Summary

Overview
Global Electric Vehicles Battery Recycling Market reached US$ 8.6 billion in 2023 and is expected to reach US$ 50.6 billion by 2031, growing with a CAGR of 24.8% during the forecast period 2024-2031.
The development of new and more energy-dense electric vehicle batteries will a major contributing factor to market growth, since the usage of recycled components will increase to keep costs competitive. In May 2023, Gotion Technology, a U.S. battery manufacturer, announced the launch of its L600 battery based on lithium-phosphate chemistry. The high-energy density of the battery provides nearly 600 miles of range on a single charge.
The lack of alternatives to traditional recycling methods like hydrometallurgy and pyrometallurgy could potentially cripple the future growth of the market. Both methods are highly energy intensive, which raises recycling costs. If there is significant volatility in the market prices of lithium and other battery components, manufacturers could abandon recycling all-together.
Dynamics
Difficulty in Raising Global Lithium Production Output
Electric vehicles mainly prefer lithium chemistry batteries due to their high energy density and extensive serviceability. However, producers have struggled to keep pace with growing demand which has almost always outstripped supply. In an August 2023 press release, Deutsche Bank stated that it forecasted an annual shortfall of 40,000 to 50,000 tons by 2025, which could grow to 768,000 tons by 2031.
Although new reserves of lithium have been discovered in Chile, Bolivia and Argentina, exploiting these reserves and undertaking full-scale commercial production can take at least 4 to 5 years. Such a timescale is not conducive for alleviating the short term lithium shortages. Therefore, most battery manufacturers are turning towards increasing the usage of recycled components to beat shortages.
Development of Other Battery Chemistries
Although lithium batteries are the popular choice for powering electric vehicles, other battery chemistries are also being explored. Lithium nickel cobalt aluminum oxide (NCA) and lithium nickel manganese cobalt oxide (NMC) offer much higher energy density which can allow electric vehicles to extend their range. Researchers are working on remedying shortfalls such as slower charging speeds and susceptibility to thermal runaway reactions at higher operating temperatures.
Lithium titanate (LTO) is mostly being preferred for fast-charging vehicle batteries. As other battery chemistries become mainstream, there will be a greater demand for recycled lithium and other battery materials. Many battery companies are aiming to implement a circular lithium economy to reduce production costs and environmental pollution.
High Cost of Recycling
A major impediment to market growth is the relatively high cost of battery recycling. Both hydrometallurgy and pyrometallurgy are highly energy intensive and account for a major chunk of the recycling costs. Recycling can only be sustained if market prices of battery materials stay high. If prices crash, then recycling become prohibitively expensive.
Another factor complicating recycling is the usage of different battery chemistries. Although these batteries are easy to manufacture from recycled components, they themselves are difficult to recycle on reaching the end of their operational life. Until a universal recycling standard is approved, the market will continue to witness challenging growth conditions.
Segment Analysis
The global electric vehicles battery recycling market is segmented based on battery type, process, source and region.
Hydrometallurgy Remains the Most Popular Recycling Process
For the recycling of used EV lithium-ion batteries, the hydrometallurgical process is seen to be the best option. Hydrometallurgy works with all lithium-ion chemistries, recovering at least 95% of the battery's black mass. Lithium, manganese, cobalt, nickel and graphite are some of the valuable components that are recovered by hydrometallurgy. However, additional processing is required to isolate these other compounds.
Pyrometallurgical processes are mainly used for extensive recycling of cobalt. However, a major factor that influences the profitability of pyrometallurgical process is the market price of lithium metal. Hydrometallurgy is preferred because it can recover significant yields of other commercially valuable metals.
Geographical Penetration
The Growth of Chinese EV Exports Will Propel Market Growth in Asia-Pacific
Asia-Pacific will account for a large share of the global market thanks to China’s continuing dominance of mass market electric vehicle exports. China’s best-selling export model, the BYD Atto 3 is priced at US$ 16,500, roughly half the cost of competing models from western brands like Tesla, Ford and GM. With China ramping up domestic production and exports, local battery manufacturing companies are rapidly pivoting towards implementing a circular lithium supply chain to keep down costs.
