The Global EV Battery Recycling market industry size 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. The market is experiencing expansion, propelled by the rising demand for electric vehicles (EVs) and plug-in vehicles. The increasing prevalence of lithium-ion batteries is anticipated to further boost the demand for battery recycling, contributing to the overall market growth.
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Based on battery chemistry, the lithium nickel manganese cobalt segment accounted for the largest share during 2023 to 2028. Lithium nickel manganese cobalt batteries are widely used in EV battery recycling market because of its increased energy/power density, a longer range for EVs, and high-power output. Beyond renewable energy, they are adaptable in automotive and telecommunications, powering vehicles and ensuring reliable communication networks. Their interest emerges from cost-effectiveness, safety features, and recyclability. Surging demand for EV market drives market growth, increasingly pivotal in the EV battery market. As technology evolves, these remain adaptable, maintaining relevance in traditional and emerging applications.
Based on sources, the passenger segment accounted for the largest share, in terms of value, of the overall EV battery recycling market during the forecast period. The convenience, comfort, and personal mobility offered by passenger cars make them a preferred choice for a vast majority of consumers. The increasing awareness and adoption of electric vehicles have contributed to the dominance of the passenger cars segment in the automotive market. As the demand for electric passenger cars, consumer preferences, and government support, this is further expected to drive the EV battery recycling market.
Based on region, Asia-Pacific is the largest market for EV battery recycling, in terms of value, during the forecast period. The region includes both emerging nations like China, Japan, and India. Asia Pacific has become a focus for EV battery recycling, benefiting from recent infrastructure development and industrialization in its emerging nations. These factors have created new opportunities for battery recycling, contributing to the continued growth of this region for the EV battery market.
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Major players operating in the EV battery recycling market include Contemporary Amperex Technology Co., Limited. (China), Glencore (Switzerland), GEM Co., Ltd. (China), ERAMET (France), Li-Cycle Corp (Canada), Umicore (Belgium). The companies have wide-spread facilities with an established portfolio of battery recycling, a robust market presence, and strong business strategies. These factors are attributed to their progression in the EV battery recycling market.
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