Global Transportation Battery Recycling Market to Generate $10,299.8 Million and Exhibit a CAGR of 9.0% from 2021 to 2030 | Research Dive

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10 Jan, 2022, 12:30 GMT

NEW YORK, Jan. 10, 2022 /PRNewswire/ -- The global transportation battery recycling market is expected to witness substantial growth in forecast period, owing to the increasing demand for recycled products around the world. The Europe region is expected to be most dominant by 2030.

Research Dive in its latest published report estimates that the Global Transportation Battery Recycling market will generate $10,299.8 million and exhibit a CAGR of 9.0% from 2021 to 2030.

Market Dynamics of Transportation Battery Recycling Market

Battery technology is used in various aspects of modern life from portable electronics to grid-scale energy storage and transportation, which is resulting in the growing adoption of batteries across the globe. In addition, the demand for recycled products is increasing owing to environmental concerns. All these factors are estimated to propel the growth of the global transportation battery recycling market during the forecast period. Moreover, the increasing demand for electric vehicles around the world are predicted to create massive growth opportunities for the global market. However, the technical issues associated with battery recycling, such as the lack of design for recycling and easy disassembly is expected to hamper the market growth during the estimated timeframe.

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Impact of COVID-19 Pandemic on the Transportation Battery Recycling Market

The COVID-19 pandemic has negatively impacted the global transportation battery recycling market growth. This is majorly owing to the disrupting workforces and supply chains, and shutting down of factories across the globe due to lockdown restrictions. Besides, the economic slowdown has unfavorably impacted the auto industry, leading to severe drops in electric vehicle sales. These factors have hugely affected the global transportation battery recycling market during the pandemic period.

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Key Segment Findings of the Transportation Battery Recycling Market:

The research report segments the global transportation battery recycling market into chemistry, source, and region.

  • Based on chemistry, the lead-acid battery sub-segment is estimated to surpass $6,724.9 million by 2030 and dominate in terms of market share during the forecast period. This is mainly because lead-acid batteries are the most common type of large-capacity rechargeable batteries. In addition, lead-acid batteries are dependable and inexpensive per watt, and have highly suitable application in various sectors, such as automobiles, electric vehicles, marine, forklifts, and uninterruptible power supplies (UPS). These factors are expected to drive the demand for the sub-segment over the forecast period.
  • Based on source, the automotive batteries sub-segment of the global transportation battery recycling market is estimated to generate a revenue of $2,191.1 million by 2030 and is predicted to witness the fastest growth over the forecast period. This is majorly owing to the growing utilization of automobiles and the increasing number of government policies related to transportation battery recycling. Besides, the demand for automotive batteries is significantly surging from emerging nations, such as China, India, and Singapore, which is expected to drive the sub-segment's growth.
  • Based on region, the Europe transportation battery recycling market valued for $1,515.3 million in 2020 and is expected to be most dominant in the global industry over the forecast period. This is mainly due to the rapid adoption of sustainable activities in the region such as transportation battery recycling for power generation. In addition, the presence of EV manufacturers in the region such as Volkswagen, Tesla, and Renault is another factor expected to drive the regional market growth by 2030.

Top 10 Prominent Market Players of Transportation Battery Recycling Market

The key players of the global market include

1.  Call2Recycle, Inc.

2.  Exide Technologies.

3.  Battery Solutions, LLC

4.  Umicore

5.  ENERSYS

6.  Contemporary Amperex Technology Co., Limited

7.  GEM Co., Ltd.

8.  Fortum OYJ

9.  Johnson Controls International plc

10.  Aqua Metals, Inc.

These players are focusing on product launches, technological advancements, and strategic collaborations to gain a competitive in the global market. - Inquire to Get access for Detailed Top Companies Development Strategy Report

For instance, in June 2021, Umicore, a leading materials technology company, announced to provide equity investments in Solid Power, the US-based battery manufacturer with an aim to empower product portfolio for electric passenger vehicles that are integrated with lithium-ion batteries and consequently focus on expanding business in battery recycling.

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