The global electric vehicle (EV) battery reuse and recycling market is expected to grow from $8.0 billion in 2024 to $28.1 billion by the end of 2029, at a compound annual growth rate (CAGR) of 28.5 percent during the forecast period of 2024 to 2029.
According to the latest study from BCC Research, "Global Electric Vehicle Battery Reuse and Recycling Market," The rise in EV adoption means that many batteries will soon need recycling. Efficient recycling recovers valuable materials like lithium, cobalt, and nickel, conserving resources and reducing environmental impact.
"The report on the global EV battery reuse and recycling market focuses on lithium-ion, nickel-metal hydride, and lead-acid batteries. It discusses recycling methods, types of EVs (BEV, HEV, PHEV), and market segments (passenger cars, commercial vehicles, and two/three-wheelers), as well as emerging technologies, the competitive landscape," BCC Research said.
"It also provides regional analysis. The report considers all these trends and market segments, with 2023 as the base year and forecasts extending through 2029," it added.
The factors driving the market include:
Rising global sales of EVs: The rising popularity and sales of EVs increases the demand for battery reuse and recycling. With more EVs on the roads, the need to manage end-of-life batteries sustainably becomes crucial.
Falling battery costs: Reducing battery costs makes EVs more affordable and accessible. This affordability boosts EV adoption, subsequently increasing the volume of batteries that will eventually require recycling.
Demand for recycled materials: Environmental concerns and the need for sustainable practices drive rising demand for recycled materials and products. Recycled battery materials can be reused in new batteries, reducing the need for raw material extraction.
Support from automakers: Automakers are increasingly supporting battery recycling initiatives. They recognize the importance of sustainable practices and invest in technologies and partnerships to facilitate battery reuse and recycling.
PIXABAY PHOTO
