The global electric vehicle battery recycling market generated $138.6 million in 2017 and is projected to garner $2.27 billion by 2025, registering a CAGR of 41.8% during the forecast period, 2018–2025.
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The growth of the global electric vehicle battery recycling market is driven by the growing demand for zero-emission vehicles and recycled products & materials. Market growth is further supplemented by the availability of finite metal resources and the surge in middle-class employment. However, the high-cost to initialize recycling plants and the rise in re-use of EV batteries hamper the market growth. Nonetheless, the increase in subsidies to encourage battery recycling along with high recycling gap would provide lucrative opportunities for emerging market players in the near future.
By application, the electric buses segment is expected to dominate the global market during the forecast period and occupy almost half of the total share. This is attributed to the growing adoption of alternative fuel technologies in commercial vehicles such as buses, which offer zero emission, better acceleration, and quiet operation. However, the energy storage systems segment is projected to register the highest CAGR of 47.8% from 2018 to 2025, on account of remanufacturing of lithium-ion batteries to provide a second-life with 70–80% charging capabilities.
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LAMEA is expected to grow at the fastest CAGR of 46.1% during the forecast period, owing to the high adoption rate of advanced electric vehicle systems in commercial vehicles. Moreover, the rise in vehicle emission standards in this region and growth in demand for fuel-efficient and eco-friendly technologies supplement the growth. Meanwhile, Asia-Pacific is anticipated to remain the dominant region by 2025, generating almost half of the global revenue. This is due to high adoption rates of smart mobility services, increased government regulations, surge in fuel prices, and rise in trend toward adopting non-fossil fuel-based vehicles.
Dominating market players
The key players analyzed 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. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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