Meticulous Research®, a global leader in market intelligence, has published its latest 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.’

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Meticulous Research® projects the global electric vehicle (EV) battery recycling market to surge to $10.1 billion by 2031, achieving a robust CAGR of 40.9% from 2024 to 2031. The market's impressive growth trajectory is primarily driven by escalating demand for electric vehicles, stringent regulatory mandates for battery recycling, and mounting concerns over the depletion of raw material resources. However, the market's expansion faces challenges due to safety issues related to the storage and transportation of used batteries.
Government incentives for battery recycling and technological innovations are poised to unlock new growth opportunities. Nonetheless, the high costs associated with recycling EV batteries present a significant challenge to market participants. Emerging economies' increasing investments in battery recycling infrastructure mark a notable trend in the EV battery recycling market.

Market Segmentation and Key Insights

Battery Type:
The market is segmented into Lithium-ion (Li-ion), Sealed Lead Acid (SLA), Nickel-Metal Hydride (Ni-MH), Ultracapacitors, and other batteries. In 2024, the Lithium-ion segment is expected to dominate, driven by the rising adoption of electric vehicles and the need to recover valuable materials from Li-ion batteries. This segment is also anticipated to register the highest CAGR during the forecast period.

Battery Source:
Segments include Commercial Vehicles, Passenger Cars, E-Scooters & Motorcycles, and E-Bikes. The E-Bikes segment is projected to hold the largest market share in 2024, attributed to the global rise in e-bike adoption. The Commercial Vehicles segment is forecasted to achieve the highest CAGR, supported by the increasing demand for electric public transportation and logistics services.

Recycling Process:
The market is categorized into Direct Physical Recycling, Pyrometallurgical, Hydrometallurgical, and other processes. The Pyrometallurgical segment is expected to lead in 2024 due to its effectiveness in removing organic materials and extracting metals from low-content ores. The Hydrometallurgical process is anticipated to register the highest CAGR, driven by its efficiency in extracting a wide range of materials and its low environmental impact.

Business Model:
Divided into Contractual Recycling Services and Direct-to-Market, the Contractual Recycling Services segment is set to dominate in 2024. This segment's growth is fueled by government incentives, stringent recycling laws, and the need to reduce raw material costs for new EV batteries. It is also projected to achieve the highest CAGR during the forecast period.

Material:
Segments include Graphite, Nickel, Cobalt, Copper, Manganese, Lithium, Aluminum, Iron, Plastics, and others. In 2024, the Graphite segment is expected to lead, driven by high recycling rates and the need to recover valuable materials. The Lithium segment is forecasted to grow at the highest CAGR due to increased R&D initiatives and supportive government regulations.

Geography:
The market spans North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is projected to hold the largest market share in 2024, driven by policies to reduce EV battery waste, concerns over precious metal depletion, and high adoption of electric mobility.

Leading Players in the Market
Prominent players in the EV battery recycling market include:
• 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. Ltd. (India)
• ACCUREC Recycling GmbH (Germany)
• Trishulavel Eshan Pvt. Ltd. (India)
• BatX Energies Pvt. Ltd. (India)
• MTB GROUP (France)
• Duesenfeld GmbH (Germany)

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