ELECTRIC VEHICLE BATTERY RECYCLING MARKET ANALYSIS

Electric Vehicle Battery Recycling MarketSize and Trends

The global electric vehicle battery recycling market size is estimated at US$ 2.27 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 28.4% from 2023 to 2030. The growth of this market is primarily driven by factors such as rising demand for environmentally friendly vehicles, increased focus on research and development of advanced fuel-efficient technologies, rising oil prices, and increasing consumer preference toward alternative energy sources. However, several restraints such as high startup costs of recycling facilities, re-use of EV batteries, and lack of efficient techniques for battery recycling may hinder the market's growth.

Global Electric Vehicle Battery Recycling Market Trends:

Increasing demand for passenger EVs is a major trend in the market

With increasing demand as well as investment in the manufacturing of electric passenger cars, the market is likely to gain substantial growth in the coming future. Many initiatives sponsored by government including grants, tax breaks, and other non-financial advantages such as carpool lanes are increasingly being adopted all over the world. As a result, the demand for electric passenger cars is increasing. This trend is likely to boost growth of the global electric vehicle battery recycling market during the forecast period.

Rise in number of recycling plants is another trend in the market

Several players in the market are involved in development of battery recycling plants. For instance, in January 2021, Li-Cycle, a battery recycling company began constructing the recycling plant for Li-on batteries in New York, the U.S. This plant will possess capacity of 25 metric kilo metric tons of battery waste, which will recover 95% or even more of core materials of the battery through zero-emissions, zero-wastewater process. Such initiatives by market players are likely to fuel growth of the global electric vehicle battery recycling market in the coming future.