Electric Vehicles Battery Recycling Market
PUBLISHED: 2024 ID: SMRC26217
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Electric Vehicles Battery Recycling Market

Electric Vehicles Battery Recycling Market Forecasts to 2030 - Global Analysis By Type (Lead Acid, Lithium-ion, Nickel and Other Types), Chemistry Type (Lithium Nickel Manganese Cobalt, Lithium Iron Phosphate, Lithium Titanate Oxide, Lithium Manganese Oxide, Lithium Nickel Cobalt Aluminum Oxide and Other Chemistry Types), Battery Source, Process, End User and by Geography

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4.9 (70 reviews)
Published: 2024 ID: SMRC26217

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Electric Vehicles Battery Recycling Market is accounted for $3.62 billion in 2023 and is expected to reach $21.87 billion by 2030 growing at a CAGR of 29.3% during the forecast period. The recycling of electric vehicle (EV) batteries is essential to the sustainable lifecycle management of these becoming more common automobiles. Effective recycling techniques to handle the disposal of EVs' lithium-ion batteries are becoming more and more necessary as demand for these vehicles soars. In addition to lessening the impact on the environment, recycling these batteries also minimizes the carbon footprint associated with battery production and lessens the reliance on finite resources. 

According to the International Renewable Energy Agency (IRENA), the global adoption of electric vehicles is projected to increase significantly in the coming years, driving the urgent need for sustainable battery recycling infrastructure to manage the growing volume of lithium-ion batteries.

Market Dynamics: 

Driver: 

Growing uptake of electric cars

The electric vehicle battery recycling market is expanding as a result of the global upsurge in EV adoption, which is being driven by emissions regulations and consumer demand for environmentally friendly transportation. End-of-life battery accumulation is growing in importance as EV sales keep rising, especially in areas with infrastructure and government policies that encourage them. Additionally, in order to responsibly handle the increasing volume of spent lithium-ion batteries, this influx requires the development of effective and scalable recycling solutions.

Restraint:

Expensive initial outlay

A significant upfront investment in facilities, machinery, and technology is necessary to establish a comprehensive battery recycling infrastructure. Potential market participants face a substantial barrier to entry due to the capital-intensive nature of battery recycling facilities and the requirement for specialized processes and equipment. Furthermore, large-scale recycling projects may be avoided by investors and stakeholders due to the uncertain long-term return on investment caused by variables like changing regulations, rising commodity prices, and technological advancements.

Opportunity:

Growing need for eco-friendly remedies

The market for recycling batteries used in electric vehicles has a lot of potential due to the increased emphasis on sustainability and environmental stewardship on a worldwide scale. Demand for sustainable methods of managing batteries nearing their end of life is growing as governments, corporations, and consumers place a higher priority on environmentally friendly practices. Moreover, businesses that take the lead in battery recycling have the opportunity to profit from this expanding market and set themselves apart from competitors.

Threat:

Insufficient regulation and standardization

The stability and expansion of the battery recycling industry are seriously threatened by the lack of standardized procedures and laws. Differing battery chemistries, designs, and manufacturing processes make recycling more difficult and impede the creation of universal recycling methods. Furthermore, uneven legal frameworks amongst jurisdictions make it difficult for industry participants to comply, which causes the battery recycling ecosystem to become fragmented and inefficient. The market may encounter difficulties in terms of scalability, investment, and public acceptance if there aren't strong standards and laws in place to govern recycling procedures and guarantee adherence to safety and environmental laws.

Covid-19 Impact: 

The COVID-19 pandemic has presented opportunities as well as challenges for the electric vehicle battery recycling market. The collection, processing, and recycling of end-of-life batteries have been hampered by supply chain disruptions, a labor shortage, and the temporary closure of recycling facilities during lockdowns. This has resulted in delays and a reduction in capacity utilization. Additionally, the demand for electric vehicles has decreased due to economic uncertainty and lower consumer spending, which has an impact on the number of batteries that enter the recycling stream.

The Lithium-ion segment is expected to be the largest during the forecast period

In the market for recycled batteries for electric vehicles, lithium-ion batteries are projected to hold the largest share. Due to their higher energy density, longer lifespan, and better performance than other battery chemicals like lead-acid and nickel-based batteries, lithium-ion batteries have become the standard in electric vehicle technology, which is the reason for their dominance. There is a significant amount of lithium-ion batteries nearing the end of their useful lives that need to be recycled as a result of the spike in sales of electric vehicles brought on by government regulations and consumer demand for greener forms of transportation. 

