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Transportation Battery Recycling Market Report

RA08533

Transportation Battery Recycling Market by Chemistry (Lead-acid Battery, Lithium-based Battery, Nickel-based Battery, and Others), Source (Automotive Batteries, Industrial Batteries, and Consumer & Electronic Appliance Batteries), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2030

RA08533

Pages: 124

Dec 2021

COVID-19

pandemic has shown to have an enormous impact on most
industries.

Click Here to access our comprehensive analysis of the

Impact of covid-19 on Transportation Battery Recycling Market

Transportation Battery Recycling Market Analysis

The global transportation battery recycling market is anticipated to garner $10,299.8 million in the 2021–2030 timeframe, growing from $4,248.1 million in 2020, at a healthy CAGR 9.0%.

Market Synopsis

The transportation battery recycling market is expected to grow due to product advancements, acquisitions, and business expansion by key market players to increase the adoption of transportation battery recycling.

The main impediment, however, is ensuring safety of labor during the recycling treatment while keeping all emissions under control.

According to the regional analysis of the market, the Europe transportation battery recycling market is anticipated to grow at a CAGR of 8.9%, by generating a revenue of $3,622.4 million during the review period.

Transportation Battery Recycling Overview

The practice of reutilizing and reprocessing batteries in order to minimize the number of batteries discarded as waste is called as transportation battery recycling. Batteries contain a wide range of toxic chemicals and heavy metals, namely mercury, cadmium, lithium, and lead, and their disposal has raised environmental concerns due to contamination of groundwater and surface water. As a result, in order to provide environmental and health benefits, batteries must be recycled.

Impact Analysis of COVID-19 on the Global Transportation Battery Recycling Market

The global coronavirus pandemic has had a profound impact on the lives of many people in nearly every country. The energy materials and battery manufacturing industries significantly include grid storage, personal electronic devices, and battery-powered electric vehicles. Also, transportation battery recycling industry across the globe has witnessed negative impact, during the pandemic. The COVID-19 pandemic struck, putting lives in danger, disrupting supply chains and workforces, and shutting down factories. The economic slowdown has impacted negatively on the auto industry, resulting in sharp drops in electric vehicle sales, this is one of the major reasons creating a negative impact on the global transportation battery recycling market.

On the other hand, many governments worldwide are providing economic stimuli to compensate for the impact of disrupted battery material supply chains and to increase the use of renewable energy. For instance, in May 2020, France government announced to provide approximately $8.7 billion funds particularly in the recovery of its auto industry, with the aim of incentivizing the use of electric vehicles. Also, in June 2020, Germany government announced the implementation of “future investment package” that specifically includes the e-charging facility upgrades, doubling of the electric car buyers, electric-powered bus & truck purchases, and battery cell production. Such considerable initiatives taken by governments of developed countries may help in uplifting the global transportation battery recycling market, in the pandemic period.

Increasing Government Support Globally and Rise in the Demand for Recycled Products Projected to Drive the Market Growth

Battery technology is used in almost every aspect of modern life, from portable electronics to transportation and grid-scale energy storage. Global demand for batteries continues to rise. As the acceptance of electric vehicles (EVs) surges, so does the pile of used lithium-based batteries that once powered those vehicles. Hence, developing countries like China and India are expected to produce large number of batteries, in the coming years. For instance, in May 2021, Indian government announced almost a 2.3 billion incentive scheme for advanced chemical cell battery production in order to make the country the global hub of clean energy.

To know more about global transportation battery recycling market drivers, get in touch with our analysts here.

Lack of Collection Infrastructure and Dearth of Technologies to Restrain Market Growth

Technical issues, such as the lack of design for easy disassembly and recycling, are some of the reasons obstructing the global transportation battery recycling market growth. Furthermore, complications related to lithium-based batteries are also anticipated to restrain the global market growth, throughout the analysis period.

