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Allied Market Research, an international market research institution, recently released a research report on the electric vehicle battery recycling market, saying that the global electric vehicle battery recycling market will reach $2.
27 billion by 2025, with a compound annual growth rate of 41.
8%.
The report reveals that the growth of the market is further supplemented by the growing demand for zero-emission vehicles, recycled products, and materials, coupled with the availability of limited metal resources and the surge in middle-class employment
.
On the other hand, the high cost of initializing recycling plants and increasing reuse of EV batteries hamper the
growth of the market.
Nevertheless, increasing subsidies that encourage battery recycling along with a high recycling gap will provide lucrative opportunities
for emerging market players in the near future.
Electric buses are expected to become the largest segment in battery recycling by 2025 and account for about
half of the total share.
This is attributed to the increasing adoption of alternative fuel technologies in commercial vehicles such as buses, which offer zero emissions, better acceleration and quiet operation
.
However, the energy storage systems segment is expected to reach the highest CAGR
of 47.
8% between 2018 and 2025 due to the remanufacturing of lithium-ion batteries to provide a second life with 70-80% charging capability.
By segment, LAMEA (South America, Latin America) is expected to grow
at the fastest CAGR of 46.
1% during the forecast period, due to the high adoption rate of advanced electric vehicle systems in commercial vehicles.
In addition, rising vehicle emission standards in the region and growing demand for energy-saving and eco-friendly technologies are also complementing
the growth of the market.
However, the Asia-Pacific region will remain the dominant region through 2025, accounting for nearly half
of global revenue.
This is due to the high adoption of smart mobility services, increased government regulations, rising fuel prices, and rising trends towards non-fossil fuel vehicles
.
Allied Market Research, an international market research institution, recently released a research report on the electric vehicle battery recycling market, saying that the global electric vehicle battery recycling market will reach $2.
27 billion by 2025, with a compound annual growth rate of 41.
8%.
The report reveals that the growth of the market is further supplemented by the growing demand for zero-emission vehicles, recycled products, and materials, coupled with the availability of limited metal resources and the surge in middle-class employment
.
On the other hand, the high cost of initializing recycling plants and increasing reuse of EV batteries hamper the
growth of the market.
Nevertheless, increasing subsidies that encourage battery recycling along with a high recycling gap will provide lucrative opportunities
for emerging market players in the near future.
Electric buses are expected to become the largest segment in battery recycling by 2025 and account for about
half of the total share.
This is attributed to the increasing adoption of alternative fuel technologies in commercial vehicles such as buses, which offer zero emissions, better acceleration and quiet operation
.
However, the energy storage systems segment is expected to reach the highest CAGR
of 47.
8% between 2018 and 2025 due to the remanufacturing of lithium-ion batteries to provide a second life with 70-80% charging capability.
By segment, LAMEA (South America, Latin America) is expected to grow
at the fastest CAGR of 46.
1% during the forecast period, due to the high adoption rate of advanced electric vehicle systems in commercial vehicles.
In addition, rising vehicle emission standards in the region and growing demand for energy-saving and eco-friendly technologies are also complementing
the growth of the market.
However, the Asia-Pacific region will remain the dominant region through 2025, accounting for nearly half
of global revenue.
This is due to the high adoption of smart mobility services, increased government regulations, rising fuel prices, and rising trends towards non-fossil fuel vehicles
.