The Lithium Nickel Cobalt Aluminum Oxide segment is expected to have the highest CAGR during the forecast period

In the market for recycled batteries for electric vehicles, lithium nickel cobalt aluminum oxide (NCA) batteries are expected to have the highest CAGR. Manufacturers of electric vehicles who want to optimize driving range and efficiency choose NCA batteries because of their well-known high energy density and superior performance. However, NCA batteries are highly sought after for recycling efforts because their composition includes valuable materials like lithium, nickel, cobalt, and aluminum. Furthermore, the need for recycling solutions for this battery chemistry is rising quickly due to the global increase in the use of electric vehicles and the resulting rise in end-of-life NCA batteries.

Region with largest share:

The market for recycled batteries for electric vehicles is dominated by the Asia-Pacific region. The swift growth of the electric vehicle industry in nations like China, Japan, and South Korea, which are among the top producers and consumers of electric vehicles, is one of the main causes of this dominance. These countries have put in place aggressive legislative programs to encourage the use of electric vehicles and create strong recycling networks to handle the growing number of batteries that are nearing the end of their useful lives. Additionally, Asia Pacific has a strong infrastructure for the production and recycling of batteries thanks to large investments from the public and private sectors.

Region with highest CAGR:

The market for recycled batteries for electric vehicles is expected to grow at the highest CAGR in North America. Numerous factors are driving this growth, such as the region's growing adoption of electric vehicles, which is being fueled by government incentives, stricter emissions regulations, and a growing consumer consciousness of environmental issues. The development of cutting-edge battery recycling technologies and procedures is the primary focus of many creative businesses and research institutes in North America, which further accelerates market expansion. Furthermore, the region's developed recycling infrastructure and a regulatory framework that supports sustainable waste management practices create an environment that is favourable for battery recycling initiatives.

Key players in the market

Some of the key players in Electric Vehicles Battery Recycling market include BatX Energies Pvt. Ltd., American Manganese Inc, Retriev Technologies, Li-Cycle Holdings Corp., Accurec-Recycling GMBH, Umicore N.V., Snam S.p.A., Ascend Elements, Inc., Redwood Materials, Inc., Glencore plc, Ace Green Recycling, Inc., G & P Batteries, Tata Chemicals Limited, Fortum Corporation and Neometals Ltd.

Key Developments:

In March 2024, Li-Cycle Holdings Corp. has entered an agreement with Glencore for a $75 million investment, building on a long-term partnership. Officials view the move as an endorsement of Li-Cycle’s technology and its development plans for the Rochester Hub. Glencore is a Swiss producer, recycler and marketer of nickel and cobalt for the production of lithium-ion batteries.

In November 2022, Italian gas group Snam has agreed to buy floating storage regasification unit (FSRU) Golar Tundra from Bermuda-based LNG shipper Golar LNG in a deal worth $350m. The deal, which is closed concurrently, involved the acquisition of Golar LNG NB 13 Corporation, whose only asset is the Golar Tundra FSRU.
 
In March 2022, Retriev Technologies, the most comprehensive lithium battery recycler in North America and the pioneer in end-of-life battery management, has acquired Battery Solutions, the North American leader in sustainable, end-to-end management solutions for end-of-life batteries and consumer electronics.

Types Covered:
• Lead Acid
• Lithium-ion
• Nickel
• Other Types 
 
Chemistry Types Covered:
• Lithium Nickel Manganese Cobalt
• Lithium Iron Phosphate
• Lithium Titanate Oxide
• Lithium Manganese Oxide
• Lithium Nickel Cobalt Aluminum Oxide
• Other Chemistry Types 

Battery Sources Covered:
• Commercial Vehicles
• Passenger Cars
• E-Scooters & Motorcycles
• E-Bikes
• Other Battery Sources 

Processes Covered:
• Hydrometallurgical Process
• Pyrometallurgy Process
• Physical/mechanical Process
• Other Processes 

End Users Covered:
• Transportation
• Consumer Electronics
• Industrial
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary        
         
2 Preface        
 2.1 Abstract       
 2.2 Stake Holders       
 2.3 Research Scope       
 2.4 Research Methodology       
  2.4.1 Data Mining      
  2.4.2 Data Analysis      
  2.4.3 Data Validation      
  2.4.4 Research Approach      
 2.5 Research Sources       
  2.5.1 Primary Research Sources      
  2.5.2 Secondary Research Sources      
  2.5.3 Assumptions      
         
