New York, United States, July 25. 2022 (GLOBE NEWSWIRE) — According to a report by Research Dive, the global transport battery recycling market is considered generate revenue of $9,947.5 million and grow at a CAGR of 8.2% over the estimated period of 2022 to 2030.
According to our analysts, with the growing government initiatives to increase awareness of electric vehicles and rising fuel prices across the globe, the transportation battery recycling market is expected to witness significant growth over the analysis period. . Additionally, the growing awareness of environmental protection is expected to create massive growth opportunities for the market over the estimated time frame. However, the cost of raw materials used in batteries is lower than the cost of battery recycling, which may hamper the market growth over the forecast period.
Get an Exclusive Sample PDF of Global Automotive Battery Recycling Market (Including Tables, TOC and Figures)
Impact of Covid-19 on the Transportation Battery Recycling Market
The outbreak of the Covid-19 pandemic has negatively impacted the transportation battery recycling market, as well as several other industries. Strict government regulations and the complete lockdown have had a negative impact on the demand for electric vehicles, leading to a decrease in demand for battery recycling. In addition, it has disrupted the supply chain of raw materials between countries that have stopped manufacturing processes for transport batteries. However, increased awareness of electric vehicles is expected to drive the market growth over the forecast period.
Transportation Battery Recycling Market Segments
The report has split the market into segments based on type, sources and region.
Type: lead-acid battery sub-segment will be the most profitable
The lead-acid battery sub-segment is expected to generate a revenue of $6,517.1 million during the analysis period. This is mainly due to the increasing use of lead acid batteries in various vehicles. Additionally, the lead acid battery recycling process takes less time which is expected to support the growth of the market sub-segment over the forecast period.
Sources: The industrial battery sub-segment will be the most productive
The industrial battery sub-segment is expected to generate revenue of $5,014.3 million over the forecast period. This is mainly due to the extensive use of lead acid batteries in industrial applications including backup power supplies, UPS systems and many others. Additionally, the process of recycling industrial batteries is simple, which is expected to drive the growth of the market sub-segment over the estimated time frame.
Learn about the post-COVID-19 impacts on the global transportation battery recycling market. Contact our expert analyst for more details
Region: The Asia-Pacific region will have broad growth opportunities
The Asia-Pacific region of the transportation battery recycling market is expected to generate revenue of $2,339.7 million throughout the forecast period. Strict environmental regulations, development of automobile industry and declining labor costs in this region are expected to drive the regional growth of the market sub-segment over the analysis period.
Key Players in the Transportation Battery Recycling Market
Transportation Battery Recycling Market Key Players Include
- Aqua Metals, Inc.
- Contemporary Amperex Technology Co.
- Umicore Limited
- Cell2Recycle, Inc.
- Li-Cycle Corp
- GEM Co.Ltd
- Exide Technologies
- Kochi Industries
These players extensively work on developing new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to gain a leading position in the global industry.
For example, in March 2022, Retriev Technologies, one of North America’s leading battery recyclers, announced its acquisition of Battery Solutions, a sustainable leader in providing end-to-end management solutions for large electronics. audience. With this acquisition, the companies aimed to create the first and only complete battery management solutions for the life cycle of end-of-life batteries for electric vehicles, consumer collection, telecommunications and many others.
Besides, the report also presents other crucial aspects including SWOT analysis, financial performance of key players, product portfolio and latest strategic developments.
Region: Europe region has a lucrative growth rate (customization of availability)
Learn more about Global Transportation Battery Recycling Market: