The “Transportation Battery Recycling Market” 2023-2031 Research Report affords qualitative and quantitative insights into the principal drivers, constraints, opportunities, and challenges influencing world markets growth. The find out about offers complete statistical market records on the leading players, as nicely as income predictions. This market lookup additionally presents statistics on the income boom of numerous regional and country-level markets, as properly as the opposition panorama and unique organization analyses for the projected period. The Transportation Battery Recycling Market Report covers potential improvement drivers as properly as the modern-day kingdom of market share, penetration of a number of kinds, technologies, applications, and areas thru 2031.
The global transportation battery recycling market size was US$ 4.1 billion in 2021. The global transportation battery recycling market is expected to grow to US$ 9.1 billion by 2030, registering a compound annual growth rate (CAGR) of 10.1% during the study period, i.e., 2022-2030.
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Factors Influencing the Market :
The increasing popularity of portable electronics, grid-scale energy storage, and electric vehicles around the world are the primary factors driving revenue growth in the global transportation battery recycling market. Fossil fuels are naturally occurring fuels that find applications in automobiles with combustion engines. Because of high demand and limited supply, the prices of these fuels have risen. EVs that recycle batteries are a better alternative to these vehicles. Thus, the rapidly increasing price of fossil fuels is driving people towards electric and hybrid vehicles. As a result, the demand for transportation battery recycling is expected to increase in the coming years.
Other factors like rising manufacturing of EVs, decreasing component prices, and the adoption of technologies to increase battery capacity will drive the market growth. For example, Battery Resources, the renowned commercial lithium-ion battery recycler, intends to construct a 154,000-square-foot recycling facility in the United States in August 2022. It is expected to be one of the largest recycling facilities in North America, which will recycle 30,000 metric tonnes of lithium-ion batteries per year. Thus, such advancements are expected to drive the growth of the transportation battery recycling market during the analysis period.
Regional Analysis :
Europe is expected to have the largest market share in 2021 and is expected to maintain a strong foothold even in the coming years. Over the forecast period, the rising adoption of sustainable activities in Europe is expected to drive revenue growth in the region’s market. Furthermore, the significant presence of electric vehicle manufacturers in this region is expected to fuel revenue growth in the regional transportation battery recycling market during the forecast period.
During the forecast period, the Asia-Pacific transportation battery recycling market is expected to be the fastest-growing sub-segment in 2021. The main market growth drivers in this region are China, Japan, India, South Korea, and Australia. Furthermore, the Asia-Pacific region’s growing economy and growing population awareness of the benefits of adoption
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COVID-19 Impact Analysis :
Due to the COVID-19 pandemic, the global transportation battery recycling market recorded a drastic drop in terms of revenue. It is attributed to a halt in manufacturing activities on a large scale. As the pandemic hampered the purchasing power of the consumers, the demand for vehicles decreased notably. As a result of this, the global transportation battery recycling market was negatively affected.
Competitors in the Market
Call2Recycle, Inc.
battery solutions, LLC
ECOBAT Logistics
Gopher Resource
Contemporary Amperex Technology Co., Limited
EnerSys
GEM Co., Ltd.
Fortum
Aqua Metals, Inc.
Umicore
Other Prominent Players
Market Segmentation
The global transportation battery recycling market segmentation focuses on Chemistry, Source, and Region.
By Chemistry
Lead-Acid Battery
Lithium-Based Battery
Nickel-Based Battery
Others
By Source
Automotive Batteries
Industrial Batteries
Consumer and Electronic Appliance Batteries
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By Regional Outlook
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America
Key questions answered in the Transportation Battery Recycling market report are:
- How does a global company acquire markets?
- What are its core strategies and policies?
- What factors will influence the Transportation Battery Recycling market over the forecast period?
- What are the factors driving and restraining the market for Transportation Battery Recycling?
- What are the leading competitors in the global market?
- Which region is growing at a higher pace in the global market?
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