The age of electric vehicles offers a more sustainable solution to commuting long or short distances. However, the rising demand for electric vehicles also raises the need for more sustainable ways of using lithium-ion batteries.
The way to use, reuse, and recycle has also gained a major theme to eventually prevent the futuristic garbage problem due to lithium-ion batteries. The precautionary steps of using, reusing, and recycling provide ample opportunity to make use of the garbage in the maximum way possible.
The countries involved in generating revenues for lithium-ion battery reuse and recycling are:
- China: Is one of the largest markets for lithium-ion battery reuse and recycling, with an estimated revenue opportunity of over $10 billion by 2030. The demand for electric vehicles is high, leading to more effort being put into developing a strong domestic battery recycling industry.
- United States: The second-largest market is the US, with an estimated revenue opportunity of around $4 billion by 2030. The situation is due to the country’s strong regulatory support for battery recycling and the growing electric vehicle market.
- Europe: The lithium-ion battery reuse and recycling market is estimated to have a revenue opportunity of around $3 billion by 2030. The situation is in demand due to the EU’s Circular Economy Action Plan and the rising need for the adoption of electric vehicles and renewable energy in the region.
- Japan: The market is quite small as compared to the rest of the market mentioned above, but it is still significant for lithium-ion battery reuse and recycling, with an estimated revenue opportunity of $1 billion by 2030. It is mainly due to the country’s strong regulatory support for battery recycling and its large automotive industry.
However, the list is not limited to the above-mentioned countries. South Korea, Canada, and Australia are also expected to see growth in revenue opportunities for lithium-ion battery reuse and recycling due to the rising demand of the growing electric vehicle markets and regulatory support for recycling.
Source: Statista, marketsandmarkets, alliedmarketresearch