Global Electric Vehicles Battery Recycling Market Forecast to 2031 – Rising Adoption of Lithium-Ion Batteries due to Decline in Prices

Global Electric Vehicles Battery Recycling Market

Dublin, March 06, 2024 (GLOBE NEWSWIRE) — The “Global Electric Vehicles Battery Recycling Market by Source (Passenger Vehicles, Commercial Vehicles, E-Bikes), Chemistry (Li-NMC, LFP, LMO, LTO, NCA), Process, and Region (North America, Europe, Asia Pacific) – Forecast to 2031” report has been added to ResearchAndMarkets.com’s offering.

Introduction

The EV Battery Recycling Market is projected to grow from USD 9 billion in 2023 to USD 56.3 billion by 2031, at a CAGR of 25.8 % during the forecast period. The growing demand for batteries in energy storage devices, coupled with increased research and development in EV Battery, is one of the key drivers that is boosting the EV Battery Recycling Market.

Lithium Iron Phosphate by battery chemistry, is estimated to account for the second largest share during the forecast period

The Lithium Iron Phosphate battery chemistry segment is projected to secure the second-largest share in the forecast period, primarily fueled by its extensive application in the automotive. As they are among the safest batteries, with a low risk of overheating and fire. These batteries are environmentally sustainable, being non-toxic and recyclable, devoid of harmful materials like lead or cadmium. This broader utilization is expected to contribute to the sustained growth of the Lithium Iron Phosphate battery chemistry segment in the EV Battery Recycling Market.

By source, commercial segment is accounted for the second largest share during the forecast period

Lithium-ion batteries are well-known for powering commercial vehicles. The combination of increasing demand for commercial electric vehicles, regulatory support, and the need for recycling valuable materials contributes to the projection that the commercial segment will be the important and ongoing source in the EV battery recycling market during the specified period. Therefore, the use of lithium-ion battery in commercial vehicles will increase and it is expected to drive the EV Battery Recycling Market.

Europe region is estimated to account for the second largest share during 2023-2031

Europe is expected to be the second-largest market for EV battery recycling market. Germany is among the key players in the region, which is driven by the automobile sector, with a rise in the demand for electric vehicles. As a major contributor to the automotive industry, Germany emerges as a favorable market for various batteries, particularly those using lithium-ion recycling technology. Additionally, the ongoing transition to renewable energy sources in the country is expected to boost the market further, contributing to the overall growth of the European EV Battery Recycling Market.

Report Insights

• Analysis of key drivers (increasing adoption of lithium-ion batteries in automobiles, growing adoption of EVs and plug-in vehicles, limited minerals), restraints (Safety issues related batteries, low availability of lithium and cobalt), opportunities (subsidies by government, growing R&D for battery chemistry), and challenges (high cost of recycling ecosystem) influencing the growth of the EV Battery Recycling Market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities in the
  

  SDGs, Targets, and Indicators

  1. Which SDGs are addressed or connected to the issues highlighted in the article?

  • SDG 7: Affordable and Clean Energy
  • SDG 9: Industry, Innovation, and Infrastructure
  • SDG 11: Sustainable Cities and Communities
  • SDG 12: Responsible Consumption and Production
  • SDG 13: Climate Action
  • SDG 17: Partnerships for the Goals

  2. What specific targets under those SDGs can be identified based on the article’s content?

  • SDG 7.2: Increase substantially the share of renewable energy in the global energy mix.
  • SDG 9.4: Upgrade infrastructure and retrofit industries to make them sustainable.
  • SDG 11.6: Reduce the adverse per capita environmental impact of cities.
  • SDG 12.5: Substantially reduce waste generation through prevention, reduction, recycling, and reuse.
  • SDG 13.2: Integrate climate change measures into national policies, strategies, and planning.
  • SDG 17.17: Encourage and promote effective public, public-private, and civil society partnerships.

  3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

  Yes, the following indicators can be used to measure progress towards the identified targets:

  • Percentage of renewable energy in the global energy mix
  • Investment in sustainable infrastructure
  • Reduction in environmental impact of cities (e.g., air pollution, waste generation)
  • Waste generation and recycling rates
  • Integration of climate change measures in national policies and planning
  • Number of partnerships and collaborations for sustainable development

  Table: SDGs, Targets, and Indicators

  SDGs	Targets	Indicators
  SDG 7: Affordable and Clean Energy	7.2: Increase substantially the share of renewable energy in the global energy mix.	Percentage of renewable energy in the global energy mix.
  SDG 9: Industry, Innovation, and Infrastructure	9.4: Upgrade infrastructure and retrofit industries to make them sustainable.	Investment in sustainable infrastructure.
  SDG 11: Sustainable Cities and Communities	11.6: Reduce the adverse per capita environmental impact of cities.	Reduction in environmental impact of cities (e.g., air pollution, waste generation).
  SDG 12: Responsible Consumption and Production	12.5: Substantially reduce waste generation through prevention, reduction, recycling, and reuse.	Waste generation and recycling rates.
  SDG 13: Climate Action	13.2: Integrate climate change measures into national policies, strategies, and planning.	Integration of climate change measures in national policies and planning.
  SDG 17: Partnerships for the Goals	17.17: Encourage and promote effective public, public-private, and civil society partnerships.	Number of partnerships and collaborations for sustainable development.

  Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.

  Source: finance.yahoo.com

   

  

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