Rise in Demand for Electric Vehicles across the Globe to Create Growth Opportunities

The world is undergoing a significant energy transition. Industrial manufacturers around the world are switching from usage of combustion fuels to electricity in order to meet global goals of decarbonizing energy supply and increasing energy productivity. Moreover, technological advancements in transportation battery recycling processes have given rise to a diverse and expanding electric vehicle market, along with the extensive increase in the usage of consumer electronics. Also, high lithium recovery from recycled lithium-ion batteries is critical for the growth and sustainability of the electric vehicles market. Above-mentioned factors showcase that the need for transportation battery recycling technology in auto sector is increasing exponentially, which may create huge opportunities, in the coming years.

To know more about global transportation battery recycling market opportunities, get in touch with our analysts here.

Transportation Battery Recycling Market
By Chemistry

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Based on chemistry, the market has been divided into Lead-acid Battery, lithium-based battery, nickel-based battery, and others. Lead-acid Battery sub-segment accounted for the highest revenue share in 2020, and lithium-based battery sub-segment is predicted to show the fastest growth during the forecast period. Download PDF Sample Report

Source: Research Dive Analysis

The lead-acid battery sub-segment is anticipated to have a dominant market share and generate a revenue of $6,724.9 million by 2030, growing from $2,749.5 million in 2020.
Lead acid batteries are the most common large-capacity rechargeable batteries. The acceptance of lead acid batteries is massive mainly because they're dependable and inexpensive per watt. Also, lead acid batteries have highly suitable application in sectors such as automobiles, marine, electric vehicles, uninterruptible power supplies (UPS), and forklifts. Moreover, lead acid batteries have a medium life span and the best charge retention of any rechargeable battery. These factors are estimated to drive the demand for lead-acid battery sub-segment during the forecast period.

The lithium-based battery sub-segment is anticipated to have the fastest growth and generate a revenue of $1,784. million by 2030, growing from $716.4 million in 2020, with the healthy CAGR of 9.3%. Lithium-based battery works on one of the advanced battery technologies that particularly utilizes lithium ions as a key component for its electro-chemistry. Also, compared with the other rechargeable batteries such as nickel-metal-hydride or nickel-cadmium, li-ion batteries have multiple advantages such as highest energy densities. Thus, the demand for lithium-based batteries is expected to increase, during the analysis period.

Transportation Battery Recycling Market
By Source

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Based on source, the analysis has been divided into automotive batteries, Industrial Batteries, and consumer & electronic appliance batteries. Out of these, Industrial Batteries sub-segment is predicted to be the most dominant and automotive batteries sub-segment is anticipated to show the fastest growth during the forecast period.

Source: Research Dive Analysis

The industrial batteries sub-segment of the global transportation battery recycling market is anticipated to have a dominant market share and surpass $5,199.6 million by 2030, with an increase from $2,178.2 million in 2020.
Lead-acid batteries play a key role in industrial applications including emergency power backup, forklift, UPS systems, and heavy machinery mainly because of their key advantages such as being cost-competitive and maintenance-free. Hence, in recent years, the adoption of these batteries has astonishingly increased. Thus, the recycling rate associated with lead-acid batteries is also quite high, which makes this industrial sub-segment the largest contributor in the transportation battery recycling market.

The automotive batteries sub-segment of the global transportation battery recycling market is anticipated to have the fastest growth and surpass $2,191.1 million by 2030, with an increase from $880.7 million in 2020, with highest CAGR of 9.3%.
This market growth is majorly attributed to the extensively growing use of automobiles and the rising number of government policies regarding transportation battery recycling. In addition to this, significantly surging demand for automotive batteries, particularly in emerging nations, such as India, China, and Singapore, is accelerating the growth of the automotive batteries sub-segment. Also, key players operating in the market are coming up with strategic collaborations, in order to upgrade the transportation battery recycling technology. For example, in September 2020, Solvay, a Belgium-based international chemical company, and Veolia, a global leader in optimized resource management, announced their official partnership. As per this agreement, Solvay will provide new solutions that promise excellent resource efficiency for critical metals utilized in lithium-based EV batteries.