3 Market Trend Analysis        
 3.1 Introduction       
 3.2 Drivers       
 3.3 Restraints       
 3.4 Opportunities       
 3.5 Threats       
 3.6 End User Analysis       
 3.7 Emerging Markets       
 3.8 Impact of Covid-19       
         
4 Porters Five Force Analysis        
 4.1 Bargaining power of suppliers       
 4.2 Bargaining power of buyers       
 4.3 Threat of substitutes       
 4.4 Threat of new entrants       
 4.5 Competitive rivalry       
         
5 Global Electric Vehicles Battery Recycling Market, By Type        
 5.1 Introduction       
 5.2 Lead Acid       
 5.3 Lithium-ion       
 5.4 Nickel       
 5.5 Other Types       
         
6 Global Electric Vehicles Battery Recycling Market, By Chemistry Type        
 6.1 Introduction       
 6.2 Lithium Nickel Manganese Cobalt       
 6.3 Lithium Iron Phosphate       
 6.4 Lithium Titanate Oxide       
 6.5 Lithium Manganese Oxide       
 6.6 Lithium Nickel Cobalt Aluminum Oxide       
 6.7 Other Chemistry Types       
         
7 Global Electric Vehicles Battery Recycling Market, By Battery Source        
 7.1 Introduction       
 7.2 Commercial Vehicles       
  7.2.1 Heavy Commercial Vehicles      
  7.2.2 Light Commercial Vehicles      
 7.3 Passenger Cars       
  7.3.1 Battery Electric Vehicles      
  7.3.2 Pure Hybrid Electric Vehicles      
  7.3.3 Plug-In Hybrid Electric Vehicles      
 7.4 E-Scooters & Motorcycles       
 7.5 E-Bikes       
 7.6 Other Battery Sources       
         
8 Global Electric Vehicles Battery Recycling Market, By Process        
 8.1 Introduction       
 8.2 Hydrometallurgical Process       
 8.3 Pyrometallurgy Process       
 8.4 Physical/mechanical Process       
 8.5 Other Processes       
         
9 Global Electric Vehicles Battery Recycling Market, By End User        
 9.1 Introduction       
 9.2 Transportation       
 9.3 Consumer Electronics       
 9.4 Industrial       
 9.5 Other End Users       
         
10 Global Electric Vehicles Battery Recycling Market, By Geography        
 10.1 Introduction       
 10.2 North America       
  10.2.1 US      
  10.2.2 Canada      
  10.2.3 Mexico      
 10.3 Europe       
  10.3.1 Germany      
  10.3.2 UK      
  10.3.3 Italy      
  10.3.4 France      
  10.3.5 Spain      
  10.3.6 Rest of Europe      
 10.4 Asia Pacific       
  10.4.1 Japan      
  10.4.2 China      
  10.4.3 India      
  10.4.4 Australia      
  10.4.5 New Zealand      
  10.4.6 South Korea      
  10.4.7 Rest of Asia Pacific      
 10.5 South America       
  10.5.1 Argentina      
  10.5.2 Brazil      
  10.5.3 Chile      
  10.5.4 Rest of South America      
 10.6 Middle East & Africa       
  10.6.1 Saudi Arabia      
  10.6.2 UAE      
  10.6.3 Qatar      
  10.6.4 South Africa      
  10.6.5 Rest of Middle East & Africa      
         
11 Key Developments        
 11.1 Agreements, Partnerships, Collaborations and Joint Ventures       
 11.2 Acquisitions & Mergers       
 11.3 New Product Launch       
 11.4 Expansions       
 11.5 Other Key Strategies       
         
12 Company Profiling        
 12.1 BatX Energies Pvt. Ltd.        
 12.2 American Manganese Inc       
 12.3 Retriev Technologies       
 12.4 Li-Cycle Holdings Corp.        
 12.5 Accurec-Recycling GMBH        
 12.6 Umicore N.V.       
 12.7 Snam S.p.A.       
 12.8 Ascend Elements, Inc.        
 12.9 Redwood Materials, Inc.        
 12.10 Glencore plc        
 12.11 Ace Green Recycling, Inc.        
 12.12 G & P Batteries       
 12.13 Tata Chemicals Limited        
 12.14 Fortum Corporation        
 12.15 Neometals Ltd       
         
