In China, the battery demand is rapidly growing, which will simultaneously impact the market in the Asia-Pacific region. The primary driving factors for this growth are the electrification of vehicles and the deployment of batteries in the electricity sector.

The global Li-ion battery recycling market was valued at $4,781 million in 2022, and this number is expected to reach $21,184 million by 2030, advancing at a CAGR of 20.45% during 2022–2030, as per P&S Intelligence.

This growth can be ascribed to the restricted supply of lithium metal and the increasing acceptance of electric vehicles throughout the world, because of the grants given in several countries. Principally, the decreasing price of electrical vehicles credited to road tax relaxations and government aid is driving their acceptance. This, indeed, surges the requirement for such batteries, specifically for e-motorcycles and e-scooters.

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In 2022, the LCO battery category had the largest revenue share, and it is projected to continue its leading position in the years to come. The high-power density and discharge voltage of LCO batteries, which help them to be more appropriate for power tools, including laptops, tablets, mobile phones, and hybrid EVs, is the main contributor to the market growth in the category.

In 2022, the automotive category dominated the market and is also set to experience the growth with highest CAGR, of 20.9%, in the coming years. This can be ascribed to the extensive adoption of electric cars, scooters, buses, trucks, and motorcycles across the world.

Furthermore, the limited presence of lithium increases the need for recycling such batteries. With the snowballing demand for EVs, used Li-ion batteries are also estimated to show a rise in demand in the automotive industry. The decreasing cost of such energy storage equipment, along with the rising effectiveness of EVs, is also a major growth reason.

The North American lithium-ion battery recycling industry is projected to grow at a considerable rate in the future. This can be mainly credited to the U.S. being the biggest market globally for such power storage systems. The rise in the electric VIO in the continent, with the government's subsidies and other guidelines, is estimated to drive this industry in the coming years. Furthermore, the increasing expenditure by key players in the EV sector, along with the manufacturing unit of the charging infrastructure, will improve recycling demand.

Browse detailed report on Lithium-Ion Battery Recycling Market Trends, Development and Demand Forecast Report 2030

APAC is projected to grow at a CAGR of 20.8% in recent years, owing to the increasing acceptance of electric vehicles. Basically, the increasing awareness among consumers about the ecological advantages of EVs in the emerging economies of the region is set to fuel the industry's enlargement. To fulfill the need for Li-ion batteries in automobiles, are concentrating on the recycling of the used ones.

Hence, the limited presence of lithium metal and the increasing acceptance of electric vehicles throughout the world, are because of the grants given in several countries. Principally, the decreasing price of electrical vehicles will drive the lithium-ion battery recycling industry in the future.

Market Size Breakdown by Segment

By Battery Type

• Lithium Cobalt Oxide
• Lithium Iron Phosphate
• Lithium-Ion Manganese Oxide
• Lithium Nickel Cobalt Aluminum Oxide
• Lithium Nickel Manganese Cobalt Oxide

By Recycling Process

• Hydrometallurgical Process 
• Pyrometallurgy Process
• Physical/Mechanical Process

By Battery Component

• Active Material
• Non-Active Material

By End User

• Automotive
• Power
• Electrical & Electronics

Regional Analysis

• North America Lithium-Ion Battery Recycling Market
  • By Battery Type
  • By Recycling Process
  • By Battery Component
  • By End User
  • By country – U.S. and Canada
• Europe Lithium-Ion Battery Recycling Market
  • By Battery Type
  • By Recycling Process
  • By Battery Component
  • By End User
  • By country – Germany, U.K., France, Italy, Spain, and Rest of Europe
• Asia-Pacific Lithium-Ion Battery Recycling Market
  • By Battery Type
  • By Recycling Process
  • By Battery Component
  • By End User
  • By country – Japan, China, India, South Korea, Australia, and Rest of APAC
• Latin America Lithium-Ion Battery Recycling Market
  • By Battery Type
  • By Recycling Process
  • By Battery Component
  • By End User
  • By country – Brazil, Mexico and Rest of LATAM
• Middle East and Africa Lithium-Ion Battery Recycling Market
• By Battery Type
• By Recycling Process
• By Battery Component
• By End User
• By country – Saudi Arabia, South Africa, U.A.E., and Rest of MEA

Browse more reports published by P&S

Li-ion Battery Market Report - The size of the lithium-ion battery market was valued at USD 49.6 billion in 2022, and it will grow at a CAGR of 16.3% in the years to come, to reach USD 165.6 billion by 2030.

Second-Life Automotive Lithium-Ion Battery Market Report - The expensive battery recycling process and the growing adoption of EVs are the major growth factors for the global second-life automotive Li-ion battery market. As a result of these factors, the industry is expected to reach $7,392.0 million by 2030, projecting a CAGR of 23.1% during the forecast period.

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To view the original version on ABNewswire visit: Global EV Boom To Take Lithium-Ion Battery Recycling Market to $21,184 Million by 2030 | APAC To Have Higher CAGR than Global Average