Transportation Battery Recycling Market
By Region

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The transportation battery recycling market was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Source: Research Dive Analysis

The Market for Transportation Battery Recycling in Europe to be the Most Dominant

The Europe transportation battery recycling market accounted $1515.3 million in 2020 and is projected to register a revenue of $3,622.4 million by 2030. This is majorly owing to faster adoption of sustainable activities such as transportation battery recycling for generating power. Also, in December 2020, the European Commission, the executive branch of the European Union responsible for proposing legislation, announced to implement sustainability standards for growing Europe’s battery market. Also, robust presence of leading EV manufactures such as Renault, Tesla, and Volkswagen across the European countries may increase the demand for advanced batteries, which may foster the growth of the transportation battery recycling market, in the coming years.

The Market for Transportation Battery Recycling in Asia-Pacific to be the Most Lucrative

The Asia-Pacific transportation battery recycling market accounted $971.1 million in 2020 and is projected to register a revenue of $2,422.5 million by 2030. The Asia-Pacific transportation battery recycling market is expected to grow at a significant CAGR 9.3%, over the forecast period. Stringent environmental regulations, a growing automotive sector in this region, and lower labor costs associated with transportation battery recycling are major factors driving the Asia-Pacific transportation battery recycling market. Furthermore, rising exports of batteries from both developing and developed countries such as Australia, South Korea, and India are expected to be the primary driver of market growth.

Competitive Scenario in the Global Transportation Battery Recycling Market

Product advancements, innovations, and business expansion are common strategies followed by major market players.

Competitive Scenario in the Global Transportation Battery Recycling Market

Source: Research Dive Analysis

Some of the leading transportation battery recycling market players are Call2Recycle, Inc., Battery Solutions, LLC, Exide Technologies., Umicore, Contemporary Amperex Technology Co., Limited., ENERSYS., GEM Co., Ltd., Johnson Controls International plc, Fortum OYJ, and Aqua Metals, Inc.

Porter’s Five Forces Analysis for the Global Transportation Battery Recycling Market:

  • Bargaining Power of Suppliers: The number of transportation battery recycling players are very few. However, there is a growing demand for the recycling of transportation battery from various countries in order to reduce the environmental impact.
    Thus, the bargaining power suppliers is high.
  • Bargaining Power of Buyers: Buyers have little bargaining power because establishing a transportation battery recycling requires a large capital investment. 
    Thus, the bargaining power of the buyers is low.
  • Threat of New Entrants: The companies entering transportation battery recycling market have to deal with high investment cost and adhere to the environmental regulations as well. 
    Thus, the threat of the new entrants is low.
  • Threat of Substitutes: There are substitute renewable energy sources available in the market such as energy generated via hydropower, wind, and others but they are less efficient and at initial stages of development compared to transportation battery recycling. Also, various countries are focusing on reducing the dependence on fossil fuels to reduce the emission of harmful gases that lead to air pollution.
    Thus, the threat of substitutes is low.
  • Competitive Rivalry in the Market: The competitive rivalry among industry leaders is extensive mainly because the number of players operating in transportation battery recycling industry are focusing on enhancing the efficiency of the battery, business expansion, and product innovations.
    Therefore, competitive rivalry in the market is high.

Aspect

Particulars

  Historical Market Estimations

  2019-2020

  Base Year for Market Estimation

  2020

  Forecast Timeline for Market Projection

  2021-2030

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Chemistry

  • Lead-acid Battery
  • Lithium-based Battery
  • Nickel-based Battery
  • Others

  Segmentation by Source

  • Automotive Batteries
  • Industrial Batteries
  • Consumer & Electronic Appliance Batteries

  Key Companies Profiled

  • Call2Recycle, Inc.
  • Battery Solutions, LLC
  • Exide Technologies.
  • Umicore
  • Contemporary Amperex Technology Co., Limited.
  • ENERSYS.
  • GEM Co., Ltd.
  • Johnson Controls International plc
  • Fortum OYJ
  • Aqua Metals, Inc.

Frequently Asked Questions
 

A. The size of the global transportation battery recycling market was over $4,248.1 million in 2020 and is projected to reach $10,299.8 million by 2030.

A. Call2Recycle, Inc., Battery Solutions, LLC, and Exide Technologies. are some of the major companies operating in the global transportation battery recycling market.

A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.

A. The growth rate of the Asia-Pacific transportation battery recycling market is 9.3%.

A. Product innovations, technological advancements, and business expansions are the key strategies opted by the operating companies in this market.

