The global transportation battery recycling market revenue was around US$ 5.1 billion in 2022 and is estimated to reach US$ 10.3 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.2% during the forecast period from 2023 to 2031.
Transportation battery recycling refers to the process of dismantling, collecting, and recycling batteries from hybrid vehicles, electric vehicles, and other transportation applications. These batteries contain valuable materials, including cobalt, lithium, nickel, and rare earth metals, which can be reused and recovered in the production of new batteries or other industries.
Market Driving Factors
Increasing awareness regarding environmental protection is estimated to boost the market. Batteries used in vehicles contain lithium and manganese along with nickel and cobalt. It is hazardous if the batteries including these components are left un-recycled. For instance, cobalt can pollute water, and a high concentration of cobalt in water can cause severe health issues such as it can even paralyze someone. In addition, soil contamination can lower the fertility of the land and can make it barren. To avoid this, recycling of these metals and batteries is necessary. This will also lower the need for mining cobalt, nickel, and manganese as nickel and cobalt are reusable and recyclable.
The increasing popularity of grid-scale energy storage, portable electronics, and electric vehicles worldwide are the major factors boosting the market growth. Fossil fuels are found in nature and they are used in automobiles that work on combustion engines. Costs of these fuels have risen owing to high demand and limited supply. In addition, EVs functioning on recycled batteries, are a better choice for these vehicles. Thus, more people are choosing hybrid and electric vehicles due to the worldwide surge in the cost of fossil fuels. As a result, this increase in demand for battery recycling services.
Shortage of standardized recycling processes and rules hamper the market growth.
Regional Analysis
Europe dominated the market in terms of the highest share and is estimated to maintain its dominance. This can be attributed to the increased adoption of sustainable activities and the massive existence of electric vehicle manufacturers in the region.
Asia-Pacific dominates the market in terms of the fastest growth. This is mainly due to the increasing economy and surging awareness among the people regarding the adoption of electric vehicles (EVs).
Segmentation Insights
Chemistry Insight
The lead-acid battery segment dominates the market in terms of the largest share. This is mainly owing to the lower manufacturing price and complexity of lead-acid batteries. In addition, this kind of battery is utilized in several vehicles and their performance is not affected by temperature changes. Similarly, the recycling process of lead-acid batteries is slightly time-consuming as compared to lithium-based ones.
The lithium-based battery segment is predicted to dominate the market in terms of the largest share. This is due to the usage of transportation battery recycling for the manufacture of automotive components. The high energy density is one of the significant benefits of lithium-ion battery technology. Furthermore, lithium batteries function with one of the cutting-edge battery technologies that especially utilizes lithium ions as an essential component for electrochemistry. Such applications of lithium batteries in the automotive sector will create growth opportunities for the market.
Source Insight
The industrial batteries segment dominates the market in terms of growth rate. This is mainly due to its widespread usage in industrial applications including emergency backups, forklifts, UPS systems, and heavy machinery, and their important advantages such as lower maintenance needs and affordability.
The automotive batteries segment dominates the market in terms of revenue. Electric car owners are predicted to save a lot of money, which other car owners tend to spend on fuel. Additionally, electric cars have a very efficient way of holding and storing energy while driving. The battery shuts down when the automobile is stationary to conserve energy and the battery is charged during braking. This is the major factor that can enhance the acceptance of automotive batteries in the market.
Prominent Companies
Segmentation Outline
The global transportation battery recycling market segmentation focuses on the Chemistry, Source, and Region.
By Chemistry
By Source
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL TRANSPORTATION BATTERY RECYCLING MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: TRANSPORTATION BATTERY RECYCLING MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL TRANSPORTATION BATTERY RECYCLING MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL TRANSPORTATION BATTERY RECYCLING MARKET, BY CHEMISTRY
5.1 OVERVIEW
5.2 LEAD-ACID BATTERY
5.3 LITHIUM-BASED BATTERY
5.4 NICKEL-BASED BATTERY
5.5 OTHERS
6 GLOBAL TRANSPORTATION BATTERY RECYCLING MARKET, BY SOURCE
6.1 OVERVIEW
6.2 AUTOMOTIVE BATTERIES
6.3 INDUSTRIAL BATTERIES
6.4 CONSUMER AND ELECTRONIC APPLIANCE BATTERIES
7 GLOBAL TRANSPORTATION BATTERY RECYCLING MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL TRANSPORTATION BATTERY RECYCLING MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 FORTUM
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 GEM CO., LTD
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 BATTERY SOLUTIONS LLC
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 UMICORE
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 CALL2RECYCLE INC
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 ECOBAT LOGISTICS
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 CONTEMPORARY AMPEREX TECHNOLOGY CO. LIMITED
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 ENERSYS
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 AQUA METALS INC.
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 GOPHER RESOURCE
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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