Electric Vehicle Battery Reuse and Recycling Market: Segmented: By Battery Type (Lithium-ion, Nickel-metal hydride and Lead-acid), By Electric Vehicle Type (Battery electric vehicle (BEV), Hybrid electric vehicle (HEV), Plug-in hybrid electric vehicle (PHEV) and Fuel cell electric vehicle (FCEV)), By End Use (Passenger cars, Commercial vehicles, Energy storage and Consumer electronics) And Region - Global Analysis Of Market Size, Share & Trends For 2021-2022 And Forecasts To 2031
[ 170 + Pages Research Report ] Electric Vehicle Battery Reuse and Recycling Market to surpass USD 38.8 billion by 2031 from USD 0.8 billion in 2021 at a CAGR of 47.3% in the coming years, i.e., 2021-31.
Electric vehicle battery used to power the electric motors and are rechargeable in nature. Most of electric vehicles use Lithium-ion batteries due to high energy capacity. Generally, electric battery packs can last up to ten years before they become unsuitable for use but recycling and reusing the battery can extract additional value. Reusing means that the battery can be used for different purpose whereas recycling means the battery will be disassembled and the materials will be extracted for making new batteries.
Electric Vehicle Battery Reuse and Recycling market is expected to project a notable CAGR of 47.3% in 2031.
Rising global energy needs and trends toward zero-emission vehicles will fuel the market for electric battery reuse and recycling. Further, rising fuel prices like petrol and diesel along with increasing investments by both private and public players will boost the market growth.
Lithium-ion segment to grow with the highest CAGR during 2021-31
Based on battery type, the market is fragmented into Lithium-ion, Nickel-metal hydride, and Lead-acid. During the forecast period, the Lithium-ion segment is expected to grow with the highest CAGR. The increasing demand for battery electric vehicles (BEV) and hybrid electric vehicles will drive the market growth for lithium-ion segment.
Commercial Vehicles segment to grow with the highest CAGR during 2021-31
Based on end use, the electric vehicle battery reuse and recycling market is classified into passenger cars, commercial vehicles, energy storage, and consumer electronics. The commercial vehicles segment is projected to grow with the highest CAGR during the forecast period. Increasing demand for electric vehicle batteries for electric trucks and electric buses will fuel the market growth of recycling services.
Growing demand for zero emission vehicles
Rising global concerns of climate change and its negative impacts along with rising air pollution has given rise to the demand for zero emission vehicles. As the fossil fuels are depleting rapidly, the prices of petrol and diesel have reached to an all-time high. This factor has also propelled people to look for transition to EVs. As more people are switching to EVs, the market for EV Batteries has also increased significantly. To procure more electronic batteries, reusing and recycling methods have become more sustainable, efficient and environment friendly.
Rising adoption of recycled products
Global institutions and governments are promoting adoption of reuse and recycling of products to reduce harmful wastes in the environment. This growing global trend has resulted in widespread initiatives and effective techniques to reuse and recycle electronic vehicle batteries. Furthermore, increasing demand for electric vehicles has increased the demand for batteries which has significantly increased the demand for raw materials like lithium, cobalt, aluminum, nickel and others. The resources are limited and costly due to which the manufactures are struggling to procure the raw materials. Thus, reusing batteries for different purpose and recycling old batteries by retrieving the materials can increase the supply of batteries.
High costs of reuse and recycling batteries
High costs of setting up a recycling plant and storing the batteries for reuse is hampering the growth of the market. Also lack of awareness of electric vehicle owners and lack of incentives is also restricting the growth of electric vehicle batteries reuse and recycling market.
Electric Vehicle Battery Reuse and Recycling market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific is expected to hold the largest market share during the forecast period. Increasing production and sales of electric vehicles, increasing investments by both public and private players along with proper availability of electric battery cooling systems in this region will boost the market for reuse and recycling services.
Covid-19 has drastically affected the global economy and had a negative impact on the growth of many industries. Electric vehicle battery reuse and recycling market were also disrupted due to the imposition of lockdowns across nations. Many manufacturing plants were shut down and production activities were halted for a very long time. There was a shortage of skilled workers which made the operations very difficult. Due to pandemic, there was a huge decline in demand which impeded the sales of the market.
Electric Vehicle Battery Reuse and Recycling Market is further segmented by region into:
Electric Vehicle Battery Reuse and Recycling Market Segments:
|Market size value in 2021
|Revenue forecast in 2031
|CAGR of 47.3% from 2021 to 2031
|Base year for estimation
|Revenue in USD million and CAGR from 2021 to 2031
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Battery Type, Electric Vehicle Type, End User and Region
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Key companies profiled
|Accurec-Recycling Gmbh, American Manganese Inc., Battery Solutions Llc, China Lithium Battery Technology Co. Ltd., G&P Batteries, Li-Cycle Corp., Nissan Motor Co., Ltd., Retriev Technologies, Sitrasa, SNAM, Other Prominent Players.
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