The electric vehicle lithium-ion battery recycling market is expected to grow due to the rising adoption of electric vehicles, driven by advancements in battery technologies and their low maintenance requirements. Additionally, the market will be boosted by improvements in battery recycling techniques, including pyrometallurgical and hydrometallurgical methods. Government economic stimulus policies focusing on battery recycling further contribute to the market's growth. These factors combined are anticipated to drive the expansion of the electric vehicle lithium-ion battery recycling market.
According to Data Bridge Market Research, the North America Electric Vehicle Lithium-Ion Battery Recycling Market is expected to reach USD 262,675.40 Thousand by 2029. The market is expected to grow with a CAGR of 21.2% in the forecast period of 2022 to 2029.
“Advancements in battery technologies boost the market’s growth”
Advancements in battery technologies are driving the growth of the electric vehicle lithium-ion battery recycling market. Improved battery technologies have resulted in higher energy density, longer lifespan, and enhanced lithium-ion batteries' performance in electric vehicles (EVs). As a result, the demand for EVs has surged, leading to an increased need for battery recycling. Efficient recycling processes ensure the recovery of valuable materials like lithium, cobalt, and nickel, reducing the dependence on primary resources and contributing to a more sustainable and circular economy.
What restraints the growth of the North America electric vehicle lithium-ion battery recycling market?
“Lack of established infrastructure for effective and efficient recycling restraints the market’s growth”
The lack of established infrastructure for effective and efficient recycling restrains the growth of the electric vehicle lithium-ion battery recycling market. This infrastructure encompasses specialized facilities, technologies, and processes required for the safe and environmentally friendly handling of battery waste. The absence of such infrastructure leads to challenges in scaling up recycling operations and meeting the increasing demand for battery recycling. Moreover, the lack of standardized regulations and policies across regions adds complexity to developing a cohesive and efficient recycling ecosystem.
Segmentation: North America Electric Vehicle Lithium-Ion Battery Recycling Market
The electric vehicle lithium-ion battery recycling market is segmented on the basis of process and application.
- On the basis of process, the electric vehicle lithium-ion battery recycling market has been segmented into pyrometallurgical, hydrometallurgical, and others.
- On the basis of application, the electric vehicle lithium-ion battery recycling market passenger car and commercial vehicle.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/north-america-electric-vehicle-lithium-ion-battery-recycling-market
Recent Developments
- In March 2021, American Manganese Inc., a company with a patented lithium-ion battery cathode recycling process called RecycLiCo, has entered into a Memorandum of Understanding with Italvolt. The two companies will collaborate to establish a commercial recycling plant adjacent to Italvolt's planned Gigafactory in Scarmagno, Italy. This partnership aims to leverage American Manganese's recycling technology to efficiently recover valuable materials from lithium-ion batteries and contribute to the sustainable production of electric vehicles at Italvolt's Gigafactory.
The Prominent Key Players Operating in the North America Electric Vehicle Lithium-Ion Battery Recycling Market Include:
- Umicore (Belgium)
- Retrieve Technologies (U.S.)
- American Manganese Inc. (Canada)
- Li-Cycle Corps (Canada)
- Neometals Ltd. (Australia)
- Glencore (Switzerland)
- Brunp Recycle Technology Co. Ltd. (China)
- Tata Chemicals Ltd. (India)
- Lithion Recycling Inc. (Canada)
- ECOBAT (U.S.)
- Ganfeng Lithium (China)
Above are the key players covered in the report, to know about more and exhaustive list of North America electric vehicle lithium-ion battery recycling market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: North America Electric Vehicle Lithium-Ion Battery Recycling Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
