CHICAGO, Feb. 21, 2024 /PRNewswire/ -- The report "Electric Vehicles Battery Recycling Market by Source (Passenger Vehicles, Commercial Vehicles, E-Bikes), Chemistry (Li-NMC, LFP, LMO, LTO, NCA), Process, and Region (North America, Europe, Asia Pacific) - Global Forecast to 2031", is projected to grow from USD 9.0 billion in 2023 to USD 56.3 billion by 2031, at a CAGR of 25.8% during the forecast period. High demand from the automotive and consumer electronic sector is expected to drive the EV Battery Recycling Market.
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The Lithium Nickel Manganese Cobalt is expected to account for the largest share of the EV Battery Recycling Market, by battery chemistry, during the forecast period, in terms of value
By battery chemistry type, the lithium nickel manganese cobalt is estimated to have the largest market share by volume. Lithium Nickel Manganese Cobalt battery chemistry provides increased energy/power density and a decreased footprint compared to Lithium Iron Phosphate (LFP) batteries. With commendable energy density, lithium nickel manganese cobalt are undergoing continuous advancements, contributing to the growth of EV Battery Recycling Market.
By source, passengers segment is expected to account for the largest market share during the forecast period in terms of value.
Based on source, the passenger segment is estimated to account for the largest share of the market during the forecast period. This is driven by the rising demand for electric passenger cars, supported by factors like convenience, comfort, and personal mobility preferences. The increasing global awareness and adoption of electric vehicles, along with government initiatives such as supportive policies, incentives, and charging infrastructure development, contribute to the dominance of the passenger cars segment. These factors collectively indicate that the passenger segment is projected to maintain its leading position in the EV battery recycling market during the specified period.
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Asia Pacific is projected to register the largest market share during the forecast period.
Asia Pacific is estimated to lead the market during the forecast period, driven by robust economic growth and substantial investments in the automotive and electronics sectors. Notably, emerging economies like China and India have played a pivotal role in establishing Asia-Pacific as a significant market for EV Battery recycling. Additionally, an increase in purchasing power of the population and government support are likely to propel EV Battery Recycling Market.
Some of the leading players in this market include Contemporary Amperex Technology Co., Limited. (China), Glencore (Switzerland), GEM Co., Ltd. (China), ERAMET (France), Li-Cycle Corp (Canada), Umicore (Belgium) among others.
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