Asia-Pacific 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 22.0% in the forecast period of 2022 to 2029 and is expected to reach USD 416,657.22 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 Asia-Pacific electric vehicle lithium-ion battery recycling market.
Growing environmental awareness and conservation of natural resources is providing opportunities in the electric vehicle lithium-ion battery recycling market. However, accessible installation of batteries while utilizing minimum space may act as a challenge to the electric vehicle lithium-ion battery recycling market.
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Scope of the Asia-Pacific Electric Vehicle Lithium-Ion Battery Recycling Market Report:
Asia-Pacific electric vehicle lithium-ion battery recycling market is segmented on the basis of process and application. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of process, the Asia-Pacific electric vehicle lithium-ion battery recycling market is segmented into pyrometallurgical, hydrometallurgical, and others. In 2022, the pyrometallurgical segment is expected to dominate the electric vehicle lithium-ion battery recycling market globally as the pyrometallurgical process allows a short-process chain and less environmental impact, which increases its demand globally. In Asia-Pacific, the demand for the pyrometallurgical segment is more in China and India due to the increase in the production of electric vehicles and adoption of the recycling process, which makes pyrometallurgical dominate the region.
- On the basis of application, Asia-Pacific electric vehicle lithium-ion battery recycling market is segmented into passenger car and commercial vehicle. In 2022, the passenger car segment is expected to dominate the electric vehicle lithium-ion battery recycling market globally as passenger cars have lower fueling and maintenance costs that make the passenger car segment dominate in the region. In Asia-Pacific, the large numbers of electric passenger car manufacturers in the region make the passenger car segment to dominate in the region.
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Some of the major players covered in the report are Neometals, Glencore, FORTUM, Gem Co. Ltd., Brunp Recycle Technology Co.Ltd. (A subsidiary of CATL), Tata Chemicals Ltd., GanfengLithium, Umicore, among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Asia-Pacific Electric Vehicle Lithium-Ion Battery Recycling Market Regional Analysis/Insights
The Asia-Pacific 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 Asia-Pacific 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 Asia-Pacific 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 Asia-Pacific 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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