A. Umicore and Contemporary Amperex Technology Co., Limited.; these companies are investing more on R&D practices.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.Chemistry trends
2.3.Source trends

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Source landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Market value chain analysis
3.9.Strategic overview

4.Solar Energy Market, by Chemistry

4.1.Lead-acid Battery

4.1.1.Market size and forecast, by region, 2021-2030
4.1.2.Comparative market share analysis, 2021 & 2030

4.2.Lithium-based Battery

4.2.1.Market size and forecast, by region, 2021-2030
4.2.2.Comparative market share analysis, 2021 & 2030

4.3.Nickel-based Battery

4.3.1.Market size and forecast, by region, 2021-2030
4.3.2.Comparative market share analysis, 2021 & 2030

4.4.Others

4.4.1.Market size and forecast, by region, 2021-2030
4.4.2.Comparative market share analysis, 2021 & 2030

5.Solar Energy Market, by Source

5.1.Automotive Batteries

5.1.1.Market size and forecast, by region, 2021-2030
5.1.2.Comparative market share analysis, 2021 & 2030

5.2.Industrial Batteries

5.2.1.Market size and forecast, by region, 2021-2030
5.2.2.Comparative market share analysis, 2021 & 2030

5.3.Consumer & Electronic Appliance Batteries

5.3.1.Market size and forecast, by region, 2021-2030
5.3.2.Comparative market share analysis, 2021 & 2030

6.Solar Energy Market, by Region

6.1.North America

6.1.1.Market size and forecast, by Chemistry, 2021-2030
6.1.2.Market size and forecast, by Source, 2021-2030
6.1.3.Market size and forecast, by country, 2021-2030
6.1.4.Comparative market share analysis, 2021 & 2030

6.1.5.U.S.

6.1.5.1.Market size and forecast, by Chemistry, 2021-2030
6.1.5.2.Market size and forecast, by Source, 2021-2030
6.1.5.3.Comparative market share analysis, 2021 & 2030

6.1.6.Canada

6.1.6.1.Market size and forecast, by Chemistry, 2021-2030
6.1.6.2.Market size and forecast, by Source, 2021-2030
6.1.6.3.Comparative market share analysis, 2021 & 2030

6.1.7.Mexico

6.1.7.1.Market size and forecast, by Chemistry, 2021-2030
6.1.7.2.Market size and forecast, by Source, 2021-2030
6.1.7.3.Comparative market share analysis, 2021 & 2030

6.2.Europe

6.2.1.Market size and forecast, by Chemistry, 2021-2030
6.2.2.Market size and forecast, by Source, 2021-2030
6.2.3.Market size and forecast, by country, 2021-2030
6.2.4.Comparative market share analysis, 2021 & 2030

6.2.5.UK

6.2.5.1.Market size and forecast, by Chemistry, 2021-2030
6.2.5.2.Market size and forecast, by Source, 2021-2030
6.2.5.3.Comparative market share analysis, 2021 & 2030

6.2.6.Germany

6.2.6.1.Market size and forecast, by Chemistry, 2021-2030
6.2.6.2.Market size and forecast, by Source, 2021-2030
6.2.6.3.Comparative market share analysis, 2021 & 2030

6.2.7.France

6.2.7.1.Market size and forecast, by Chemistry, 2021-2030
6.2.7.2.Market size and forecast, by Source, 2021-2030
6.2.7.3.Comparative market share analysis, 2021 & 2030

6.2.8.Spain

6.2.8.1.Market size and forecast, by Chemistry, 2021-2030
6.2.8.2.Market size and forecast, by Source, 2021-2030
6.2.8.3.Comparative market share analysis, 2021 & 2030

6.2.9.Italy

6.2.9.1.Market size and forecast, by Chemistry, 2021-2030
6.2.9.2.Market size and forecast, by Source, 2021-2030
6.2.9.3.Comparative market share analysis, 2021 & 2030

6.2.10.Rest of Europe

6.2.10.1.Market size and forecast, by Chemistry, 2021-2030
6.2.10.2.Market size and forecast, by Source, 2021-2030
6.2.10.3.Comparative market share analysis, 2021 & 2030

6.3.Asia Pacific

6.3.1.Market size and forecast, by Chemistry, 2021-2030
6.3.2.Market size and forecast, by Source, 2021-2030
6.3.3.Market size and forecast, by country, 2021-2030
6.3.4.Comparative market share analysis, 2021 & 2030

6.3.5.India

6.3.5.1.Market size and forecast, by Chemistry, 2021-2030
6.3.5.2.Market size and forecast, by Source, 2021-2030
6.3.5.3.Comparative market share analysis, 2021 & 2030

6.3.6.China

6.3.6.1.Market size and forecast, by Chemistry, 2021-2030
6.3.6.2.Market size and forecast, by Source, 2021-2030
6.3.6.3.Comparative market share analysis, 2021 & 2030

6.3.7.Japan

6.3.7.1.Market size and forecast, by Chemistry, 2021-2030
6.3.7.2.Market size and forecast, by Source, 2021-2030
6.3.7.3.Comparative market share analysis, 2021 & 2030

6.3.8.South Korea

6.3.8.1.Market size and forecast, by Chemistry, 2021-2030
6.3.8.2.Market size and forecast, by Source, 2021-2030
6.3.8.3.Comparative market share analysis, 2021 & 2030

6.3.9.Australia

6.3.9.1.Market size and forecast, by Chemistry, 2021-2030
6.3.9.2.Market size and forecast, by Source, 2021-2030
6.3.9.3.Comparative market share analysis, 2021 & 2030

6.3.10.Rest of Asia-Pacific

6.3.10.1.Market size and forecast, by Chemistry, 2021-2030
6.3.10.2.Market size and forecast, by Source, 2021-2030
6.3.10.3.Comparative market share analysis, 2021 & 2030

6.4.LAMEA

6.4.1.Market size and forecast, by Chemistry, 2021-2030
6.4.2.Market size and forecast, by Source, 2021-2030
6.4.3.Market size and forecast, by country, 2021-2030
6.4.4.Comparative market share analysis, 2021 & 2030

6.4.5.Brazil

6.4.5.1.Market size and forecast, by Chemistry, 2021-2030
6.4.5.2.Market size and forecast, by Source, 2021-2030
6.4.5.3.Comparative market share analysis, 2021 & 2030

6.4.6.Saudi Arabia

6.4.6.1.Market size and forecast, by Chemistry, 2021-2030
6.4.6.2.Market size and forecast, by Source, 2021-2030
6.4.6.3.Comparative market share analysis, 2021 & 2030

6.4.7.South Africa

6.4.7.1.Market size and forecast, by Chemistry, 2021-2030
6.4.7.2.Market size and forecast, by Source, 2021-2030
6.4.7.3.Comparative market share analysis, 2021 & 2030

6.4.8.Rest of LAMEA

6.4.8.1.Market size and forecast, by Chemistry, 2021-2030
6.4.8.2.Market size and forecast, by Source, 2021-2030
6.4.8.3.Comparative market share analysis, 2021 & 2030

7.Company profiles

7.1.Call2Recycle, Inc.

7.1.1.Business overview
7.1.2.Financial performance
7.1.3.Product portfolio
7.1.4.Recent strategic moves & developments
7.1.5.SWOT analysis

7.2.Battery Solutions, LLC

7.2.1.Business overview
7.2.2.Financial performance
7.2.3.Product portfolio
7.2.4.Recent strategic moves & developments
7.2.5.SWOT analysis

7.3.ECOBAT Logistics

7.3.1.Business overview
7.3.2.Financial performance
7.3.3.Product portfolio
7.3.4.Recent strategic moves & developments
7.3.5.SWOT analysis

7.4.Gopher Resource

7.4.1.Business overview
7.4.2.Financial performance
7.4.3.Product portfolio
7.4.4.Recent strategic moves & developments
7.4.5.SWOT analysis

7.5.Contemporary Amperex Technology Co., Limited.

7.5.1.Business overview
7.5.2.Financial performance
7.5.3.Product portfolio
7.5.4.Recent strategic moves & developments
7.5.5.SWOT analysis

7.6.ENERSYS

7.6.1.Business overview
7.6.2.Financial performance
7.6.3.Product portfolio
7.6.4.Recent strategic moves & developments
7.6.5.SWOT analysis

7.7.GEM Co., Ltd.

