Global Electric Vehicle Battery Recycling Market Insights, Forecast to 2030

Electric Vehicle Battery Recycling Makret

The global Electric Vehicle Battery Recycling market is projected to grow from US$ 1313.3 million in 2024 to US$ 2426.4 million by 2030, at a Compound Annual Growth Rate (CAGR) of 10.8% during the forecast period.

Electric Vehicle Battery Recycling Market Trends

Because the resources are scarce and expensive, battery manufacturers are having difficulty managing the supply of the raw materials used to create these battery packs. As a consequence, batteries that have reached the end of their useful lives are recycled. Due to the shortage of metal components like nickel, cobalt, and others, the procedure removes the essential components from such batteries so they can be used in other applications. This further supports the growth of the Electric Vehicle Battery Recycling market.

There is now a significant market for electric cars due to rising global worries about the adverse effects of climate change and alarming pollution levels found in major cities. Due to the recent increase in the price of gasoline and diesel, there is a greater demand for fuel-efficient cars. Additionally, this leads to the decline of fossil fuel reserves and an increase in businesses' propensity to maximize profit from these oil reserves. Therefore, these factors create a need for cutting-edge fuel-efficient technology, which in turn causes a surge in demand for travel-related electrically powered cars, which in turn creates demand for the batteries. This factor is expected to drive the growth of the Electric Vehicle Battery Recycling market.  

After examining the potential demand for recycled raw materials like nickel, cobalt, lithium, and others, various businesses are developing efficient methods to recycle lithium-ion batteries in an optimized way. For instance, Kemetco and American Manganese are collaborating to create a low-cost, environmentally friendly recycling system for lithium-ion batteries that is scalable and commercialized. This factor is expected to drive the growth of the Electric Vehicle Battery Recycling market.

Electric Vehicle Battery Recycling Market Share Anaysis

Global EV sales continued strong. A total of 10,5 million new BEVs and PHEVs were delivered during 2022, an increase of +55 % compared to 2021. China and Europe emerged as the main drivers of strong growth in global EV sales. In 2022, the production and sales of new energy vehicles in China reach 7.0 million and 6.8 million respectively, a year-on-year increase of 96.9% and 93.4%, with a market share of 25.6%. The production and sales of new energy vehicles have ranked first in the world for eight consecutive years. Among them, the sales volume of pure electric vehicles was 5.365 million, a year-on-year increase of 81.6%. In 2022, sales of pure electric vehicles in Europe will increase by 29% year-on-year to 1.58 million.

Segment By Type

• Nickel–cadmium Battery
• nickel–metal Hydride Battery
• lithium-ion Battery
• lithium Polymer Battery
• lead-acid Cell

Segment By Application

• Automotive Enterprises
• Battery Enterprises
• Other

Segment By Company

• Umicore
• Tesla
• Nissan
• Toyota
• BMW
• Honda
• Li-Cycle
• BYD
• Ford
• Hyundai/Kia

Segment By Region

• North America
• United States
• Canada
• Europe
• Germany
• France
• UK
• Italy
• Russia
• Nordic Countries
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA