Chat with us, powered by LiveChat

Loading...

The Global Transportation Battery Recycling Market Anticipated to Generate a Revenue of $10,299.8 Million, Growing at a CAGR of 9.0% from 2021 to 2030

Download Sample   Reports Overview
 

The global transportation battery recycling market is estimated to be valued at $10,299.8 million by 2030, surging from $4,248.1 million in 2020, at a noteworthy CAGR of 9.0%.

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

COVID-19 outbreak led to the complete lockdown across the globe which has led to the lack of staff and raw materials; due to which all the factories across the globe had to remain closed which further resulted in the decline of the production. These actions have impacted the global transportation battery recycling market negatively.

However, on the other hand, some of the governments of developing nations have come up with the affective policies such as, China has come up with effective policies, amid the COVID-19 chaos. For example, in January 2020, the Chinese government announced new regulations for recycling of used new energy vehicle (NEV) power batteries. These regulations are predicted to raise the supplies of battery metals such as nickel, lithium, manganese, and cobalt. Such government initiatives may help uplift the transportation battery recycling industry, during the pandemic.

Global Transportation Battery Recycling Market Analysis

On the basis of region, Europe has a strong transportation battery recycling market. As the use of electric vehicles (EVs) is growing in this region, the Europe market has the major dominance in the transportation battery recycling market. With the advent of electromobility and the subsequent increase in EV production, the market for EV batteries has consistently experienced high growth rates in recent years. Above-stated factors may exponentially increase the demand for advanced batteries, which may enhance the global transportation battery recycling market, during the forecast period. Also, Asian countries such as China are focusing mainly on the material recycling opportunity rather than the re-use opportunity. This is due to a desire to reduce reliance on imported lithium. Such elements may also drive the global transportation battery recycling market, in the coming years.

However, political risks, COVID-19 economic crisis, upcoming transportation battery recycling regulations, and the instability of market price of raw materials are some of the key factors restraining the global transportation battery recycling market growth.

Due to the rising demand for electric vehicles (EVs) across the globe, vehicle manufacturers, battery producers, governments, consumers, and regulatory authorities are rapidly working in consistency. The battery and vehicle manufacturers across the globe have been pushing the EV transportation battery recycling and reuse. This is being implemented by progressive government regulations, such as the recent updates to battery reuse and recycling regulations in Europe. There are ongoing federal efforts in the United States to facilitate the reuse of EV batteries. Additionally, European countries, China, and Japan have clear regulatory systems for lithium transportation battery recycling. Certain states have made battery manufacturers responsible to regulate waste management where as some of the governments have regulated the disposal and recycling of EV batteries. Several states, including Texas, California, and Wisconsin, have laws requiring battery disposal and recycling, and others, including New York, Florida, New Jersey, and Minnesota, have enacted laws requiring extended producer responsibility, which shifts the cost of waste management and recycling back to the battery producer.

Global Transportation Battery Recycling Market, Segmentation

The global transportation battery recycling market is segmented based on chemistry, source, and region.

Chemistry:

The chemistry segment is further classified into lead-acid battery, lithium-based battery, nickel-based battery, and others. The lead-acid battery sub-segment is expected to have the largest market share, with revenues exceeding $6,724.9 million by 2030, up from $2,749.5 million in 2020. The lead acid battery market is anticipated to grow as a result of growing demand for lead-acid batteries in uninterruptible power source (UPS) systems, and automobiles as well as innovations in manufacturing techniques. Lead-acid battery units have large corrosion resistance, electrolyte reserves, and a low discharge rate, which contribute to their market position. All these aspects are expected to boost the lead-acid battery sub-segment, during the projected time frame.

Source:

The source is further classified into automotive batteries, industrial batteries, and consumer & electronic appliance batteries. The industrial batteries sub-segment is expected to have a dominant market share of $5,199.6 million by 2030, up from $2,178.2 million in 2020. The development, production, and use of batteries are critical steps toward a climate-neutral economy, given their importance in the deployment of zero-emission mobility and the storage of intermittent renewable energy and this factor has the greatest impact when evaluating economic efficiency. Some of the key factors driving the market are rising demand from server farms and the telecom sector, as well as rising sustainable power combination around the world. Furthermore, factors such cost-effectiveness and the availability of raw materials such as cobalt, lead, and lithium are likely to surge market development during the forecasted time frame.

Region:

The transportation battery recycling market for the Europe region is projected to have the largest market share. The market in Europe generated a revenue of $1,515.3 million in 2020 and is projected to reach up to $3,622.4 million by 2030. The growing demand for electric vehicles and batteries is expected to become the key source of mobility power. Hence, key battery manufacturers in Europe region are focusing mainly on developing the production capacity in order to maintain their dominance in the market. Furthermore, increasing environmental concerns particularly across the U.K., Germany, and France are also creating remarkable impact on the European transportation battery recycling market.

Key Players in the Global Transportation Battery Recycling Market

Some of the leading global 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
  • Aqua Metals, Inc.

Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.

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

  • Bargaining Power of Suppliers: Suppliers in the transportation battery recycling market are few, and product dependence, availability of raw materials, and pricing give suppliers significant bargaining power. 
    As a result, the bargaining power of suppliers is high.
  • Bargaining Power of Buyers: The initial cost of transportation battery recycling necessitates large capital investments.
    As a result, the bargaining power of buyers is low.
  • Threat of New Entrants: Startups entering this market face high capital investment costs, labor costs, and must adhere to government regulations.
    As a result, the threat posed by new entrants is low.
  • Threat of Substitutes: There are alternative renewable energy sources such as wind power, hydro power, and others but the energy produced by these sources is low and it is under the development stage. The fossil fuel dependency is reducing due to harmful emission of greenhouse gases and government regulations on carbon emission.  
    Therefore, the threat of substitutes is low.
  • Competitive Rivalry in the Market: To stay ahead of the competition, companies in the global transportation battery recycling market are focusing on strategies such as business expansion, technological innovations, and product advancements. 
    As a result, the market's competitive rivalry is high.
Contact Us

Personalize this research

  •  Triangulate with your own data
  • Get Data as per your format and defination
  • Get a deeper dive on a specific application, geography, customer or competitor
10% Off on Customization