Unleashing the Potential: The Rising Electric Vehicle Battery Recycling Market




As the world accelerates towards a sustainable future, the electric vehicle (EV) industry has witnessed a significant boom in recent years. However, with the growing adoption of electric vehicles comes the challenge of managing their end-of-life batteries responsibly. This is where the electric vehicle battery recycling market steps in, offering a sustainable solution to address the environmental impact of EV battery disposal. With the potential to revolutionize the battery industry and reduce dependence on raw materials, the EV battery recycling market is poised to play a crucial role in the transition to a greener and cleaner transportation sector.

Electric Vehicle Battery Recycling Market accounted for US$ 1.93 billion in 2022 and is estimated to be US$ 30.5 billion by 2032 and is anticipated to register a CAGR of 31.8%. Advancement in recycling of EV (electric vehicle) batteries helps in improving metallurgical process by increasing extraction and efficiency of copper, nickel and cobalt which may reach over 95% yield for variety of batteries. Recycling of EV batteries also helps in recovering most of lithium. Lithium-ion batteries are mostly used in electric vehicles. Electric vehicle batteries are composed of hundreds and thousands of individual lithium-ion cells. EV batteries lasts for 5 to 8 years. Chile is the world’s largest known lithium reserves with 8 million tons. Argentine reserves (2 million tons), China (1 million tons). Portugal and Europe has smaller quantities of valuable raw material. There are different types of batteries used in electric vehicles like lead-acid battery invented in 1859 with both combustion and electric engines, nickel-cadmium battery, lithium-ion battery, solid-state battery, nickel-metal hydride battery etc. Most popular Tesla battery pack has across 7,104,18650 cells divided into 16,444 cell modules. Lithium-ion batteries are best batteries for EV cars due to their lightweight properties and it holds lot of energy. Demand for EV vehicles is increasing which has expanded the battery recycling market. Recycling process has different methods of separation for recovery of materials. Smelting is the process which recovers salts and basic elements. Direct recovery process is the low temperature process with minimal energy requirement. Intermediate process is the process between two extremes. However, rapid growth in zero emission vehicle like electric vehicles has become popular. Awareness among people about environment, expensive fuel cost has given rise in use of electric vehicles. Rising use of electric vehicles has fueled the Electric Vehicle Battery Recycling market growth.

 

Get a free sample of Electric Vehicle Battery Recycling Market: https://www.prophecymarketinsights.com/market_insight/Insight/request-sample/4958

 

 

The report “Global Electric Vehicle Battery Recycling Market, By Chemistry (Lithium ion phosphates, Lithium metal phosphates, and Lithium manganese cobalt oxides), By Application (Electric Buses, Energy Storage Systems, Electric Cars and Others), By End-User (Industrial, Transportation, and Others) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032”

 

 

Key Highlights:

·         In May 2022, Orano has developed its EV (electric vehicle) battery recycling project. Orano is leveraging adapting and know how in addressing battery recycling process to develop new innovative low-carbon process used for recovering and purifying valuable materials that are contained in used battery modules like nickel, cobalt, graphite, lithium and manganese for reuse in new components.

·         In December 2021, MG Motor in India has successfully recycled its first EV (electric vehicle) battery. It has collaborated with Attero Recycling Technology to recycle and reuse lithium-ion batteries for its ZS electric vehicle model. Attero Recycling Technology has enabled extraction of 99% of metals from lithium-ion battery.

 

Analyst View:

Mining of metals is used in electric vehicle batteries. Mining of metals is an energy intensive process and emits sulfur oxide. Sulfur oxide can cause acid rain. To avoid this emission recycling of batteries has become important. Recycling of electric vehicle batteries will help in lowering harm to environment which is caused by mining. If batteries gets rot in landfill the chemicals may leak into ground causing water and soil pollution. Thus, to avoid it recycling is best way in protection of environment and energy saving. Research and development is highly recommend to reduce the high cost, extend shelf life of EV vehicle and address safety concerns regarding overheating of EV vehicle. However, rising automotive industries and increasing demand for EV (electric vehicles) due to rising price of fuels and new innovations has given positive impact on Electric Vehicle Battery Recycling market growth. As a result, market competition is intensifying, and both big international corporations and start-ups are vying to establish position in the market.

 

About Prophecy Market Insights

Prophecy Market Insights is specialized market research, analytics, marketing/business strategy, and solutions that offers strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high-value opportunities in the target business area. We also help our clients to address business challenges and provide the best possible solutions to overcome them and transform their business.

 


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