New York, USA, March 21, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global transportation battery recycling market is expected to garner a revenue of $10,299.8 million by 2030, growing rapidly at a CAGR of 9.0% during the forecast period 2021-2030. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Transportation Battery recycling Market
Drivers: Increasing the use of lithium-based batteries due to a significant surge in electric vehicles across the globe is expected to drive the growth of the transportation battery recycling market during the forecast period. In addition, extensive initiatives taken by the government for advanced chemical cell battery production to attain green initiative is further expected to bolster the growth of the market.
Restraints: Lack of collection of infrastructure is expected to impede the growth of the market during the forecast period.
Opportunities: Persistent technological advancements in transportation battery recycling processes are expected to create ample opportunities for the growth of the transportation battery recycling market during the forecast period.
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COVID-19 Impact on the Transportation Battery recycling Market
The outbreak of COVID-19 has had a negative impact on the growth of the global transportation battery recycling market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns led to the closure of factories, disrupting supply chains and workforces of the industry. Decreasing electric vehicle sales due to the financial crisis among people, and the negative impact on the automotive industry further decreased the demand for transportation battery recycling during the pandemic.
Segments of the Transportation Battery recycling Market
The report has divided the market into various segments based on chemistry, source, and region.
Chemistry: Lead-Acid Battery Sub-segment to be Most Profitable
The lead-acid battery sub-segment is expected to generate a revenue of $6,724.9 million during the forecast period. Extensive application of lead-acid batteries in numerous sectors like EV, marine, uninterruptible power supplies (UPS), forklifts, etc. is expected to bolster the growth of the transportation battery recycling market during the forecast period.
Source: Industrial Batteries Sub-segment to be Most Lucrative
The industrial batteries sub-segment is expected to generate a revenue of $5,199.6 million during the forecast period. Lead-acid batteries play an important role in a number of industrial applications such as UPS systems, emergency power backup, heavy machinery, and others. This factor is expected to accelerate the growth of the sub-segment during the forecast period.
Region: Europe to Dominate the Global Transportation Battery recycling Market
The Europe region is expected to garner a revenue of $3,622.4 million during the forecast period. Increasing adoption of sustainable activities in this region is expected to bolster the growth of the market during the forecast period. In addition, the massive presence of EV manufacturers in this region is further expected to stimulate the growth of the regional transportation battery recycling market during the forecast period.
Key Players of the Transportation Battery recycling Market
The major players of the Transportation Battery recycling Market include
- ENERSYS.
- GEM Co., Ltd.
- Johnson Controls International plc
- Contemporary Amperex Technology Co., Limited.
- Aqua Metals Inc.
- Fortum OYJ
- Umicore
- Call2Recycle, Inc.
- Battery Solutions, LLC
- Exide Technologies, and many others.
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth. - Check Which are companies are focusing on enhancing the efficiency of the battery, business expansion, and product innovations
For instance, in September 2021, Kochi Industries, an American privately-held multinational conglomerate corporation engaged in industries like refining, chemicals and biofuels, etc., invested nearly US$100 million Li-Cycle, a North American lithium-ion battery recycling specialist, in order to support Li-Cycle’s rapidly expanding growth opportunities in North America, Europe and Asia.
The report also summarizes many important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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- The Global Transportation Battery Recycling Market Anticipated To Generate A Revenue Of $10,299.8 Million, Growing At A CAGR Of 9.0% From 2021 To 2030
