New York, USA, July 25, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global transportation battery recycling market is envisioned to generate a revenue of $9,947.5 million and grow at a CAGR of 8.2% over the estimated period from 2022 to 2030.
As per our analysts, with the growing government initiatives to increase the awareness of electric vehicles and increasing fuel prices all across the globe, the transportation battery recycling market is expected to experience significant growth over the analysis period. Moreover, the rising awareness regarding environmental protection is expected to create massive growth opportunities for the market during the estimated period. However, the cost of raw materials used in batteries is lower than the cost of recycling batteries, which is the factor that may hamper the growth of the market over the forecast timeframe.
Covid-19 Impact on the Transportation Battery Recycling Market
The outbreak of the Covid-19 pandemic has had a negative impact on the transportation battery recycling market, likewise several other industries. The stringent government regulations and complete lockdown have badly impacted the demand for electric vehicles and this has led to a decrease in the demand for battery recycling. Furthermore, it has disrupted the supply chain of raw materials between the countries which have stopped the manufacturing processes of transportation batteries. However, the increased awareness of electric vehicles is expected to boost the growth of the market in the forecast period.
Segments of the Transportation Battery Recycling Market
The report has divided the market into segments based on type, sources, and region.
Type: Lead-Acid battery Sub-Segment to be Most Profitable
The lead-acid battery sub-segment is predicted to generate a revenue of $6,517.1 million during the analysis period. This is mainly because of the increasing use of lead-acid batteries in various vehicles. Moreover, the recycling process of lead-acid batteries consumes less time, which is expected to bolster the growth of the market sub-segment during the forecast timeframe.
Sources: Industrial Batteries Sub-Segment to be Most Productive
The industrial batteries sub-segment is projected to garner a revenue of $5,014.3 million over the forecast timeframe. This is mainly due to the extensive use of lead-acid batteries in industrial applications including emergency power backup, UPS systems, and many more. In addition, the recycling process of industrial batteries is simple which is the factor expected to uplift the growth of the market sub-segment during the estimated period.
Region: Asia-Pacific Region to Have Wide Growth Opportunities
The Asia-Pacific region of the transportation battery recycling market is expected to generate a revenue of $2,339.7 million throughout the forecast period. The strict environmental regulations, developing automotive industry, and decreased labor costs in this region are predicted to drive the regional growth of the market sub-segment over the analysis period.
Key Players of the Transportation Battery Recycling Market
The major players in the transportation battery recycling market include
- Aqua Metals, Inc.
- Contemporary Amperex Technology Co.
- Limited Umicore
- Cell2Recycle, Inc.
- Li-Cycle Corp
- Battery Solutions
- GEM Co. Ltd
- Exide Technologies
- Kochi Industries
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in March 2022, Retriev Technologies, a leading battery recycler in North America announced its acquisition of Battery Solutions, a sustainable leader in providing end-to-end management solutions for consumer electronics. With this acquisition, the companies aimed to create the first and only comprehensive battery management solutions for the end-of-life battery lifecycle for electric vehicles, consumer collection, telecommunications, and many more.
Further, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
Region: Europe Region has a lucrative growth rate (Avail Customization)
More about Global Transportation Battery Recycling Market:
- An Insight into Lithium-Ion Transportation Battery Recycling Methods
- Transportation Battery Recycling: An Innovative Initiative to Provide an Effective and Renewable Source of Energy for Millennials
- Transportation Battery Recycling Market to Observe Significant Growth Due to Company Collaborations and Acquisitions by Market Players, such as Ecobat, Li-Cycle Holdings, and Others
