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The battery recycling market size is estimated to grow at a CAGR of 10.46% between 2022 and 2027. The market size is forecast to increase by USD 9,205.76 million. The growth of the market depends on several factors such as the widening lithium supply-demand gap, the legislation support for battery recycling, and the Increasing urbanization in emerging markets.
This battery recycling market report extensively covers market segmentation by source (automotive, electronic appliance, and others), battery type (lead-acid, lithium, and others), and geography (APAC, Europe, North America, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The legislation support for battery recycling is driving growth in the battery recycling market. Toxics, such as iron and hazardous chemical substances, are contained in batteries, particularly those found in electronic devices. When improperly disposed of, these materials can leach into the soil and water, posing health risks to humans and wildlife. Battery recycling ensures the safe extraction and disposal of these materials.
Battery recycling helps businesses and industries comply with these regulations, avoiding legal penalties and ensuring responsible waste handling. The health and safety risks of workers in the field of waste management and disposal processes, as well as for communities living close to landfill sites, are reduced when e-waste is managed, including battery recycling. Such factors are expected to drive the growth of the global battery recycling market during the forecast period.
The increasing government support for EVs is a key trend in battery recycling. Countries have begun reconsidering the use of fossil fuels in their transport sector due to growing environmental concerns and increasing GHG emissions around the world. The only possible replacement for fossil fuel-powered vehicles is EVs. Numerous countries are introducing targets and directives to promote the shift from diesel and petrol vehicles to EVs.
Moreover, the growing demand for battery-operated EVs and HEVs will increase the demand for battery recycling, as it is an essential element of the battery. To promote EV adoption, such measures have been taken by governments in different countries, and decreased carbon emissions are expected to drive the growth of the battery industry, which, in turn, is expected to drive the growth of the global battery recycling market during the forecast period.
The low yield of recycling batteries is a major challenge faced by the battery recycling market. Batteries do not produce efficient and economical output after recycling, even though their shelf life has been extended. OEMs offer two basic ways of reusing batteries. If the life of the appliance ends earlier than the completion of the lithium battery life cycle, the battery can be reused by installing it in another appliance.
The recycling process also involves shredding, separation of non-metallic and metallic materials, smelting, neutralizing hazardous substances, and purification of the recovered metals. Compared to the large battery industry, recycling is not a big business. It is expected to hinder the growth of the global battery recycling market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Battery Recycling Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Accurec Recycling GmbH - The company offers battery recycling services for Nickel Cadium batteries, Nickel Metal hybride batteries and Lithium batteries.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The automotive segment is estimated to witness significant growth during the forecast period. The automotive segment includes lead-acid batteries that are used in passenger cars, commercial vehicles, and two-wheelers. Lead-acid batteries for the start, light, and ignition (SLI) in ICE vehicles are required by the automobile industry and start/stop applications in both conventional vehicles and EVs.
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The automotive segment was the largest segment and was valued at USD 6,420.57 million in 2017. The improving economic situation and the change in lifestyle with rising consumer confidence have resulted in a higher demand for new, fuel-efficient, and technologically advanced cars. The demand for motor vehicles is being driven by the steady growth of the economy, industrialization, infrastructure development, and increased disposable income.
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APAC is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC dominates the global battery recycling market due to the presence of several large battery manufacturers and manufacturing units of battery-powered equipment and automobiles in the region. The region has the highest population in the world and is the largest secondary battery consumer.
Moreover, the rising consumption of consumer electronics and vehicles is driven by a rise in household incomes and improvements in living standards across the region. Rising environmental concerns due to improper battery disposal drive the growth of the regional battery recycling market. With the high consumption of batteries in the consumer electronics, automotive, and energy storage segments, recycling batteries has become a necessity. Moreover, numerous countries are focusing on addressing these issues and overcoming the pollution caused by improper battery disposal.
In 2020, the outbreak of COVID-19 negatively impacted the battery recycling market in APAC. However, in 2021, vaccination campaigns conducted by governments across the region played a pivotal role in stabilizing economies and restoring business operations. As vaccination drives gained momentum across the APAC region, countries were able to gradually lift lockdown restrictions, allowing battery recycling operations to resume. It also makes manufacturers more conscious of the need to design products with better recycling potential and encourages consumers to take part in battery recycling programs. Such factors are expected to drive the growth of the regional battery recycling market during the forecast period.
The battery recycling market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Battery Recycling Market Scope |
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Report Coverage |
Details |
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Page number |
167 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.46% |
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Market growth 2023-2027 |
USD 9,205.76 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
9.5 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 36% |
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Key countries |
US, China, Japan, Germany, and the UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Accurec Recycling GmbH, Aqua Metals Inc., Battery Solutions LLC, Call2Recycle Inc., Contemporary Amperex Technology Co. Ltd., Ecobat LLC, EnerSys, ENGITEC TECHNOLOGIES SPA, Exide Industries Ltd., GEM Co. Ltd., Gopher Resource LLC, Gravita India Ltd., SungEel Hi-Tech Co. Ltd., Terrapure Environmental, Umicore SA, East Penn Manufacturing Co. Inc., Fortum Oyj, Li Cycle Holdings Corp., Onto Technology LLC, and Raw Materials Co. Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Source
7 Market Segmentation by Battery Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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