Electric Vehicle Battery Recycling Market Demand, Size, Report to 2032
The global electric vehicle battery recycling market size was exhibited at USD 1.57 billion in 2022 and is projected to hit around USD 25 billion by 2032, growing at a CAGR of 31.89% during the forecast period 2023 to 2032.
Key Pointers:
Electric Vehicle Battery Recycling Market Report Scope
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Report Coverage |
Details |
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Market Size in 2023 |
USD 2.07 Billion |
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Market Size by 2032 |
USD 25 Billion |
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Growth Rate From 2023 to 2032 |
CAGR of 31.89% |
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Base Year |
2022 |
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Forecast Period |
2023 to 2032 |
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Segments Covered |
Chemistry, Process, Application, End User |
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Market Analysis (Terms Used) |
Value (US$ Million/Billion) or (Volume/Units) |
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Regional Scope |
North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
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Key Companies Profiled |
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) |
The market for electric vehicle (EV) battery recycling is advancing due to the increasing demand from EV manufacturers and government bodies to recycle the waste generated by the automotive industry. Batteries have become one of the major components of electric vehicles as they replace the traditional internal combustion engine fuel tank. Batteries used in electric vehicles have a limited life span that ranges from 5 to 15 years and must be replaced after their operational life ends. The price of raw material components is increasing as the electric vehicle production increases. This has prompted market players to invest in battery recycling technology to increase the number of rare metals recovered, such as platinum and vanadium. Increasing raw material prices have made recycling financially competitive in the market. Governments around the world are implementing new policies to promote recycling and reduce the overall carbon emissions caused by electric vehicles.
Market players are investing in recycling facilities and increasing the amount of recycled raw material in their manufacturing process. Regulatory bodies in many countries have been implementing regulations mandating that a certain portion of the manufactured battery is derived from recycled material. This is expected to boost the market growth, as companies start to invest in battery recycling infrastructure over the forecast period.
The increasing sales of electric vehicles in the U.S. owing to the formulation of supportive federal policies such as the Responsible Battery Recycling Act of 2022, California, as well as the presence of leading market players are expected to drive the demand for lithium-ion batteries in the country over the forecast period. The Responsible Battery Recycling Act of 2022, California instructs each battery retailer in the state to have a system for the collection of used rechargeable batteries for recycling and reusing purposes, as well as for their disposal.
The U.S. has emerged as a growing market for the recycling of EV lithium-ion batteries, owing to the presence of large lithium-ion recycling facilities in the country. For instance, in October 2022, Li-cycle Corp. inaugurated its new lithium-ion recycling facility with a 120,000-square feet warehousing space. This facility can process 10,000 tons of battery material obtained from electric vehicles annually. The company possesses the capacity to recycle 60,000 electric vehicle batteries across North America.
In September 2022, General Motors and LG announced a joint venture worth USD 2.5 billion to develop battery manufacturing facilities in Ohio, Tennessee, and Michigan, to be financed by the U.S. Energy Department. The increase in the establishment of battery recycling facilities in the country and the surge in the number of joint ventures among electric vehicle and battery manufacturers in the U.S. are expected to fuel the demand for battery recycling activities in the country in the coming years.
Segmental Insights
Chemistry Insights
The lithium-based sub-segment is estimated to grow the quickest, generating $6.2 billion in sales by 2032. The lithium-based subsegment of the worldwide electric vehicle battery recycling market is growing due to factors such as good high-temperature performance, high power-to-weight ratio, and low self-discharge, all of which provide significant environmental benefits over other fossil fuel alternatives. With the increasing growth of electric cars, an immediate impact on carbon emissions reduction is envisaged. Such critical aspects might have a substantial influence on market growth throughout the forecast period. All of these reasons contribute to an increase in the demand for lithium ion automotive batteries.
The lead-acid battery sub-segment is forecasted to have a significant market share in the market and generate $3.7 billion in sales during the forecast period. Lead-acid batteries are regarded as a perfect source of power since they are heavy, cost-effective, and require little maintenance. The increased use of lead-acid batteries in a variety of applications, including backup power supplies, electric scooters, and maritime applications, as well as factors such as simplicity, price, and energy efficiency, are likely to fuel the expansion of this sub-segment. In the United States and Europe, more than 97% of lead-acid batteries are recycled, and around 75% of the lead used in new lead-acid batteries is generated from recycled batteries. All of these reasons contribute to the gradual increase in demand for lead-acid batteries.
End User Insights
The electric automobiles sub-segment is expected to expand the quickest, surpassing $5.6 billion by 2032 with a CAGR of 38.5%. Cars emit a large amount of carbon dioxide into the atmosphere, making people sensitive to pollution. An electric automobile is a significant step forward in terms of favourably assisting the environment. Electric vehicles have no exhaust emissions, making them greener, cleaner, and better for the environment than gasoline or diesel vehicles.
