Lithium-ion Battery Recycling Market Size, Share & Trends Analysis Report By Application (Transportation, Consumer Electronics), By Region (North America, Asia Pacific), And Segment Forecasts, 2024 ­­­- 2030

Lithium-ion Battery Recycling Market Size, Share & Trends Analysis Report By Application (Transportation, Consumer Electronics), By Region (North America, Asia Pacific), And Segment Forecasts, 2024 ­­­- 2030

Lithium-ion Battery Recycling Market Growth & Trends

The global lithium-ion battery recycling market size is anticipated to reach USD 1.83 billion by 2030, growing at a CAGR of 44.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is experiencing unprecedented growth, driven by the surge in demand for electric vehicles (EVs), consumer electronics, and renewable energy storage solutions. As the world is embracing cleaner energy sources, the necessity for sustainable battery manufacturing and disposal practices has become increasingly critical.

The market offers a range of opportunities for businesses, investors, and environmental advocates. Companies specializing in battery recycling, such as Li-Cycle Corp., Retrieve, and Umicore, are developing efficient and cost-effective recycling processes to meet the rising demand.

Moreover, partnerships between battery manufacturers, EV manufacturers, and recycling companies drive collaboration across the value chain, ensuring the responsible management of lithium-ion batteries from production to end-of-life. For instance, in February 2023, Tesla, an EV manufacturer, partnered with Redwood Materials, a battery recycling company established by a former Tesla Chief Technology Officer. This collaboration is focused on advancing technologies dedicated to recycling lithium-ion batteries utilized in Tesla vehicles.

One of the key drivers of the market is the automotive sector’s rapid electrification. With significant automakers committing to electrify their vehicle fleets, the demand for lithium-ion batteries is soaring. As a result, the need for efficient recycling solutions to recover valuable materials such as lithium, cobalt, and nickel is paramount.

Lithium-ion Battery Recycling Market Report Highlights

• Based on application, the transportation segment accounted for the largest revenue share of around 68% in 2023, owing to sustainable environmental concerns, increasing demand for EVs, and several others.
• Based on region, Asia Pacific dominated the market with a revenue of over 40% in 2023 due to high demand for EVs, consumer electronics, and awareness of a sustainable environment. China is one of the significant contributors to the revenue.
• The North American market is expected to grow at a significant CAGR over the forecast period. The demand for cleaner power sources drives the market growth in the region.

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