"BCC Research Highlights Explosive Growth Potential in EV Battery Reuse and Recycling Market"
BOSTON, Jan. 3, 2025 /PRNewswire/ -- According to the latest study from BCC Research, "Global Electric Vehicle Battery Reuse and Recycling Market" is expected to grow from $8.0 billion in 2024 to $28.1 billion by the end of 2029, at a compound annual growth rate (CAGR) of 28.5% during the forecast period of 2024 to 2029.
The report on the global EV battery reuse and recycling market focuses on lithium-ion, nickel-metal hydride, and lead-acid batteries. It discusses recycling methods, types of EVs (BEV, HEV, PHEV), and market segments (passenger cars, commercial vehicles, and two/three-wheelers), as well as emerging technologies, the competitive landscape. It also provides regional analysis. The report considers all these trends and market segments, with 2023 as the base year and forecasts extending through 2029.
The rise in EV adoption means that many batteries will soon need recycling. Efficient recycling recovers valuable materials like lithium, cobalt, and nickel, conserving resources and reducing environmental impact.
The factors driving the market include:
Rising Global Sales of EVs: The rising popularity and sales of EVs increases the demand for battery reuse and recycling. With more EVs on the roads, the need to manage end-of-life batteries sustainably becomes crucial.
Falling Battery Costs: Reducing battery costs makes EVs more affordable and accessible. This affordability boosts EV adoption, subsequently increasing the volume of batteries that will eventually require recycling.
Demand for Recycled Materials: Environmental concerns and the need for sustainable practices drive rising demand for recycled materials and products. Recycled battery materials can be reused in new batteries, reducing the need for raw material extraction.
Support from Automakers: Automakers are increasingly supporting battery recycling initiatives. They recognize the importance of sustainable practices and invest in technologies and partnerships to facilitate battery reuse and recycling.
Request a sample copy of the global market for electric vehicle battery reuse and recycling report.
Report Synopsis
Report Metric | Details |
Base year considered | 2023 |
Forecast period considered | 2024-2029 |
Base year market size | $6.6 billion |
Market size forecast | $28.1 billion |
Growth rate | CAGR of 28.5% for the forecast period of 2024-2029 |
Segments covered | Battery Type, EV Type, Process, Source |
Regions covered | North America, Europe, Asia-Pacific, and Rest of the World |
Countries covered | U.S., Canada, Mexico, Germany, France, U.K., Norway, China, South Korea, India, Japan, and South America |
Market drivers | • Global sales of electric cars are on the rise. • Falling battery costs are facilitating the global adoption of EVs. • Demand for recycled materials and products is growing. • Support from automobile manufacturers is increasing. |
Interesting facts:
- According to the IEA, in 2023, battery manufacturing reached 2.5 terawatt-hours (TWh), adding 780 GWh more capacity than in 2022, which is a 25% increase.
- Global electric car sales reached nearly 14 million in 2023, accounting for 18% of all vehicles sold, up from 14% in 2022. This is a 35% increase, with 3.5 million more electric cars sold compared to 2022.
- The U.S., China, and Europe combined accounts for over 90% of the EV battery reuse and recycling market.
The report addresses the following questions:
- How large is the EV battery reuse and recycling market, and how fast is it growing?
It was $6.6 billion in 2023 and will grow to $28.1 billion by 2029, with a yearly growth rate of 28.5%. - Which market segments are covered in the report?
The EV battery reuse and recycling market is segmented based on battery type, process, EV type, and source. - Which segment will dominate the market in 2029 by battery type?
The lithium-Ion battery segment will dominate the market in 2029. - Which region has the highest market share in the market?
Asia-Pacific holds the highest share of the global market.
Market leaders include:
- ACCUREC-RECYCLING
- BATX ENERGIES
- CALL2RECYCLE INC.
- CIRBA SOLUTIONS
- ECOBAT
- ERAMET
- FORTUM
- GEM CO. LTD.
- GLENCORE
- GUANGDONG BRUNP RECYCLING TECHNOLOGY CO. LTD.
- LI-CYCLE CORP.
- NEOMETALS LTD.
- RECYCLICO BATTERY MATERIALS INC.
- REDWOOD MATERIALS INC.
- UMICORE
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