Geography Insights
Recent developments
Some of the prominent players in the Electric Vehicle Battery Recycling Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Electric Vehicle Battery Recycling market.
By Chemistry
By Process
By Application
By End User
By Region
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Electric Vehicle Battery Recycling Market
5.1. COVID-19 Landscape: Electric Vehicle Battery Recycling Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Electric Vehicle Battery Recycling Market, By Chemistry
8.1. Electric Vehicle Battery Recycling Market, by Chemistry, 2023-2032
8.1.1. Lithium-ion Battery
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Lead-acid
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Nickel
8.1.3.1. Market Revenue and Forecast (2020-2032)
8.1.4. Others
8.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Electric Vehicle Battery Recycling Market, By Process
9.1. Electric Vehicle Battery Recycling Market, by Process, 2023-2032
9.1.1. Pyrometallurgical
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Hydrometallurgical
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Others
9.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Electric Vehicle Battery Recycling Market, By Application
10.1. Electric Vehicle Battery Recycling Market, by Application, 2023-2032
10.1.1. Electric Cars
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Electric Buses
10.1.2.1. Market Revenue and Forecast (2020-2032)
10.1.3. Energy Storage Systems
10.1.3.1. Market Revenue and Forecast (2020-2032)
10.1.4. Others
10.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Electric Vehicle Battery Recycling Market, By End User
11.1. Electric Vehicle Battery Recycling Market, by April, 2023-2032
11.1.1. Transportation
11.1.1.1. Market Revenue and Forecast (2020-2032)
11.1.2. Consumer electronics
11.1.2.1. Market Revenue and Forecast (2020-2032)
11.1.3. Industrial
11.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 12. Global Electric Vehicle Battery Recycling Market, Regional Estimates and Trend Forecast
12.1. North America
12.1.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.1.2. Market Revenue and Forecast, by Process (2020-2032)
12.1.3. Market Revenue and Forecast, by Application (2020-2032)
12.1.4. Market Revenue and Forecast, by End User(2020-2032)
12.1.5. U.S.
12.1.5.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.1.5.2. Market Revenue and Forecast, by Process (2020-2032)
12.1.5.3. Market Revenue and Forecast, by Application (2020-2032)
12.1.5.4. Market Revenue and Forecast, by End User(2020-2032)
12.1.6. Rest of North America
12.1.6.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.1.6.2. Market Revenue and Forecast, by Process (2020-2032)
12.1.6.3. Market Revenue and Forecast, by Application (2020-2032)
12.1.6.4. Market Revenue and Forecast, by End User(2020-2032)
12.2. Europe
12.2.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.2.2. Market Revenue and Forecast, by Process (2020-2032)
12.2.3. Market Revenue and Forecast, by Application (2020-2032)
12.2.4. Market Revenue and Forecast, by End User(2020-2032)
12.2.5. UK
12.2.5.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.2.5.2. Market Revenue and Forecast, by Process (2020-2032)
12.2.5.3. Market Revenue and Forecast, by Application (2020-2032)
12.2.5.4. Market Revenue and Forecast, by End User(2020-2032)
12.2.6. Germany
12.2.6.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.2.6.2. Market Revenue and Forecast, by Process (2020-2032)
12.2.6.3. Market Revenue and Forecast, by Application (2020-2032)
12.2.6.4. Market Revenue and Forecast, by End User(2020-2032)
12.2.7. France
12.2.7.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.2.7.2. Market Revenue and Forecast, by Process (2020-2032)
12.2.7.3. Market Revenue and Forecast, by Application (2020-2032)
12.2.7.4. Market Revenue and Forecast, by End User(2020-2032)
12.2.8. Rest of Europe
12.2.8.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.2.8.2. Market Revenue and Forecast, by Process (2020-2032)
12.2.8.3. Market Revenue and Forecast, by Application (2020-2032)
12.2.8.4. Market Revenue and Forecast, by End User(2020-2032)
12.3. APAC
12.3.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.3.2. Market Revenue and Forecast, by Process (2020-2032)
12.3.3. Market Revenue and Forecast, by Application (2020-2032)
12.3.4. Market Revenue and Forecast, by End User(2020-2032)
12.3.5. India
12.3.5.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.3.5.2. Market Revenue and Forecast, by Process (2020-2032)
12.3.5.3. Market Revenue and Forecast, by Application (2020-2032)
