Market Size of Battery Recycling Industry
| Study Period | 2019- 2028 |
| Base Year For Estimation | 2022 |
| CAGR | 11.07 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Battery Recycling Market Analysis
The Battery Recycling Market size is expected to grow from USD 18.58 billion in 2023 to USD 31.41 billion by 2028, registering a CAGR of 11.07% during the forecast period (2023-2028).
- Over the medium term, factors such as declining prices of lithium-ion batteries and growing concern for battery waste disposal are likely to drive the battery recycling market in the forecast period.
- On the other hand, the high cost of recycling operations in many countries is expected to hinder market growth in the coming years.
- Nevertheless, technological innovations in battery recycling strategies create tremendous opportunities for market development. For instance, researchers at the University of Leicester, United Kingdom, have introduced a new method of recycling electric vehicle batteries with the help of ultrasonic waves. The method will solve the issue of high energy consumption in the case of traditional energy-intensive chemical processes.
- Europe is the fastest-growing market during the forecast period due to the number of he rising battery applications. This growth is due to the growing battery usage in electric vehicles (EVs).
