Torrance, California, USA -As per MarkWide Research’s latest study, Electric vehicle battery recycling market will grow by 39.64% between 2022 and 2030.
There are many different types of batteries that are used in automobiles as a secondary power source. The electric vehicle battery (EVB) is a battery that is used to power the propulsion system of a battery-electric vehicle i.e. the electricity used to power the motors. Electric vehicle batteries are usually rechargeable, and their ampere-hour capacity is usually determined by the design of the batteries. As a result, these small-size and light-weight batteries are also capable of reducing the weight of a vehicle and thus enabling it to perform better, since they are both small and light in weight.
Recycling is a process that converts waste materials into new materials by converting them from one type of waste material to another. In the context of this concept, recycling waste materials is often associated with the recovery of energy from them. There are several recycling activities that can be undertaken to reduce the number of batteries that are being disposed of as municipal solid waste, including battery recycling. I have been raised concerns about water pollution as a result of the disposal of organic waste by the same process as regular household waste that contains several toxic chemicals and heavy metals
Top Impacting Factors
- A few of the key factors that drive the electric vehicle battery recycling market growth are finite metal resources, an increase in the demand for zero emission vehicles, a rise in the need for recycled materials and products, and an increase in employment.
- A significant factor that limits the stated market growth is either the re-use of EV batteries or the high cost of setting up a recycling plant. Further, there is a high recycling gap, as well as subsidies which encourage the recycling of batteries in electric vehicles, which creates an opportunity for the market.
- Several factors contribute to the growth of the electric vehicle battery recycling market. Some of these factors include finite metal resources, the growth of the zero emission vehicle market, the need for recycled products & materials, and the increase in employment.
- The stated market growth is, however, restricted by the necessity to re-use EV batteries and the prohibitive cost of setting up a recycling plant. There is also a high recycling gap and subsidies to promote battery recycling which contribute to the growth of the electric vehicle battery recycling market.
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The impact of COVID-19 on the global market for recycling electric vehicle batteries
In the wake of the COVID-19 pandemic, the global electric vehicle battery market has been negatively affected by the shutdown of production lines.
- Due to the severity of the pandemic, restrictions were imposed on travel and transportation along with the closing of shops and industries as a consequence. As a result, there was a reduction in demand for electric cars.
- Workers in recycling facilities were barred from working because of lockdowns and movement restrictions. Due to the lack of labor, big industries were forced to close and all workers were forced to return to their native lands to find work.
- The weakening of customer spending and economic uncertainty are likely to have an adverse effect on the growth of the market. There is therefore a negative impact of Covid-19 on the electric vehicle battery recycling market as a whole.
There is an increasing demand for global warming concerns that will lead to a growth in the market
- With the alarming levels of pollution recorded in major countries in the Asia Pacific region, such as India and China, which have increased the demand for electric vehicles, which also creates a demand for batteries, there has been an increase in the number of people who are concerned about climate change and global warming.
- The batteries of electric vehicles are recycled once they have reached the end of their useful lives, which has a positive impact on the environment. In order to decrease the effects of pollution, recycling plays a vital role.
- As a result of growing environmental concerns, electric vehicles (EVs) are becoming more and more popular among consumers as a result of an increase in demand for them.
- Moreover, it is expected that an increase in EV sales will also result in an increase in the total number of EV batteries at the end of their deterioration period, which will increase the need for recycling all the batteries used in electric vehicles after they have reached their end of life.
- Considering the rise in sales of electric vehicles and the use of batteries procured from second life sources, EVB recycling companies are also expected to be able to increase their recycling capacity in light of the rising number of batteries procured from the rising sales of EVs. The market for electric vehicle battery recycling is expected to grow at a steady pace throughout the forecast period as a result of all of these factors.
A high set-up cost of the EVB recycling plant will hinder the growth of the market
- Due to the complex processes involved in the extraction of the highly valuable elements, such as batteries, which result in higher operating costs at the EVB recycling plant, including transaction and collection costs, there is a higher level of operating costs at the EVB recycling plant.
- Developing a large-scale repurposing of second-life batteries on a large scale may be hindered by uncertainty about the safety, quality, and lifetime of batteries sent for refurbishment. As a result of the lack of awareness, it is also anticipated that there will be a setback to the growth of the electric vehicle battery recycling market as a result of the lack of awareness.
Electric vehicles are expected to become more popular in the future, leading to massive investment opportunities
- Manufacturing of batteries is seen as one of the most important capabilities and requirements for the country’s intention to produce electric vehicles.
- The United States, China, Germany, to name a few, are among the countries around the world that are rushing to construct “Gigafactories” to produce EV batteries at a scale that matches the volume of demand.
- For the efficient manufacture of lithium ion batteries, it is crucial to integrate recycling into the process of battery manufacture. A growing focus has been placed on reducing the use of natural resources for the manufacture of batteries in order to take advantage of these opportunities.
- Aside from this, the adoption of eco-friendly batteries, the rise and development of the battery supply chain in developing countries is also an opportunity to grow this market as well as the revival of their economies after the global financial crisis.
- An electric vehicle battery recycling market trend is developing advanced testing techniques to improve alternative cathode materials and highly productive systems that promote the use of reagents in the battery recycling process.
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Electric vehicle battery recycling markett Major Players Covered:
- ACCUREC Recycling GmbH (Germany)
- American Manganese Inc. (Canada)
- Battery Solutions (US)
- Li-Cycle Corp. (Canada)
- G & P Batteries (UK)
- Recupyl (France)
- Retriev Technologies (US)
- Australian Battery Recycling Initiative (Australia)
- Snam S.p.A. (Italy)
- Umicore N.V.. (Belgium)
Electric vehicle battery recycling markett Segmentation Analysis:
By Battery Type
- Lead Acid
- Lithium Ion
- Passenger Car
- Commercial Vehicle
Electric vehicle battery recycling markett Geographical Segmentation Includes:
- North America
- Asia Pacific
- South America
- The Middle East & Africa
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