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Global Electric Vehicle Battery Recycling Market Research Report 2023-2028:
According to the latest report by IMARC Group, titled " ElectricVehicleBatteryRecyclingMarket:GlobalIndustryTrends,Share,Size,Growth,Opportunity andForecast2023-2028
," the global electric vehicle (EV) battery recycling market size reached US$ 2.3 Billion in 2022.
Recycling EV (electric vehicle) batteries is a way to improve metallurgical processes by increasing the efficiency and extraction of copper, nickel, and cobalt, resulting in a higher yield for batteries. A process involving pyrometallurgy (or smelting) and hydrometallurgy is used to recover nickel (Ni), cobalt (Co), aluminum (Al), iron (Fe), and lithium (Li) from a battery cathode.
It also prevents hazardous materials from entering the waste stream after the battery's end of life (EOL). As a result, recycling EV batteries helps reduce the dependence on intensive mining for battery development and recover most of the lithium contained within them.
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The global market is primarily driven by considerable growth in the automotive industry. This can be attributed to the increasing adoption of zero-emission electric vehicles among the masses. In addition to this, the growing number of EV batteries requiring proper management at EoL is also resulting in a higher uptake of recycling services. Moreover, continual advancements in recycling technologies, including cathode-to-cathode recycling, chemical powders and direct recycling, are providing an impetus to the market.
Apart from this, favorable government initiatives supporting the sales of EVs, including offering various incentives and tax deductions, are creating a positive market outlook. Some of the other factors contributing to the growth of the market include the continuous depletion of fossil fuels, rapid industrialization, the growing awareness regarding environmental pollution and extensive research and development (R&D) activities conducted by key players.
Lookingforward,IMARCGroupexpectsthemarketisanticipatedtoreachavalueofUS$9.8Billionby 2028,exhibitingataCAGRof27.6%during2023-2028.
View Report TOC, Figures and Tables:
https://www.imarcgroup.com/electric-vehicle-battery-recycling-market
Key Market Segmentation
The research report includes the following segments:
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
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa
Competitive Landscape with Key Players:
• ACCUREC-Recycling GmbH
• American Manganese Inc
• Battery Solutions
• G & P Batteries Limited
• Li-Cycle Corp
• Retriev Technologies
• SITRASA
• SNAM Groupe (Floridienne)
• TES-Amm
• Umicore N.V
1. Whatwasthesizeoftheglobalelectricvehiclebatteryrecyclingmarketin2022?
2. Whatistheexpectedgrowthrateoftheglobalelectricvehiclebatteryrecyclingmarketduring 2023-2028?
3. Whatarethekeyfactorsdrivingtheglobalelectricvehiclebatteryrecyclingmarket?
4. WhathasbeentheimpactofCOVID-19ontheglobalelectricvehiclebatteryrecyclingmarket?
5. Whatisthebreakupoftheglobalelectricvehiclebatteryrecyclingmarketbasedonthetype?
6. Whatisthebreakupoftheglobalelectricvehiclebatteryrecyclingmarketbasedontheprocess?
7. Whatarethekeyregionsintheglobalelectricvehiclebatteryrecyclingmarket?
8. Whoarethekeyplayers/companiesintheglobalelectricvehiclebatteryrecyclingmarket?
Clickheretovisitthecompletetableofcontentwithlistoffiguresandtables: https://www.imarcgroup.com/electric-vehicle-battery-recycling-market/toc
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