Overview

Electric Vehicle Battery Recycling Market Introduction:

The latest published market intelligence report by FutureWise titled 'Electric Vehicle Battery Recycling Market: Global Opportunity Analysis and Industry Forecast, 2020-2027', examines the global market in terms of application and regions for the period 2020 to 2027.

Increasing 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 aforementioned factors have created a need for electrically powered vehicles, which generate demand for the batteries. The electric vehicle batteries are recycled once they reach the end of their potential use. The first lot of batteries from electric and hybrid vehicles have reached their retirement age. Approximately a total number of 55,000 units of batteries retired from electric cars and bus were recycled in 2018. This previous year, the total number of electric vehicles globally exceeded 3 million for the first time ever. However, this number pales in connection to what has been predicted. Over the next two decades, the demand for electric vehicles batteries is predicted to grow exponentially. By 2040, the numbers are expected to reach as many as 559 million electric vehicles— or approximately one-third of all cars. Therefore the expanding requirement for EV battery recycling. A major factor behind the growth of electric vehicles is the support provided by the various governmental agencies to encourage the sale of these vehicles. This factor has driven the growth of the electric vehicle battery in the market globally.

Several manufacturers are working on an efficient method to recycle the lithium-ion battery in an optimized way after examining the implied demand for the recycled raw materials, such as cobalt, nickel, lithium, and others. For example, American Manganese is working with Kemetco to produce a commercialises and scalable recycling technology for Lithium-ion batteries, which is economical as well as eco-friendly. Furthermore, the amount of recycled lithium is anticipated to meet 9% of the demand for lithium in multiple applications globally. The growth of the electric vehicle battery market is driven by the rise in the demand for zero-emission vehicles, decrease in the cost of the electric vehicle battery system, an increase in the global awareness regarding climate change.

The Asia-Pacific region dominates the global EV battery market. An increase in vehicle population and a rise in vehicle standards fuel the growth of the Asia-Pacific EV market. Moreover, various technological advancements in electric vehicles have been in progress, owing to government initiatives, which further propels the growth. According to Economics Times, The Ministry of Industry and Information Technology (MIIT) China has set up a trial EV battery recycling program in the greater Beijing Hebei Tianjin region, the Yangtze River, Pearl Delta River, and Central China areas to curb pollution, as on 5 March, 2018.

Electric Vehicle Battery Recycling Market

This study provides an in-depth evaluation of the market offered through sections such as :

Electric Vehicle Battery Recycling Market Segmentation:

By Application

+ Electric Cars
+ Electric Buses
+ Energy Storage Systems
+ Others

By Region

+ North America
+ Latin America
+ Europe
+ Asia Pacific
+ Rest of the World

Companies Profiled:
+ Accurec recycling Gmbh
+ American Manganese Inc.
+ Battery solutions
+ Li-cycle corp.
+ G & P batteries
+ Recupyl
+ Retriev technologies
+ Sitrasa
+ Floridienne (Snam S.A.S.)
+ Umicore

Competitive Landscape:
+ Tier 1 players- established companies in the market with a major market share
+ Tier 2 players
+ Emerging players which are growing rapidly
+ New Entrants

FutureWise Key Takeaways:
+ Growth prospects
+ SWOT analysis
+ Key trends
+ Key data-points affecting market growth

Objectives of the Study:
+ To provide an exhaustive analysis of the global electric vehicle battery recycling market on the basis of application, and regions
+ To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
+ To evaluate and forecast micro-markets and the overall market
+ To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
+ To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
+ Profiling of companies to evaluate their market shares, strategies, financials and core competencies