How is Rising Adoption of Electric Vehicles Driving Lithium-Ion Battery Recycling Market?

The adoption of electric vehicles across the globe has increased substantially over the past few years, which can be primarily be attributed to the initiatives for decarbonizing personal transportation to meet targets for reducing greenhouse gas emissions. These targets are particularly aiming towards improving the air quality in urban cities. Other than government initiatives, the general public is also becoming aware regarding the deteriorating condition of the environment, attributed to which people are increasingly opting for electric vehicles rather than conventional fuel-based vehicles. The electric vehicles sales in 2017 was over one million cars per years across the world.

This increased adoption of electric vehicles further created a high need for lithium-ion (Li-ion) batteries. It is expected that the increased utilized of electric vehicles will result in high volume of unprocessed battery pack waste, as the vehicles reach the end of their lives. Attributed to this, the demand for recycling and re-using Li-ion batteries after the end of their lives is increasing swiftly. As per a report by P&S Intelligence, the global lithium-ion battery recycling market generated a revenue of $165.3 million in 2019, and it is expected to progress at a 18.3% CAGR during the forecast period (2020–2030).

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