PUBLISHER: Allied Market Research | PRODUCT CODE: 1140291
PUBLISHER: Allied Market Research | PRODUCT CODE: 1140291
The global transportation battery recycling market is envisioned to garner $9,947.5 million by 2030, growing from $4,748.3 million in 2021 at a CAGR of 8.2% from 2022 to 2030.
The recycling transportation battery market is expanding as people across the globe are becoming more aware regarding electric vehicles. Using Electric Vehicle (EV) is more affordable than fuel-based vehicles, due to increasing fuel prices daily. The Government of India has also been taking various initiatives and developing several programs to promote EVs.
Fossil fuels are derived from nature and used to power vehicles. Its cost has gone up since there is a great demand for them and has a limited supply. Electric vehicles using batteries as power sources are a better alternative to fuel based vehicles. More consumers are preferring electric and hybrid vehicles over those that rely on fossil fuels as a result of the global increase in gasoline prices. Battery recycling providers may see an increase in demand as a result of this. For instance, the Indian Government has released draft recommendations on battery waste management to prevent incorrect handling and treatment of Lithium-Ion Batteries (LIBs). In accordance with these recommendations, manufacturers would be mandated to collect, store, transport, recycle, and dispose used batteries. This is known as Extended Producer Responsibility (EPR). Additionally, the Government of India offers financial incentives to promote LIB recycling investments.
Poor lithium separation, flawed disassembly, and ineffective shredding are predicted to hamper revenue growth of the battery recycling market during the projection period. Prevalent growth of second-life battery recycling could be hampered by high battery refurbishing expenses (including transaction and collection charges) as well as questions over the quality, safety, and remaining lifetime of batteries sent for refurbishment.
The lithium-based battery is currently the best alternative out of all the battery technologies now in use. These batteries have an eight to ten-year shelf life, but once their ability to generate energy drops below 80%, they are no longer appropriate for use in EVs. On the other hand, these batteries can still be used in stationary applications such as for storing renewable energy.
Several sectors across the globe were impacted due to the COVID-19 pandemic. Additionally, stay-at-home orders and closure of manufacturing and recycling facilities has affected the battery recycling sector. The recycling of batteries is a capital-intensive sector that requires a lot of finance, labor, and investment. However, the pandemic's impact on the economy has led to higher unemployment and decreased consumer spending. Governments of various countries such as India, U.S., and others shifted their funding to healthcare functions. Which had an effect on all the industries including the battery recycling industry. Additionally, there were delays in the battery recycling supply chain as a result of the travel and import-export restrictions, which significantly hampered viability of non-renewable and environmentally hazardous materials such as lead, cobalt, and lithium. During the pandemic, these variables had a major impact on the battery recycling market revenue growth.
The key players profiled in this report include: Call2Recycle, Inc., Battery Solutions, LLC, Exide Technologies, Umicore, Contemporary Amperex Technology Co., Limited, ENERSYS, GEM Co., Ltd., Johnson Controls, Fortum, and Aqua Metals, Inc.
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