Electric Vehicle Battery Recycling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Electric Vehicle Battery Recycling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global electric vehicle (EV) battery recycling market size reached US$ 2.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.8 Billion by 2028, exhibiting a growth rate (CAGR) of 27.6% during 2023-2028.

Electric vehicle (EV) battery recycling relies on two procedures, including pyrometallurgy/smelting and hydrometallurgy, which are either utilized separately or in combination with each other. It focuses on recovering the cathode metals of a battery, such as nickel (Ni), cobalt (Co), aluminum (Al), iron (Fe), and lithium (Li), to reduce the dependence on intensive mining for battery development. Besides this, as it can prevent hazardous materials from entering the waste stream at the end of life (EOL) of a battery, the demand for EV battery recycling is rising across the globe.

Electric Vehicle Battery Recycling Market Trends:
As there is presently an increase in the sales of EVs, the number of EV batteries requiring proper management at EOL is also growing. This, in confluence with the burgeoning automotive industry, represents one of the key factors positively influencing the market. Moreover, leading players are developing new recycling technologies, such as direct recycling or cathode-to-cathode recycling, to recover metals, minerals, chemicals, and chemical powders suitable for direct sales to battery manufacturers. This approach varies from the current method of producing metal-laden materials directed to smelters for refining and recovering Ni, Co, and other cathode materials as separate metals. Besides this, governments of numerous countries are increasing their expenditure on direct purchase incentives and tax deductions for EVs. They are also establishing the electric vehicles initiative (EVI), which aims at accelerating the adoption of EVs worldwide. In addition, several campaigns have been launched by global organizations to support the market of buses, trucks, electric passenger cars, and light commercial vans (LCVs). This, coupled with the depletion of non-renewable metal resources, is facilitating the growth of the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global electric vehicle battery recycling market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, process, vehicle type and application.

Breakup by Type:

Lithium-ion
Lead-acid
Others

Breakup by Process:

Hydrometallurgical
Pyro-metallurgical
Others

Breakup by Vehicle Type:

Passenger Cars
Commercial Vehicles

Breakup by Application:

Electric Cars
Electric Buses
Energy Storage Systems
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ACCUREC-Recycling GmbH, American Manganese Inc., Battery Solutions, G & P Batteries Limited, Li-Cycle Corp., Retriev Technologies, SITRASA, SNAM Groupe (Floridienne), TES-Amm and Umicore N.V.

Key Questions Answered in This Report
1. What was the size of the global electric vehicle battery recycling market in 2022?
2. What is the expected growth rate of the global electric vehicle battery recycling market during 2023-2028?
3. What are the key factors driving the global electric vehicle battery recycling market?
4. What has been the impact of COVID-19 on the global electric vehicle battery recycling market?
5. What is the breakup of the global electric vehicle battery recycling market based on the type?
6. What is the breakup of the global electric vehicle battery recycling market based on the process?
7. What are the key regions in the global electric vehicle battery recycling market?
8. Who are the key players/companies in the global electric vehicle battery recycling market?