Europe electric vehicle lithium-ion battery recycling market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing at a CAGR of 21.3% in the forecast period of 2022 to 2029 and is expected to reach USD 276,835.03 thousand by 2029.
Lithium-ion (Li-ion) batteries are rechargeable batteries used in electric vehicles. Methods used for the recycling of lithium-ion batteries are pyrometallurgical and hydrometallurgical.
The number of electric vehicles is increasing due to improved battery technologies and low maintenance requirements for these lithium-ion batteries. Moreover, the improvements in battery recycling techniques and government economic stimulus policies in battery recycling methods are expected to boost the electric vehicle lithium-ion battery recycling market. On the other hand, the lack of awareness among the people for electric vehicle battery recycling may restrain the growth of the Europe electric vehicle lithium-ion battery recycling market.
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The major players covered in the report are Umicore, American Manganese Inc., Glencore, FORTUM, Duesenfeld GmbH, ACCURE-Recycling GmbH, Tata Chemicals Ltd., ECOBAT, GanfengLithium, among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Scope of the Europe Electric Vehicle Lithium-Ion Battery Recycling Market Report:
- On the basis of process, the Europe electric vehicle lithium-ion battery recycling market is segmented into pyrometallurgical, hydrometallurgical, and others. In 2021, the pyrometallurgical segment is expected to dominate the Europe electric vehicle lithium-ion battery recycling market as the pyrometallurgical process allows a short-process chain and less environmental impact, which increases its demand globally. The demand for pyrometallurgical is increasing due to the acceptance of various types of battery chemistries and easier scalability.
- On the basis of application, the Europe electric vehicle lithium-ion battery recycling market is segmented into passenger car and commercial vehicle. In 2021, the passenger car segment is expected to dominate the Europe electric vehicle lithium-ion battery recycling market as passenger cars have lower fueling and maintenance costs. The EU regulation has set the mandatory targets for average fleet CO2 emissions for new cars, making the passenger car segment dominant in the region.
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Europe Electric Vehicle Lithium-Ion Battery Recycling Market Regional Analysis/Insights
The Europe Electric Vehicle Lithium-Ion Battery Recycling market is analyzed and market size insights and trends are provided by country, material type, end user and application as referenced above.
The countries covered in the Europe Electric Vehicle Lithium-Ion Battery Recycling market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the high demand for fiber cement Europe Electric Vehicle Lithium-Ion Battery Recycling within the region. Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the prominent presence of fiber cement Europe Electric Vehicle Lithium-Ion Battery Recycling market players within the region. Moreover, the high requirement for the residential and commercial building construction also boosts the regional demand.
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