List of Tables         
1 Global Electric Vehicles Battery Recycling Market Outlook, By Region (2021-2030) ($MN)        
2 Global Electric Vehicles Battery Recycling Market Outlook, By Type (2021-2030) ($MN)        
3 Global Electric Vehicles Battery Recycling Market Outlook, By Lead Acid (2021-2030) ($MN)        
4 Global Electric Vehicles Battery Recycling Market Outlook, By Lithium-ion (2021-2030) ($MN)        
5 Global Electric Vehicles Battery Recycling Market Outlook, By Nickel (2021-2030) ($MN)        
6 Global Electric Vehicles Battery Recycling Market Outlook, By Other Types (2021-2030) ($MN)        
7 Global Electric Vehicles Battery Recycling Market Outlook, By Chemistry Type (2021-2030) ($MN)        
8 Global Electric Vehicles Battery Recycling Market Outlook, By Lithium Nickel Manganese Cobalt (2021-2030) ($MN)        
9 Global Electric Vehicles Battery Recycling Market Outlook, By Lithium Iron Phosphate (2021-2030) ($MN)        
10 Global Electric Vehicles Battery Recycling Market Outlook, By Lithium Titanate Oxide (2021-2030) ($MN)        
11 Global Electric Vehicles Battery Recycling Market Outlook, By Lithium Manganese Oxide (2021-2030) ($MN)        
12 Global Electric Vehicles Battery Recycling Market Outlook, By Lithium Nickel Cobalt Aluminum Oxide (2021-2030) ($MN)        
13 Global Electric Vehicles Battery Recycling Market Outlook, By Other Chemistry Types (2021-2030) ($MN)        
14 Global Electric Vehicles Battery Recycling Market Outlook, By Battery Source (2021-2030) ($MN)        
15 Global Electric Vehicles Battery Recycling Market Outlook, By Commercial Vehicles (2021-2030) ($MN)        
16 Global Electric Vehicles Battery Recycling Market Outlook, By Heavy Commercial Vehicles (2021-2030) ($MN)        
17 Global Electric Vehicles Battery Recycling Market Outlook, By Light Commercial Vehicles (2021-2030) ($MN)        
18 Global Electric Vehicles Battery Recycling Market Outlook, By Passenger Cars (2021-2030) ($MN)        
19 Global Electric Vehicles Battery Recycling Market Outlook, By Battery Electric Vehicles (2021-2030) ($MN)        
20 Global Electric Vehicles Battery Recycling Market Outlook, By Pure Hybrid Electric Vehicles (2021-2030) ($MN)        
21 Global Electric Vehicles Battery Recycling Market Outlook, By Plug-In Hybrid Electric Vehicles (2021-2030) ($MN)        
22 Global Electric Vehicles Battery Recycling Market Outlook, By E-Scooters & Motorcycles (2021-2030) ($MN)        
23 Global Electric Vehicles Battery Recycling Market Outlook, By E-Bikes (2021-2030) ($MN)        
24 Global Electric Vehicles Battery Recycling Market Outlook, By Other Battery Sources (2021-2030) ($MN)        
25 Global Electric Vehicles Battery Recycling Market Outlook, By Process (2021-2030) ($MN)        
26 Global Electric Vehicles Battery Recycling Market Outlook, By Hydrometallurgical Process (2021-2030) ($MN)        
27 Global Electric Vehicles Battery Recycling Market Outlook, By Pyrometallurgy Process (2021-2030) ($MN)        
28 Global Electric Vehicles Battery Recycling Market Outlook, By Physical/mechanical Process (2021-2030) ($MN)        
29 Global Electric Vehicles Battery Recycling Market Outlook, By Other Processes (2021-2030) ($MN)        
30 Global Electric Vehicles Battery Recycling Market Outlook, By End User (2021-2030) ($MN)        
31 Global Electric Vehicles Battery Recycling Market Outlook, By Transportation (2021-2030) ($MN)        
32 Global Electric Vehicles Battery Recycling Market Outlook, By Consumer Electronics (2021-2030) ($MN)        
33 Global Electric Vehicles Battery Recycling Market Outlook, By Industrial (2021-2030) ($MN)        
34 Global Electric Vehicles Battery Recycling Market Outlook, By Other End Users (2021-2030) ($MN)        
         
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.         

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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