Allied Market Research
Loading...
Cart
0

Global Electric Vehicle Battery Recycling Market Expected to Reach $2,272.3 Million by 2025

 

Report Code : A04853

quote Based on application, the electric buses segment dominated the global electric vehicle battery recycling market in 2017, in terms of revenue. However, the energy storage systems segment is expected to grow at a higher CAGR during the forecast period (2018–2025) quote

Akshay Jadhav
Lead Analyst, Automotive & transportation at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a recent report published by Allied Market Research, titled,"Electric Vehicle Battery Recycling Market by Application: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global electric vehicle battery recycling market size was valued at $138.6 million in 2017, and is projected to reach at $2,272.3 million by 2025, growing at a CAGR of 41.8% from 2018 to 2025.

At present, Asia-Pacific dominates the electric vehicle battery recycling market, followed by Europe, North America, and LAMEA. China dominated the Asia-Pacific market in 2017 and Norway led the overall market in Europe. However, in North America, the U.S. currently dominates the electric vehicle battery recycling market.

On July 29, 2017, Britain joined France in pledging to ban the sales of gasoline and diesel cars by 2040 to reduce the toxic vehicle emissions. This is expected to result in the excess demand for the electric vehicles and thereby battery components and raw materials such as lithium, nickel, cobalt, aluminum, and others. Battery makers are struggling to control supply of the raw materials used in the production of these battery packs as the resources are finite and expensive. This results in recycling of the batteries, which have reached its end of the life. The process extracts the vital components from such batteries, which can be used further in other applications due to the scarcity of the supply of metal components such as nickel, cobalt, and more. This in turn supplements the growth of the electric vehicle battery recycling market.

Increase in global concerns regarding the negative effect of climate change along with alarming pollution levels recorded in the major cities have created a significant demand for electric vehicles. The demand for fuel-efficient vehicles has increased recently owing to rise in price of petrol and diesel. Thus, these factors increase the need for advanced fuel-efficient technologies, leading to surge in demand for electrically powered vehicles for travel, which generate demand for the batteries. These batteries are recycled once they reach end of their life. The first batch of batteries from electric and hybrid vehicles have reached their retirement age. The total number of batteries retired from electric bus and car equals to around 55,000 units and is expected to be recycled in 2018. Thus, increase in demand for electric vehicles drives the growth of the EV battery recycling market.

Various companies are working on effective technique to recycle the lithium-ion batter in optimized manner after analyzing the potential demand for the recycled raw materials, such as nickel, cobalt, lithium, and others. For instance, Kemetco is working with American Manganese to develop a scalable and commercialized recycling technology for Lithium-ion batteries, which is low cost as well as environment friendly. In addition, the amount of the recycled lithium is expected to satisfy 9% of the global demand for lithium in various applications. More than 66% of the spent EV batteries are expected to be recycled in China which will be used to serve the countrys fast growing battery material industry.

Recycling of EV batteries involves processes such as collecting, dismantling, processing, and more. Approximately, 15 jobs are created per thousand tons of lithium-ion battery waste, for collecting, dismantling, and recycling these batteries. Out of these 15 jobs, 20% of jobs are for the recycling of batteries and 80% are for collecting and dismantling lithium-ion batteries. This increases the job opportunities in the industry. This growth might be fueled by the government initiatives such as subsidies on the sales of electric vehicles, which eventually result in increase in sales of the battery of the electric vehicle. Therefore, increase in job opportunities involved in the recycling process of these batteries drives the electric vehicle battery recycling market growth.

However, electric vehicles require high-performance batteries to operate efficiently. Hence, such batteries, which are removed from the vehicles are able to charge and discharge to a specific point, which is around 70% to 80%. Instead of recycling these batteries which have reached its end of the life stage and are removed from the vehicle, the battery cells can be re manufactured and the cells can be given a second life in storage applications. For instance, Toyota and Chubu Electric Power Co. will be constructing a large-capacity storage battery system that reuses recycled batteries from Toyota electric vehicles to construct storage battery system. This hampers the growth of the electric vehicle battery recycling market.

Key Findings of the Electric Vehicle Battery Recycling Market:

  • Based on application, the electric buses segment generated the highest revenue in the global electric vehicle battery recycling market in 2017.
  • LAMEA is anticipated to exhibit the highest CAGR during the forecast period.
  • In 2017, Asia-Pacific contributed the highest electric vehicle battery recycling market share, followed by Europe, North America, and LAMEA.

The key players profiled in the report include ACCUREC Recycling GmbH, American Manganese Inc., Battery Solutions, LI-CYCLE CORP., G & P Service , Recupyl, Retriev Technologies, SITRASA, SNAM S.A.S., and Umicore.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Ram D
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Electric Vehicle Battery Recycling Market by Application (Electric Cars, Electric Buses, Energy Storage Systems, and Others): Global Opportunity Analysis and Industry Forecast, 2018 - 2025 quote

View Report
 
 
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Global Electric Vehicle Battery Recycling Market"
Purchase Enquiry