The worldwide battery recycling market will be worth US$ 5.6 billion (EUR 4.7 billion) by 2027 and is projected to witness 19% compound annual growth during the forecast period.
The Asia Pacific (APAC) region will dominate the market in the next few years, according to industry analysts at Market Research Future. Increasing production and sales of electric car batteries and cooling systems have sparked more – private and public – investments in recycling battery solutions across India, Vietnam, Australia, Japan, and China.
In Europe, the global electric vehicle battery recycling market is predicted to hold the second-largest share over the forecast period. The EU enacted laws covering regulations on vehicle emissions in France and the UK and other countries. This resulted in the creation of zero-emission zones, more demand for electric cars, further boosting and modernising the battery recycling infrastructure in the region.
In North America, the global electric vehicle battery recycling market is predicted to see ‘admirable growth’ in the coming years. Key factors driving the market include a steady stream of investments in R&D, increasing government support to develop car battery recycling and EV battery recycling plants, the need for eco-friendly vehicles, and the huge customer base in both Canada and the US.
All in all, the global electric vehicle battery recycling market is predicted to witness ‘sound growth’ over the forecast period. And yet, analysts point out that the industry is fragmented as well as competitive due to the presence of several international and domestic industry players.
In other news, Recycling International is covering the annual International Automobile Recycling Conference, which is taking place in Geneva, Switzerland, this week – organised by ICM. Stay tuned for our e-mobility update!
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