Electric Vehicle Battery Recycling Market by Type (Led Acid, Lithium-ion, Others) by Process (Pyrometallurgical, Hydrometallurgical, Others)by Application (Passenger car, Commercial vehicle): Growth, Future Prospects & Competitive Analysis, 2015 - 2027

The Electric Vehicle Battery Recycling Market is expected to cross market value of USD 2,123.5 million in 2027 from USD 141.6 million in 2020. It is expected to grow at a CAGR of over 38.4% during the forecast period.

Key Market Drivers and Restraints

Increasing demand for fuel-efficient vehicles recently due to rising price of petrol and diesel is a factor expected to drive the growth of the global market during the forecast period. Also, demand for thermal cooling, energy efficient battery powered devices, and strict emission and fuel regulations can urge the market demand. Moreover, high production of electric vehicle and efforts for dropping dependence on fossil fuels may help the market in its venture. However, high investment required for its setup are key deterrents of the market and lack of battery recycling facilities. Additionally, the security risks comprising collection to disposal of batteries though keeping emission levels under control can hinder the market.

Impact of COVID 19

The electric vehicle battery recycling market is projected to have a negative impact due to the spread of corona virus. The rapid spread of the novel COVID-19 considerably affected the automotive industry and sales of electric vehicles. This resulted in a decrease in the demand for electric vehicle batteries in the short-term. Moreover, the demand for electric vehicle batteries is expected to drive the market growth.

Asia Pacific to Dominate the global Electric Vehicle Battery Recycling Market

The global Electric Vehicle Battery Recycling Market covers the six regions, namely Europe, North America, Asia Pacific, Latin America (LATAM), Middle East and Africa, including all the key economies in these regions. Asia Pacific market is dominated the global market and accounted for more than 58% of the total market. This is attributed to the increasing production of EVs and electric car battery cooling systems.

Global Electric Vehicle Battery Recycling Market is led by the Hydrometallurgical

Pyrometallurgical, and Hydrometallurgical, are the key Application in the Electric Vehicle Battery Recycling Market. In 2020, Hydrometallurgical segment is accounted for the largest share of Electric Vehicle Battery Recycling Market. However, Pyrometallurgical segment is anticipated to grow at the fastest CAGR during the forecast period.

Led Acid would continue to dominate the global Electric Vehicle Battery Recycling Market in terms of Type

Led Acid and Lithium-ion are some of the major types of Type. Led Acid segment accounted for the largest share in 2020 of the Electric Vehicle Battery Recycling Market in 2020. Increasing demand for Led Acid due to rising demand from hybrid electric vehicle (HEV) and battery electric vehicle (BEV) manufacturers.