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08 October 2022

Electric Vehicle Battery Reuse and Recycling Market Gets Added to Douglas Insights, World’s First Comparison Engine

The electric vehicle battery reuse and recycling market is the newest addition to the Douglas Insights comparison engine. This addition will help analysts, researchers, experts, and organizations compare and evaluate research studies globally. Professionals can compare data by the number of pages, table of contents, publisher rating, and pricing. Using this comparison engine, it is easy to identify market trends, share, size, growth opportunities, obstacles, challenges, and more. 

 

Douglas Insights is the world’s first and leading comparison engine. This comparison engine empowers users to gather crucial insights into the growing electric vehicle battery reuse and recycling market. The market presents tons of opportunities for organizations to grow and thrive. However, organizations can make better market expansion and penetration strategies if they have crucial insights. And that’s precisely what Douglas Insights comparison engine aims for. 

 

The auto industry is evolving fast. The rapid growth is owed to lithium-ion batteries, which are now being used to power electric vehicles. Moreover, as developed electric vehicle batteries are approaching the end of life, organizations are actively recycling them to address economic and environmental benefits. An electric vehicle battery is a rechargeable battery that uses chemical energy. It doesn’t require a combustion engine for propulsion. Furthermore, when they reach their end-of-life, they are replaced by new ones and recycled. 

 

Recycling is essential for environmental sustainability. During this process, valuable materials inside the batteries that have reached end-of-life are recovered and recycled to optimize the use of finite metal resources. The metals recovered from the end-of-life batteries include cobalt, aluminum, lithium, etc. 

 

Studies show that the electric vehicle battery reuse and recycling market is expected to grow at a compound annual growth rate of 41.8 percent between 2018 and 2025. The major industry players in the electric vehicle battery reuse and recycling market are ACCUREC recycling, Battery Solutions, American Manganese Inc, and Umicore. Based on region, North America dominates the industry, followed by Europe and Asia-Pacific.

 

The increasing demand for zero-emission vehicles is the top factor driving the market growth. Market consumers are now more environmentally conscious than ever. People want to play their part in saving the environment. They are willing to do whatever they can to achieve environmental sustainability. And it is visible to see as the demand for environmental-friendly vehicles increases. 

 

Another critical industry driver is the rise in the demand for recycled materials and products. This demand is triggered by the possible ban of diesel and gasoline cars by 2040 to lower toxic emissions. However, as metal resources are finite, organizations operating in the automobile and EV battery reuse industry plan to fulfill the demand by recycling batteries. This strategy will ensure there is no scarcity in the supply of the metal components supply and that the production of rechargeable battery power packs is adequate to meet the growing demand. 

 

Companies worldwide are efficiently partnering to recycle metals and create lithium-ion batteries cost-efficiently. For example, Kemetco partnered with American Manganese to develop commercially scalable lithium-ion battery technology. This technology is both cost and environmentally friendly. Moreover, it is expected to satisfy lithium’s global demand by 9 percent. 

 

Besides this, over 66 percent of EV batteries will be recycled in China. This is perhaps because the cost of doing business in China is comparatively low. If companies don’t seek partnerships with Chinese counterparts, the growth may slow down because of the high cost of setting up recycling plants.

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