purchase and tax benefits for electric vehicles. In addition, government take initiatives to increase the adoption of electric vehicles. Various organization have arranged campaign to assist the electric vehicle battery recycling market for buses, trucks, electric passenger vehicle, and light commercial vans which is anticipated to grow the market in the coming years.
US Electric Vehicle (EV) Battery Recycling Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
lithium-ion batteries
Fastest Growth
lithium-ion batteries
Growth Rate
31.87% CAGR
Global Electric Vehicle Battery Recycling Market ($ Bn)
Country Share for North America Region (%)
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Electric Vehicle (EV) Battery Recycling Market Segmental Analysis
Global Electric Vehicle (EV) Battery Recycling Market is segmented on the basis of chemistry, Process, Application, and region. By chemistry, the market is segmented into lithium-ion batteries, lead-acid, nickel, and others. By process, the market is segmented into pyrometallurgical, hydrometallurgical, and others. By application, the market is segmented into electric cars, electric buses, energy storage systems, and others. The market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America as according region.
Electric Vehicle (EV) Battery Recycling Market Analysis by Chemistry
The lithium-ion batteries segment is expected to grow at the fastest rate during the forecast period. The demand for lithium-ion batteries is increased due to their numerous environmental benefits such as good high temperature performance, high power-to-weight ratio, low self-discharge, high energy efficiency. The electric vehicle sales are increased which reduces the carbon emissions and have positive impact on the segment growth. On the other hand, lead-acid battery segment is expected to account for the significant share during the forecast period. The growth of this segment is due to increased use of lead-acid batteries in a variety of applications such as electric scooters, backup power supplies, and maritime application. For instance, in the United States and Europe, more than 97% of lead-acid batteries are recycled, and about 75% of the lead used in generation of the new lead-acid batteries. Hence, the demand for lead-acid battery is increased.
Electric Vehicle (EV) Battery Recycling Market Analysis by Application
Electric cars segment dominated the global market. Since electric cars don't emit any exhaust fumes, they are more environmentally friendly than gasoline or diesel cars. In 2021, over 56.4 million passenger cars were sold worldwide, an increase of almost 5% from the year before. With just under 21.5 million units, China held the title of the world's largest regional market for recycling electric car batteries. A number of government regulatory bodies have put rules into place to encourage the market for electric vehicles. Consumer preferences are predicted to shift towards electric vehicles as a result of environmental factors like rising pollution, energy depletion, global warming, and biological dangers, which will increase the demand for recycled batteries.
Global Electric Vehicle Battery Recycling Market By Chemistry
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Electric Vehicle (EV) Battery Recycling Market Regional Insights
North America is expected to account for the significant share during the forecast period. The growth of this region is attributed to presence of major players in this region, higher disposable income of the consumers, implementation of the electric vehicles in the transportation. In North America lead-acid batteries are recycled at a rate of roughly 100%. The market is anticipated to grow as a result of the presence of significant recyclers including Call2Recycle, Aqua Metals, Enersys, and Battery Solutions, Inc.
The Asia Pacific region is anticipated to control the global market during the forecast period. The growing production and sales of electric vehicle in this region is expected to drive the market. China is the leading producer of the electrical vehicles and hybrid cars. For instance, in 2021, China produced around 2.9 million battery electric vehicles, an increase of 166 percent compared to 2020. In the same year, 601,000 plug-in hybrid cars were produced in China, and increase of 131 percent compared to the previous years. In addition, the increasing investments by the public and private sector to develop the electric vehicle battery recycling industry across the region is anticipated to drive the market in the coming years.
Global Electric Vehicle Battery Recycling Market By Region
- Largest
- Fastest
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Electric Vehicle (EV) Battery Recycling Market Dynamics
Electric Vehicle Battery Recycling Market Drivers
Increasing Demand for Electric Vehicles
- The demand for electric vehicle is increased due to growing global concerns regarding environmental impact and increasing pollution across the major cities. Petrol and diesel prices are increased recently so there is a need for fuel efficient vehicles, leading to surge in demand for electrically powered vehicles for travel, that generates the demand for batteries. Once these batteries reach end of their life, they can be recycled. For instance, 12m tons of lithium-ion batteries are expected to retire between the year 2021-2030 and it is expected to be recycled. Hence, the increasing demand for electric vehicle drives the growth of the electric vehicle battery recycling market.
