What is the current market size and future outlook for the ev battery recycling market?
The EV battery recycling market size has grown exponentially in recent years. It will grow from $2.98 billion in 2024 to $3.86 billion in 2025 at a compound annual growth rate (CAGR) of 29.5%. The growth in the historic period can be attributed to environmental concerns, supply chain security, rise in electric vehicle sales, innovation and R&D efforts, circular economy initiatives.
The EV battery recycling market size is expected to see exponential growth in the next few years. It will grow to $10.35 billion in 2029 at a compound annual growth rate (CAGR) of 28.0%. The growth in the forecast period can be attributed to research and development focus, environmental awareness and sustainability goals, investment in recycling infrastructure, market demand for recycled materials. Major trends in the forecast period include closed-loop recycling systems, advancements in recycling technologies, lithium-ion battery innovation, collaboration in industry ecosystem, focus on material recovery and purity.
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Which Market drivers have played a significant role in driving the ev battery recycling market?
An increase in the sales of electric vehicles (EV) is expected to propel the growth of the EV battery recycling market going forward. EVs are vehicles that are either partially or fully powered by electricity and contain a battery that powers an electric motor. EV batteries contain critical minerals that can be reclaimed through recycling of end-of-life EV batteries and used for manufacturing new batteries that are used in electric vehicles. For instance, according to Global Electric Vehicle (EV) Outlook 2023, published by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, the total number of EVs will increase from about 30 million in 2022 to around 240 million in 2030, representing an average annual growth rate of roughly 30%. EV sales will account for more than 20 million vehicles overall in 2025 and more than 40 million in 2030 or more than 20% and 30% of all vehicle sales, respectively. Therefore, the increase in the sales of electric vehicles is driving the demand for the growth of the EV battery recycling market.
What are the key segments within the ev battery recycling market?
The EV battery recycling market covered in this report is segmented –
1) By Battery Type: Lead-Acid Battery, Lithium-Based Battery, Other Battery Types
2) By Process: Pyrometallurgical, Hydrometallurgical, Other Processes
3) By Vehicle Type: Passenger Cars, Commercial Vehicles
4) By Application: Electric Cars, Electric Buses, Energy Storage Systems, Other Applications
Subsegments:
1) By Lead-Acid Battery: Flooded Lead-Acid Batteries, Valve-Regulated Lead-Acid (VRLA) Batteries
2) By Lithium-Based Battery: Lithium-Ion Batteries, Lithium Polymer Batteries, Lithium Iron Phosphate (LiFePO4) Batteries
3) By Other Battery Types: Nickel-Metal Hydride (NiMH) Batteries, Solid-State Batteries, Other Emerging Battery Technologies
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Which key players are shaping the ev battery recycling market?
Major companies operating in the EV battery recycling market include Glencore International AG, Veolia Environnement Société Anonyme, Ganfeng Lithium Co. Ltd., Umicore NV, Viridor Waste Management, Gravita India Limited, Ziptrax Cleantech, Redwood Materials Incorporated, Retriev Technologies, Cirba Solutions, Accurec Recycling GmbH, Li-Cycle Corp., Lithion Recycling Incorporated, Recytech, Lohum Cleantech, Recupyl, Attero Recycling, Australian Battery Recycling Initiatives, American Manganese Incorporated, ACE Green Recycling Incorporated, Call2Recycle, TES-Amm, Envirostream, CleanCycle
Which transformative trends will shape the ev battery recycling market landscape?
The emergence of new processes is a key trend gaining popularity in the EV battery recycling market. Major companies operating in the EV battery recycling sector are developing new and innovative processes to recover valuable battery minerals. For instance, in March 2022, Ascend Elements, a US-based manufacturer of advanced battery materials, and Koura, a US-based manufacturer of fluor products have jointly developed a new process, called Hydro-to-Anode that can recover 99.9% pure graphite from the used batteries. The quality of the recovered graphite is at par with virgin graphite, and it can be used for manufacturing new batteries. The use of this process is cost effective and enables economical recycling of lithium-ion (Li-ion) batteries, and minimizes the need for mining new materials.
How do regional factors impact the ev battery recycling market, and which region is the largest contributor?
The countries covered in the EV battery recycling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The EV Battery Recycling Market Report 2025 Offer?
The ev battery recycling market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
The EV battery recycling refers to the process of recycling the batteries of electric vehicles. Lithium-ion batteries are the common type of batteries that are used in electric vehicles (EVs), and recycling of these batteries is done to reclaim the crucial minerals such as lithium, cobalt, manganese, and nickel. These minerals are further used to produce new batteries.
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