7.7.1.Business overview
7.7.2.Financial performance
7.7.3.Product portfolio
7.7.4.Recent strategic moves & developments
7.7.5.SWOT analysis

7.8.Fortum

7.8.1.Business overview
7.8.2.Financial performance
7.8.3.Product portfolio
7.8.4.Recent strategic moves & developments
7.8.5.SWOT analysis

7.9.Aqua Metals, Inc.

7.9.1.Business overview
7.9.2.Financial performance
7.9.3.Product portfolio
7.9.4.Recent strategic moves & developments
7.9.5.SWOT analysis

7.10.UMICORE

7.10.1.Business overview
7.10.2.Financial performance
7.10.3.Product portfolio
7.10.4.Recent strategic moves & developments
7.10.5.SWOT analysis

Batteries consist of toxic chemicals and heavy metals like lithium, cadmium, mercury, lead, and others than can deteriorate the environment by contaminating ground water and surface waters. Thus, an immaculate practice of reprocessing and reutilizing of batteries is carried out so as to considerably reduce the number of discarded batteries as a waste. This practice is called transportation battery recycling market.

Forecast Analysis of the Global Transportation Battery Recycling Market

Extensive application of battery technology in portable electronics, grid scale energy storage, transportation, and many more is expected to drive the growth of the market during the forecast period. In addition, increasing prevalence of electric vehicle across the globe is further expected to accelerate the growth of the transportation battery recycling market during the forecast period. Moreover, growing demand for consumer electronics is expected to create tremendous opportunities for the growth of the global transportation battery recycling market during the forecast period. However, unavailability of proper collection infrastructure is expected to hinder the growth of the market during the forecast period.

According to the report published by Research Dive, the global transportation battery recycling market is expected to generate a revenue of $10,299.8 million by 2030, growing exponentially at a CAGR of 9.0% during the forecast period 2021-2030. The major players of the market include Call2Recycle, Inc., Battery Solutions, LLC, Exide Technologies., Johnson Controls International plc, Fortum OYJ, Umicore, Aqua Metals Inc., Contemporary Amperex Technology Co., Limited., ENERSYS., GEM Co., Ltd., and many more.

Key Developments

The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global transportation battery recycling market to grow exponentially.

For instance, in July 2021, Ecobat, a global leader in the collection, recycling, production, and distribution of batteries, acquired Promesa, a leading EV lithium-ion battery recycling operator based in Hettstedt, Germany, in order to expand Ecobat's position in Europe as a dominant player of recycling batteries of all chemistries.

In July 2021, Li-Cycle Holdings Corp, a Canada-based battery recycling company collaborated with Helbiz, an Italian-American intra-urban micro-mobility leader, in order to create a safe and sustainable recycling solution for end-of-life lithium-ion batteries used by e-scooters and e-bikes.

In October 2021, Heritage Battery Recycling, an innovative battery recycling company addressing sustainable solutions for lithium-ion batteries, announced the combination of their battery management and recycling business, with Retriev Technologies, the largest and most diverse lithium-ion battery processor in North America, in order to further develop a comprehensive recycling and reuse battery management platform.

Most Profitable Region of the Market

The Europe region is expected to be most lucrative, and generate a revenue of $3,622.4 million during the forecast period. Immense presence of prominent electric vehicle manufacturers in this region is expected to drive the growth of the market. In addition, rapid adoption of sustainable activities in this region is further expected to accelerate the growth of the regional transportation battery recycling market during the forecast period.

Impact of COVID-19 on the Market

The outbreak of coronavirus has had a devastating impact on the growth of the global transportation battery recycling market, owing to the occurrence of lockdowns in numerous countries across the globe. Lockdowns adversely disrupted the supply chain and workforce due to the stringent restrictions imposed by the government on social distancing during the pandemic, in order to curb the spread of the virus. In addition, manufacturing plants of numerous automotive companies were also shut down, which decreased the sales of electric vehicles. Thus, COVID-19 has had a negative impact on the market.

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