VinFast, a Vietnamese EV manufacturer, is also rapidly scaling up its production and exports. In February 2024, the company broke ground on a new battery manufacturing and vehicle assembly plant in Thoothukudi, Tamil Nadu, India. Asia-Pacific is expected to continue its domination of the global electric vehicles battery recycling market during the forecast period.
COVID-19 Impact Analysis
The pandemic created several pitfalls for EV battery recycling, mainly as lockdowns and other restrictions hampered the output of recycling plants. Supply chain disruptions also meant that lesser quantities of battery scrap material were available for recycling. The pandemic also contributed to an overall slowdown of R&D work on new recycling methods and technology.
Despite the challenges caused by the pandemic, the global market has exhibited remarkable resilience and has returned to a growth trajectory. A temporary volatility in global commodity prices is likely to weigh on market recovery, but is unlikely to influence the long-term growth of the global market.
Russia-Ukraine War Impact Analysis
Even before the start of the war in Ukraine, Russia had a very small share of the global market. Russian companies were not majorly involved in the development of electric vehicle battery technology, mostly relying on western and Chinese imports to fulfill domestic needs. The Ukraine war has caused major problems for Russia’s local market.
The imposition of tough economic sanctions has cut off Russia from western technology and collaboration. Many highly qualified scientists working in the field have left the country to pursue research opportunities in Europe and U.S. Although Russian research institutes and universities have signed wide-ranging cooperation agreements with Chinese companies, it is unlikely to lead to significant market development.
By Battery Type
- Lithium Nickel Manganese Cobalt
- Lithium Iron Phosphate
- Lithium Titanate Oxide
- Lithium Manganese Oxide
- Lithium Nickel Cobalt Aluminum Oxide
By Process
- Hydrometallurgical Process
- Pyrometallurgy Process
- Physical/Mechanical Process
By Source
- Passenger Vehicles
- Commercial Vehicles
- E-Bikes
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
- In September 2023, Eramet, a French metallurgy company in partnership with Suez, a utility company, announced that its new EV battery recycling center, based on hydrometallurgical and pyrometallurgical process, will commence operations in 2025.
- In December 2023, Rubamin, an Indian recycling company, announced plans to invest INR 545 crores (US$ 65.5 million) to build a new hydrometallurgical battery recycling facility with an annual capacity of 5000 tons, with commencement of operations in July 2024.
- In March 2023, the Karlsruhe Institute of Technology (KIT) in Germany announced the development of a new mechanical recycling process that can recover up to 70% of lithium.
Competitive Landscape
The major global players in the market include GEM Co., Ltd., Eramet, Li-Cycle Corp, Fortum, Umicore, Redwood Materials Inc., Shenzhen Highpower Technology Co., Ltd., ACE Green Recycling, Inc. , Stena Metall AB and ACCUREC-Recycling GmbH.
Why Purchase the Report?
- To visualize the global electric vehicles battery recycling market segmentation based on battery type, process, source and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of electric vehicles battery recycling market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as excel consisting of key products of all the major players.
The global electric vehicles battery recycling market report would provide approximately 62 tables, 55 figures and 196 Pages.
