battery recycling market

The lithium-ion battery recycling market is growing fast

With the growth of the EV industry, the adoption of lithium-ion batteries is growing strongly: From $403.77 Million in 2019 to about $1,392.84 Million by 2027, a new report says.

batteries Electric Vehicles lithium-ion Recycling

The lithium-ion battery recycling market is broadly segmented into five major regions - North America, Europe, APAC, MEA, and SAM. Asia Pacific region held the largest share of global lithium-ion battery recycling market. The region comprises several developing economies, such as China, India, and other southeast countries as well as developed economies, such as Japan.

The government bodies in the region are taking initiatives to promote use of electric vehicles with an aim to lower harmful impact of gases, such as carbon dioxide, on environment. China, Japan, and South Korea are among Asian countries using electric vehicles at a high rate. With growing procurement of electric vehicles in Asian economies, the scope of lithium-ion batteries would proliferate, thereby influencing the scope of lithium-ion battery recycling market as well.

North America has a wide array of lithium-ion battery recycling providers, which cater to a wide range of industries, from automotive to mining to consumer electronics to marine. The US in known for continuous technological developments. Hence, it is adopting advanced technologies at an impressive rate. The scope of next-gen electric vehicles is booming in the US, which is anticipated to contribute toward the adoption of lithium-ion batteries.

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Europe is another crucial market for the growth of lithium-ion battery recycling market over the forecast period. As the region houses major automotive manufacturers, the scope of developing electric vehicles is high in the region. Germany, France, and the UK are prominent countries having presence of key automotive manufacturers. This aspect is anticipated to contribute toward the production cycle of electric vehicles, thereby boosting the use of lithium-ion batteries.

The MEA and SAM are other regions where energy and mining sector is growing at an exponential rate. This, in turn, is expected to boost the market growth.

Impact of COVID-19 on Lithium-Ion Battery Recycling Market

The US is the worst hit country in North America. The continuous increase in infected individuals has led the government to impose lockdown across the nation's borders. The majority of the manufacturing plants are shut down, municipalities are functioning slowly as compared to the past, and industries are at a halt. All of these reasons are negatively affecting the market.

The automakers in the country have agreed to evaluate and implement the rotating partial shutdown of factories, extensive deep cleaning of surroundings, and stretched periods between shifts, as well as comprehensive plans to avoid member contact. In March, several automakers closed their facilities for extensive cleaning. These include GM, Ford, and Honda Motors.