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Redding, California - January 23, 2024

EV Battery Recycling Market to be Worth $10.1 Billion by 2031

EV Battery Recycling Market by Type (Li-ion, Ni-MH, SLA), Source (Commercial, Passenger, E-bikes), Process (Direct, Pyro, Hydro), Model (Contractual Services, Direct-to-Market), Material (Graphite, Lithium), and Geography - Global Forecast to 2031


Meticulous Research®—a leading global market research company, published a research report titled, ‘EV Battery Recycling Market by Type (Li-ion, Ni-MH, SLA), Source (Commercial, Passenger, E-bikes), Process (Direct, Pyro, Hydro), Model (Contractual Services, Direct-to-Market), Material (Graphite, Lithium), and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research®, the global electric vehicles (EVs) battery recycling market is projected to reach $10.1 billion by 2031, at a CAGR of 40.9% from 2024 to 2031. The growth of this market is driven by the increasing demand for electric vehicles, stringent regulatory frameworks for battery recycling, and increasing concerns over the depletion of raw material resources. However, safety issues related to the storage and transportation of used batteries restrain the growth of this market.

Increasing government incentives for battery recycling and innovations in battery recycling technologies are expected to generate market growth opportunities. However, the high costs of recycling EV batteries are a major challenge for the players operating in this market. Furthermore, increasing investments in battery recycling infrastructure in emerging economies is a key trend in the EV battery recycling market.

The global EV battery recycling market is segmented by battery type, battery source, recycling process, business model, and material. The study also evaluates industry competitors and analyzes the market at the region/country level.

Based on battery type, the global EV battery recycling market is broadly segmented into Lithium-ion batteries (Li-ion), sealed lead acid batteries (SLA), nickel-metal hydride batteries (Ni-MH), ultracapacitors, and other batteries. In 2024, the lithium-ion batteries segment is expected to account for the largest share of the global EV battery recycling market. Factors such as the increasing adoption of electric vehicles, the rising need to recover valuable materials from Li-ion batteries to reduce the need for new mining and processing of raw materials, and the growing demand for high energy density and low self-discharge rate batteries for EVs contribute to the significant market share of this segment. This segment is also projected to register the highest CAGR during the forecast period.

Based on battery source, the global EV battery recycling market is broadly segmented into commercial vehicles, passenger cars, e-scooters & motorcycles, and E-bikes. In 2024, the E-bikes segment is expected to account for the largest share of the global EV battery recycling market. The large market share of this segment is attributed to the rising adoption of e-bikes worldwide. However, the commercial vehicles segment is expected to record the highest CAGR during the forecast period due to factors such as the high demand for electric public transportation and logistics services, the rising need to manage the disposal of used batteries, the increasing demand for low-emission commuting, and supportive government initiatives aimed at promoting zero-emission transportation through commercial EVs.

Based on recycling process, the global EV battery recycling market is broadly segmented into direct physical recycling process, pyrometallurgical process, hydrometallurgical process, and other recycling processes. In 2024, the pyrometallurgical process segment is expected to account for the largest share of the global EV battery recycling market. The large market share of this segment is attributed to the growing need to remove organic material from Li-ion batteries and extract metals from ores with low metal content and the increasing demand for scalable, flexible, low-cost, and low-environmental impact recycling processes. However, the hydrometallurgical process segment is projected to register the highest CAGR during the forecast period due to the growing need to extract a wide range of materials, including copper, lithium, silver, nickel, and zinc, the increasing need for selective separation of materials through chemicals, and the rising demand for low energy consumption, less waste, and low-environmental impact recycling processes.

Based on business model, the global EV battery recycling market is broadly segmented into contractual recycling services and direct-to-market. In 2024, the contractual recycling services segment is expected to account for the larger share of the global EV battery recycling market. The large market share of this segment is mainly attributed to the increasing government incentives for battery recycling, stringent laws for the recycling of EV batteries, the increasing revenue streams for companies involved in the EV battery recycling market, and the growing need to reduce the cost of raw materials for new EV batteries. Moreover, the contractual recycling services segment is also projected to register a higher CAGR during the forecast period.

Based on material, the global EV battery recycling market is broadly segmented into graphite, nickel, cobalt, copper, manganese, lithium, aluminum, iron, plastics, and other materials. In 2024, the graphite segment is expected to account for the largest share of the global EV battery recycling market. The large market share of this segment is attributed to the high recycling rate of sealed lead acid batteries (SLA) and the increasing need to recover valuable materials from used EV batteries to reduce the need for the mining of new resources. However, the lithium segment is projected to register the highest CAGR during the forecast period. This growth is driven by the increasing R&D initiatives and innovations in lithium-ion batteries, the growing need to address the shortage of critical raw materials for EV battery production, and supportive government regulations and policies aimed at promoting EV adoption.

Based on geography, the global EV battery recycling market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of the global EV battery recycling market, followed by Europe and North America. Asia-Pacific’s significant market share is mainly attributed to the growing implementation of policies and initiatives to reduce the amount of EV battery waste and toxic substances in the environment, the rising concerns regarding the depletion of precious and rare earth metals, the growing demand for lithium-ion batteries, the increasing amount of battery waste generated, and the high adoption of electric mobility in the region.

Key Players:

The key players operating in the EV battery recycling market are Glencore plc (Switzerland), Fortum Corporation (Finland), Umicore NV (Belgium), Li-Cycle Holdings Corp. (Canada), Lithion Recycling Inc. (Canada), Tata Chemicals Limited (India), SNAM S.A.S. (France), Ascend Elements, Inc. (U.S.), ACE Green Recycling, Inc. (Singapore), Redwood Materials, Inc. (U.S.), Primobius GmbH (Germany), Attero Recycling Pvt. Lyd. (India), ACCUREC Recycling GmbH (Germany), Trishulavel Eshan Pvt. Ltd. (India), BatX Energies Pvt. Ltd. (India), MTB GROUP (France), and Duesenfeld GmbH (Germany).

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Key questions answered in the report-

  • Which are the high-growth market segments based on battery type, battery source, recycling process, business model, material, and geography?
  • What was the historical market for EV battery recycling?
  • What are the market forecasts and estimates for the period 2024–2031?
  • What are the major drivers, restraints, opportunities, and challenges in the EV battery recycling market?
  • Who are the major players in the EV battery recycling market, and what shares do they hold?
  • What is the competitive landscape like in the EV battery recycling market?
  • What are the recent developments in the EV battery recycling market?
  • What are the different strategies adopted by the major players in the EV battery recycling market?
  • What are the key geographic trends, and which are the high-growth countries?
  • Who are the local emerging players in the global EV battery recycling market, and how do they compete with the other players?

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EV Battery Recycling Market - Global Opportunity Analysis And Industry Forecast (2024-2031)
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