Target Audience 2024
- Automotive Companies
- Battery Companies
- Industry Investors/Investment Bankers
- Research Professionals

ページTOPに戻る

Table of Contents

1. Methodology and Scope
1.1. Research Methodology
1.2. Research Objective and Scope of the Report
2. Definition and Overview
3. Executive Summary
3.1. Snippet by Battery Type
3.2. Snippet by Process
3.3. Snippet by Source
3.4. Snippet by Region
4. Dynamics
4.1. Impacting Factors
4.1.1. Drivers
4.1.1.1. Difficulty in Raising Global Lithium Production Output
4.1.1.2. Development of Other Battery Chemistries
4.1.2. Restraints
4.1.2.1. High Cost of Recycling
4.1.3. Opportunity
4.1.4. Impact Analysis
5. Industry Analysis
5.1. Porter's Five Force Analysis
5.2. Supply Chain Analysis
5.3. Pricing Analysis
5.4. Regulatory Analysis
5.5. Russia-Ukraine War Impact Analysis
5.6. DMI Opinion
6. COVID-19 Analysis
6.1. Analysis of COVID-19
6.1.1. Scenario Before COVID-19
6.1.2. Scenario During COVID-19
6.1.3. Scenario Post COVID-19
6.2. Pricing Dynamics Amid COVID-19
6.3. Demand-Supply Spectrum
6.4. Government Initiatives Related to the Market During Pandemic
6.5. Manufacturers Strategic Initiatives
6.6. Conclusion
7. By Battery Type
7.1. Introduction
7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Battery Type
7.1.2. Market Attractiveness Index, By Battery Type
7.2. Lithium Nickel Manganese Cobalt*
7.2.1. Introduction
7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
7.3. Lithium Iron Phosphate
7.4. Lithium Titanate Oxide
7.5. Lithium Manganese Oxide
7.6. Lithium Nickel Cobalt Aluminum Oxide
8. By Process
8.1. Introduction
8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Process
8.1.2. Market Attractiveness Index, By Process
8.2. Hydrometallurgical Process*
8.2.1. Introduction
8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
8.3. Pyrometallurgy Process
8.4. Physical/Mechanical Process
9. By Source
9.1. Introduction
9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Source
9.1.2. Market Attractiveness Index, By Source
9.2. Passenger Vehicles*
9.2.1. Introduction
9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
9.3. Commercial Vehicles
9.4. E-Bikes
10. By Region
10.1. Introduction
10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
10.1.2. Market Attractiveness Index, By Region
10.2. North America
10.2.1. Introduction
10.2.2. Key Region-Specific Dynamics
10.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Battery Type
10.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Process
10.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Source
10.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
10.2.6.1. U.S.
10.2.6.2. Canada
10.2.6.3. Mexico
10.3. Europe
10.3.1. Introduction
10.3.2. Key Region-Specific Dynamics
10.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Battery Type
10.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Process
10.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Source
10.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
10.3.6.1. Germany
10.3.6.2. UK
10.3.6.3. France
10.3.6.4. Italy
10.3.6.5. Spain
10.3.6.6. Rest of Europe
10.4. South America
10.4.1. Introduction
10.4.2. Key Region-Specific Dynamics
10.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Battery Type
10.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Process
10.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Source
10.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
10.4.6.1. Brazil
10.4.6.2. Argentina
10.4.6.3. Rest of South America
10.5. Asia-Pacific
10.5.1. Introduction
10.5.2. Key Region-Specific Dynamics
10.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Battery Type
10.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Process
10.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Source
10.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
10.5.6.1. China
10.5.6.2. India
10.5.6.3. Japan
10.5.6.4. Australia
10.5.6.5. Rest of Asia-Pacific
10.6. Middle East and Africa
10.6.1. Introduction
10.6.2. Key Region-Specific Dynamics
10.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Battery Type
10.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Process
10.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Source
11. Competitive Landscape
11.1. Competitive Scenario
11.2. Market Positioning/Share Analysis
11.3. Mergers and Acquisitions Analysis
12. Company Profiles
12.1. GEM Co., Ltd.*
12.1.1. Company Overview
12.1.2. Product Portfolio and Description
12.1.3. Financial Overview
12.1.4. Key Developments
12.2. Eramet
12.3. Li-Cycle Corp
12.4. Fortum
12.5. Umicore
12.6. Redwood Materials Inc.
12.7. Shenzhen Highpower Technology Co., Ltd.
12.8. ACE Green Recycling, Inc.
12.9. Stena Metall AB
12.10. ACCUREC-Recycling GmbH
LIST NOT EXHAUSTIVE
13. Appendix
13.1. About Us and Services
13.2. Contact Us