Allied Market Research published a report,
titled, "Electric Vehicle Battery
Recycling Market by Application (Electric Cars, Electric
Buses, Energy Storage Systems, and Others): Global Opportunity
Analysis and Industry Forecast,
2018–2025". According to the report, 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.
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.
Electric Buses to remain the largest revenue generating
segment through 2025
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.
LAMEA is poised to become the fastest growing
region
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.
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Key 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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