12.3.5.4. Market Revenue and Forecast, by End User(2020-2032)
12.3.6. China
12.3.6.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.3.6.2. Market Revenue and Forecast, by Process (2020-2032)
12.3.6.3. Market Revenue and Forecast, by Application (2020-2032)
12.3.6.4. Market Revenue and Forecast, by End User(2020-2032)
12.3.7. Japan
12.3.7.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.3.7.2. Market Revenue and Forecast, by Process (2020-2032)
12.3.7.3. Market Revenue and Forecast, by Application (2020-2032)
12.3.7.4. Market Revenue and Forecast, by End User(2020-2032)
12.3.8. Rest of APAC
12.3.8.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.3.8.2. Market Revenue and Forecast, by Process (2020-2032)
12.3.8.3. Market Revenue and Forecast, by Application (2020-2032)
12.3.8.4. Market Revenue and Forecast, by End User(2020-2032)
12.4. MEA
12.4.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.4.2. Market Revenue and Forecast, by Process (2020-2032)
12.4.3. Market Revenue and Forecast, by Application (2020-2032)
12.4.4. Market Revenue and Forecast, by End User(2020-2032)
12.4.5. GCC
12.4.5.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.4.5.2. Market Revenue and Forecast, by Process (2020-2032)
12.4.5.3. Market Revenue and Forecast, by Application (2020-2032)
12.4.5.4. Market Revenue and Forecast, by End User(2020-2032)
12.4.6. North Africa
12.4.6.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.4.6.2. Market Revenue and Forecast, by Process (2020-2032)
12.4.6.3. Market Revenue and Forecast, by Application (2020-2032)
12.4.6.4. Market Revenue and Forecast, by End User(2020-2032)
12.4.7. South Africa
12.4.7.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.4.7.2. Market Revenue and Forecast, by Process (2020-2032)
12.4.7.3. Market Revenue and Forecast, by Application (2020-2032)
12.4.7.4. Market Revenue and Forecast, by End User(2020-2032)
12.4.8. Rest of MEA
12.4.8.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.4.8.2. Market Revenue and Forecast, by Process (2020-2032)
12.4.8.3. Market Revenue and Forecast, by Application (2020-2032)
12.4.8.4. Market Revenue and Forecast, by End User(2020-2032)
12.5. Latin America
12.5.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.5.2. Market Revenue and Forecast, by Process (2020-2032)
12.5.3. Market Revenue and Forecast, by Application (2020-2032)
12.5.4. Market Revenue and Forecast, by End User(2020-2032)
12.5.5. Brazil
12.5.5.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.5.5.2. Market Revenue and Forecast, by Process (2020-2032)
12.5.5.3. Market Revenue and Forecast, by Application (2020-2032)
12.5.5.4. Market Revenue and Forecast, by End User(2020-2032)
12.5.6. Rest of LATAM
12.5.6.1. Market Revenue and Forecast, by Chemistry (2020-2032)
12.5.6.2. Market Revenue and Forecast, by Process (2020-2032)
12.5.6.3. Market Revenue and Forecast, by Application (2020-2032)
12.5.6.4. Market Revenue and Forecast, by End User(2020-2032)
Chapter 13. Company Profiles
13.1. ACCUREC Recycling GmbH (Germany)
13.1.1. Company Overview
13.1.2. Product Offerings
13.1.3. Financial Performance
13.1.4. Recent Initiatives
13.2. American Manganese Inc. (Canada)
13.2.1. Company Overview
13.2.2. Product Offerings
13.2.3. Financial Performance
13.2.4. Recent Initiatives
13.3. Battery Solutions (US)
13.3.1. Company Overview
13.3.2. Product Offerings
13.3.3. Financial Performance
13.3.4. Recent Initiatives
13.4. Li-Cycle Corp. (Canada)
13.4.1. Company Overview
13.4.2. Product Offerings
13.4.3. Financial Performance
13.4.4. Recent Initiatives
13.5. G & P Batteries (UK)
13.5.1. Company Overview
13.5.2. Product Offerings
13.5.3. Financial Performance
13.5.4. Recent Initiatives
13.6. Recupyl (France)
13.6.1. Company Overview
13.6.2. Product Offerings
13.6.3. Financial Performance
13.6.4. Recent Initiatives
13.7. Retriev Technologies (US)
13.7.1. Company Overview
13.7.2. Product Offerings
13.7.3. Financial Performance
13.7.4. Recent Initiatives
13.8. Australian Battery Recycling Initiative (Australia)
13.8.1. Company Overview
13.8.2. Product Offerings
13.8.3. Financial Performance
13.8.4. Recent Initiatives
13.9. Snam S.p.A. (Italy)
13.9.1. Company Overview
13.9.2. Product Offerings
13.9.3. Financial Performance
13.9.4. Recent Initiatives
13.10. Umicore N.V. (Belgium)
13.10.1. Company Overview
13.10.2. Product Offerings
13.10.3. Financial Performance
13.10.4. Recent Initiatives
Chapter 14. Research Methodology
14.1. Primary Research
14.2. Secondary Research
14.3. Assumptions
Chapter 15. Appendix
15.1. About Us
15.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers