Electric vehicle battery recycling market

The electric vehicle battery recycling market is anticipated to record robust CAGR over the forecast period, i.e. 2019-2027

• The lithium-ion segment is anticipated to hold largest market share.
• Asia-Pacific is anticipated to hold largest market share regionally.
• Concerns for setting up of EVB recycling plants owing to high setup costs is estimate to act as a barrier to the growth of the market during the forecast period.

The statistics portray the rising costs of highly valuable metals, which is raising the manufacturing costs of electric vehicle batteries (EVB's). EVB's are manufactured by using several elements, which includes valuable metals such as lithium, cobalt and nickel among others.

These valuable metals are found in regions such as Cuba, Papua New Guinea, and others, from which sourcing becomes challenging for battery manufacturers. EVB recycling processes help battery manufacturers procure these valuable metals at a lower cost, which also lowers the overall manufacturing costs of EVBs.

Additionally, EVB recycling eliminates the unnecessary exploitation of valuable metals and natural resources.

All of these factors are anticipated to support the growth of the electric vehicle battery recycling market.

The market is segmented by type into lead acid, nickel metal hydride and lithium-ion batteries. Among these segments, lithium-ion segment is anticipated to hold the largest market share on the back of improved discharge and charge efficiency, longer life span and the ability to deep cycle while maintaining power. Additionally, lithium-ion batteries are known for light weight, greater flexibility and smaller size.

The market is also segmented by recycling process type into pyrometallurgical, hydrometallurgical and mechanical or physical recycling process, out of which, the hydrometallurgical process segment is anticipated to gain significant market share on the back of a greater range and complexity of recovered materials coupled with high efficiency and greater future economic viability.

Geographically, the market is segmented into major regions; North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region, out of which, the Asia-Pacific is anticipated to hold the largest market share on account of nations such as China, which is known to be the world leader in exports of lithium-ion batteries and having the highest stock of electric vehicles.

The International Energy Agency (IEA) stated in one of its reports that electric car stock peaked at 2306.30 thousand units in the year 2018 rising from 0.48 thousand units in 2009.

Europe is anticipated to gain significant market share on the back of growing number of battery manufacturers who are opting for EVB recycling owing to regulatory norms and actions taken by the government against the growing wastes generated from dumping of batteries.

However, concerns for setting up of EVB recycling plants owing to high setup costs is estimate to act as a barrier to the growth of the market during the forecast period.

Key players of the electric vehicle battery recycling market, include;

• ACCUREC Recycling GmbH
• American Manganese Inc. (CVE: AMY)
• Battery Solutions
• LI-CYCLE CORP.
• G&P Service
• Recupyl, Retriev Technologies
• Veolia (EPA: VIE)
• SNAM (BIT: SRG) and Umicore (EBR: UMI)

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