According to a new report published by Allied Market Research, titled, “Transportation Battery Recycling Market,” The transportation battery recycling market size was valued at $4.75 billion in 2021, and is estimated to reach $9.95 billion by 2030, growing at a CAGR of 8.2% from 2022 to 2030.
Over the past ten years, the market for Electric Vehicles (EVs) increased dramatically, partly due to aggressive sales’ goals set globally. Lithium-ion batteries must be carefully discarded at end-of-life to maximize reuse and recycling, which necessitates an effective and secure system for its collection and transportation.
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However, some of the disadvantages of these batteries are they contain heavy metals such as mercury and lead which are among the dangerous substances. These batteries retain some of their charges, which raises the possibility of an accidental discharge that might endanger or harm persons as well as nearby property. Large lithium-based batteries, like those used in automotive applications, may be mislabeled as lead-acid batteries by regional battery manufacturers. Due to these problems, state or federal governments restrict the transportation and storage of used batteries.
Developments such as manufacturing on a large scale, lower component prices, and adoption of technologies to boost battery capacity are factors leading to a decline in the prices of lithium-ion batteries. For instance, in the U.S., Battery Resources is planning to open a 154,000-square-foot recycling facility in August 2022, which is expected to be among the largest in North America region. Moreover, it will have the capacity to recycle 30,000 metric tons of lithium-ion batteries per year. These factors are anticipated to improve the transportation battery recycling market share over the coming years.
The global transportation battery recycling market is segmented based on type, sources, and region. By type, it is classified into the lithium-based battery, lead-acid battery, nickel-based battery, and others. By sources, it is classified into industrial batteries, automotive batteries, electronic appliances batteries, and others. By region, the transportation battery recycling market analysis is done across Europe, North America, Asia-Pacific, and EMEA.
The key players profiled in this report include Call2Recycle, Inc., Battery Solutions, LLC, Exide Technologies, Umicore, Contemporary Amperex Technology Co., Limited, ENERSYS, GEM Co., Ltd., Johnson Controls, Fortum, and Aqua Metals, Inc.
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The report offers a comprehensive study of the global transportation battery recycling market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.
Key Findings of the Study
- Based on type, the lithium-based battery sub-segment emerged as the global dominating leader in 2021 and the lead-acid battery sub-segment is anticipated to be the fastest-growing sub-segment during the forecast period
- Based on sources, the industrial batteries sub-segment emerged as the global dominating leader in 2021 and the automotive batteries sub-segment is predicted to show the fastest growth in the upcoming years, which in turn is projected to propel the transportation battery recycling market growth
- Based on region, the Europe market registered the highest market share in 2021 and is projected to maintain its dominant position during the forecast period. The Asia-Pacific region is anticipated to be the fastest-growing market during the forecast period.
- The study also provides an in-depth analysis of the transportation battery recycling market forecast trends.
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