As per expert reports, in the coming years, the battery recycling market will grow significantly with the increase in the adoption of electric vehicles and the growing demand for portable electronic devices.
As per the MarketsandMarkets report, the battery recycling market is projected globally to reach USD 54.3 billion by 2030, up from USD 26.9 billion in 2023, at a CAGR of 10.5%.
Several factors are driving the growth of the battery recycling market:
- The demand for an increase in the adoption of electric vehicles is due to the increased awareness of the environmental benefits among consumers. Also, the EV cost is coming down to more affordable prices for a wider range of consumers.
- The demand for portable electronic devices such as smartphones, laptops, and tablets is high. The devices contain batteries that need to be recycled at the end of their lives.
- The focus on environmental sustainability is increasing with the government and businesses, leading to the development of new regulations requiring the recycling of batteries.
- The demand for lithium-ion batteries is increasing with the popularity of this type of battery available for EVs and electronic devices. The demand for such batteries is expected to continue in the coming years.
- The demand for battery recycling opened doors to research and development efforts to find new ways to offer better performance than lithium-ion batteries.
- In battery recycling, automation is increased to help reduce costs and improve efficiency. The trend is expected to continue in the upcoming years.
- The battery recycling service price is expected to decrease, making it more affordable for businesses and consumers.
- The battery recycling process is efficient, with improvements expected to lead to the recovery of more valuable materials.
- The new battery chemistry is expected to open new opportunities in battery recycling businesses.
The battery recycling market in the future also looks like a prominent and growing field. The market is growing rapidly and evolving through different ages. However, the challenges are the complexities of the battery recycling process, the lack of infrastructure in battery recycling plants, and the high cost of battery recycling.