Growing Demand for Recycled Products
- Various companies are working on the development of effective techniques to recycle lithium-ion batteries due to increasing demand for the recycled raw materials such as nickel, cobalt, lithium, and others. For instance, Redwood, the biggest lithium-ion battery recycling company in the US, aims to bring down battery costs by mass supplying materials derived from recycled cells.
Electric Vehicle Battery Recycling Market Restraints
High Operating Costs
- Electric vehicle battery recycling plant has much higher operating costs which restricts the development of large-scale second life battery. High operating costs are due to complex and challenging process are involved in the extraction of components like batteries as well as uncertainty related to safety, efficiency, and remaining lifetime of batteries sent for refurbishment. Further, lack of knowledge about the electric vehicle battery recycling is also hamper the market growth.
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Electric Vehicle (EV) Battery Recycling Market Competitive Landscape
Global electric vehicle battery recycling market is moderately competitive due to presence of local players. Major players have adopted strategies such as merger, acquisitions, collaborations, andpartnershipsp to strengthen their position in the global market. majority of the companies increased their investment in research and development to produce effective technology for the recycling of electric vehicle battery.
Electric Vehicle Battery Recycling Market Top Player’s Company Profiles
- Umicore SA
- Tesla, Inc.
- Li-Cycle Corp.
- Retriev Technologies Inc.
- GEM Co., Ltd.
- Glencore International AG
- American Manganese Inc.
- Battery Solutions Inc.
- Aqua Metals Inc.
- Raw Materials Company Inc.
- Fortum Oyj
- Neometals Ltd.
- Enirgi Group Corporation
- Gopher Resource LLC
- Recupyl
- Lithion Recycling Inc.
- Terracycle Inc.
- Battery Recycling Made Easy (BRME)
- Green Energy Metals Pty Ltd
- International Metals Reclamation Company (INMETCO)
Electric Vehicle Battery Recycling Market Recent Developments
- In March 2022, Battery Solutions, the leader in North America in sustainable, end-to-end management solutions for end-of-life batteries and consumer electronics, had been acquired by Retrieve Technologies, the most comprehensive lithium battery recycler Battery Solutions, the leader in North America in self-sustaining, edge management services for end-of-life batteries and consumer electronics, had been acquired by Retriev Technologies, the most comprehensive lithium battery recycler The merged product unites two complementary sector experts to produce North America's first and only all-inclusive battery management solution.
- In May 2022, Samples of NMC-811 (nickel manganese cobalt oxide) cathode precursor material were produced by American Manganese and delivered to its active third-party collaborators in North America, Europe, and Asia. Black mass made from used electric vehicle batteries served as the cathode precursor's feedstock.
Electric Vehicle (EV) Battery Recycling Key Market Trends
- The number of EV batteries requiring proper management at EOL is growing due to the current surge in EV sales. This is one of the main things that is favourably affecting the market, along with the expanding automobile industry. Leaders in the industry are also creating novel recycling processes, such direct recycling or cathode-to-cathode recycling, to recover metals, minerals, chemicals, and chemical powders suitable for direct sales to battery manufacturers. This approach differs from the existing method of creating materials containing metals that are sent to smelters for processing and extracting Ni, Co, and other cathode materials as metals. In addition, governments in many countries are investing more on EV tax credits and direct purchasing incentives. The electric vehicles initiative (EVI), which aims to hasten the deployment of EVs globally, is also being established by them. Additionally, a number of initiatives have been launched by international organisations to boost the market for buses, trucks, electric passenger cars, and light commercial vans (LCVs).
Electric Vehicle (EV) Battery Recycling Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global electric vehicle battery recycling market analysis, growing sales of electric vehicles, government initiatives to increase the adoption of zero emission vehicles, growing trend of using recycled vehicles are the factors which is expected to propel the market growth. In addition, major players are increased their focus on the development of efficient technologies for the recycling of the electric vehicle batteries which has positive impact on the global market. However, high operating cost restrains the market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 1.6 billion |
| Market size value in 2031 | USD 19.3 billion |
| Growth Rate | 31.87% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Electric Vehicle (EV) Battery Recycling Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Electric Vehicle (EV) Battery Recycling Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Electric Vehicle (EV) Battery Recycling Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Vehicle (EV) Battery Recycling Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Vehicle (EV) Battery Recycling Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electric Vehicle (EV) Battery Recycling Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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