Leeds, UK -- (SBWIRE) -- 07/16/2019 -- Almost a decade ago electric vehicles hit the road and now it's time to tackle with expiring lithium batteries. The potential environmental hazard related to toxicity while extracting materials like cobalt, nickel and lithium used in electric vehicle battery is huge. However, the demand for key components like lithium used in electric vehicle (EV)batteries is ever-increasing due to booming production of electric vehicles. Recycling of electric vehicle battery components is twigged as means to control the costs of electric vehicle manufacturing. Also, the governments across the globe are forming guidelines for battery recycling so as to create equilibrium in environmental safety and commercial benefits. Thus electric vehicle battery recycling is attracting both upstream and downstream investments from various automotive industry players and local governments to expand facilities for recycling batteries efficiently. The finite availability of natural ores, demand for zero-emission vehicles and increasing expenditure in emerging economies is also aiding the growth of the electric vehicle battery recycling market.
The global electric vehicle battery recycling market is estimated to value over US$ 2 billion by 2026 end, and registering a CAGR of 39.2% during the period of 2019-2026.
The potentially high initial cost in setting up a recycling centre and wider recycling gap is estimated to hamper the growth of the market.
Key Focus Areas in Imminent Years Pertaining to Electric Vehicle Battery Recycling
- Immense number of collaboration between government energy departments and OEMs, material suppliers, battery lifecycle management services and recycling centres
- Designing recycling processes that spawn products fitting directly back into new batteries without high-priced reprocessing
- Inventing in cost-effective recycling technologies that can create supplementary revenue.
- Optimization of battery designs that facilitate convenient future recycling
- Innovative modelling and analysis tools to enable profitable EV battery recycling
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Global Electric Vehicle Battery Recycling Market, by Application
+ Electric Cars
+ Electric Buses
+ Energy Storage Systems
The electric cars segment holds major market share due to current lifespan expiry of already launched cars in the market a decade ago. However, the increased emphasis on commercial vehicles like electric buses to save transportation cost, curb pollution, quiet operation and better acceleration is promoting the growth of electric buses segment at a lucrative CAGR.
Global Electric Vehicle Battery Recycling Market, by Region
+ North America
+ Latin America
+ Asia Pacific
+ Rest of the World
Owing to the high adoption rate of upgraded electric vehicle systems and stringent pollution control norms North America and Europe remain the eminent growing regions. The presence of OEMs and increasing focus on recycling for an environmental cause is estimated to promote dominant CAGR in APAC region over the forecasted years.
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+ Tier 1 players- established companies in the market with a major market share
+ Tier 2 players
+ Emerging players which are growing rapidly
+ New Entrants
The major companies profiled in the electric vehicle battery recycling market share 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.
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
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