- – The intensifying demand for electric vehicles across the globe may bring considerable growth opportunities for the battery recycling market through the forecast period
- – The scaling up of the growth rate due to a plethora of factors leads to a prediction of a CAGR of ~10 percent across 2019-2027 for global battery recycling market
Transparency Market Research, New York: Environmental concerns are at an all-time high around the world. It is estimated that by the year 2025, around three-quarters of used electric vehicle batteries will be recycled. This prediction highlights the growing influence of the battery recycling market in the near future.
Considering all the factors researched by the TMR analysts, the global battery recycling market was valued at US$ 3.45 bn in 2018 and is extrapolated to expand at a CAGR of ~10 percent during the forecast period of 2019-2027.
The global transportation sector is observing a tectonic shift as a substantial chunk is opting for electric vehicles. This factor may bring tremendous growth opportunities for the battery recycling market. In addition, favorable government initiatives are also inviting immense growth prospects for the battery recycling market.
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Battery Recycling Market: T.E.D (Transparency Expert Diagnosis) Talk
The analysts at Transparency Market Research attribute factors such as frequently escalating number of expired lithium-ion batteries, supportive government policies, expanding environmental concerns, and the development of novel recycling facilities for the growth of the battery recycling market.The analysts advise the players in the battery recycling market to collaborate with local government bodies for generating awareness about the importance of battery recycling and its benefits.
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Battery Recycling Market: Key Revelations
- – The lead-acid segment held a prominent share of the battery recycling market in 2018
- – Asia Pacific may garner considerable growth through the forecast period of 2019-2027
- – Expansive investments across the automobile sector in India and China may support Asia Pacific to bring considerable growth
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Battery Recycling Market: Growth Aspects
The battery recycling market is growing prominently on the back of the varied advantages it offers in terms of environmental conservation.
- – Inundation of electric vehicles around the world may bring exemplary growth opportunities for the battery recycling market through the forecast period of 2019-2027
- – The collaboration of NGOs with automobile manufacturers for increasing awareness about battery recycling may bring good growth
- – Battery recycling leads to a reduction in greenhouse gas emissions, thus bringing extensive growth prospects for the battery recycling market
- – Revamping of recycling plant capacities has also led to a rise in the growth rate of the battery recycling market
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Battery Recycling Market: Regulations and Initiatives Laying Red Carpet of Growth
Regulations and initiatives regarding battery recycling play an important role in increasing the growth rate of the battery recycling market. Many countries across the world are upgrading their e-waste policies to promote battery recycling. Here are some regulations and initiatives across a few countries that are helping the battery recycling market to grow at an exponential rate.
Europe: The Batteries Directive regulation is issued by the European Union. It aims at minimizing the negative impact of batteries on the environment. The directive comprises certain guidelines for the collection and recycling of waste batteries.
Japan: The Japan Battery Recycling Centre (JBRC) in Japan is an organization that assists in the collection and process of waste batteries across the country. Waste batteries are collected from the retailers registered with JBRC and are delivered to recycling sites.
India: The Indian Government amended the E-Waste (Management) Amendment Rules, 2018, to ease the battery recycling process.
China: The Industry and Information Technology Ministry of China, in January, announced new regulations for recycling used new energy vehicle power batteries.
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Global Battery Recycling Market: Segmentation
By Battery Chemistry
- – Lithium-ion
- – Lead-acid
- – Nickel-Cadmium
- – Others
By Spent Battery Source
- – Automotive
- – Electronic Appliances
- – Others
By End Use
- – Extraction of Materials
- – Disposal
- – Repackaging, Reuse, and Second Life
By Region
- – North America
- – Latin America
- – Europe
- – Asia Pacific
- – Middle East &Africa
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