EV Battery Recycling Market to Reach USD 12.67 Billion By 2032

According to analysts at Vantage Market Research, the Global EV Battery Recycling Market size is worth USD 1.21 Billion in 2023 and is projected to reach USD 12.67 Billion by 2032, growing at a CAGR (Compound Annual Growth Rate) of 29.82 % from 2024 to 2032. Consumers' growing interest in electric vehicles (EVs) and the increasing sales are expected to generate a substantial number of end-of-life EV batteries (EVBs), driving the demand for battery recycling.

Market Overview

​The EV battery recycling market is experiencing significant growth driven by the increasing adoption of electric vehicles and the urgent need for sustainable waste management solutions.​ As more electric vehicles are produced and end their life cycle, the demand for efficient recycling methods to recover valuable materials from spent batteries rises. This recycling process mitigates environmental impacts while reducing dependence on newly mined resources, which are often finite and environmentally damaging to extract.

Advancements in recycling technologies are further driving market growth, enabling the recovery of critical materials like lithium, cobalt, and nickel needed for new batteries. Companies are investing heavily in developing efficient recycling techniques, such as direct recycling and innovative processing methods that enhance material recovery rates. Additionally, supportive government policies promoting recycling practices and reducing carbon footprints encourage investments in recycling infrastructure, positioning the EV battery recycling market as a vital component of the overall electric vehicle ecosystem.

Honda Motor and Mitsubishi Corp. - Altna Joint Venture Collaboration

In June 2024, Honda Motor and Mitsubishi Corp. will establish a new company in July that will give a second life to used electric vehicle batteries in Japan, thus reducing the cost of driving an EV. The joint venture, Altna, aims to develop new services in anticipation of the broader use of EVs.

Omega Seiki Private Ltd (OSPL) and Attero Collaboration 

In February 2024, Omega Seiki Private Ltd (OSPL) made a significant move towards a more sustainable future by signing an agreement with Attero to recycle lithium-ion batteries. With plans to recycle over 100MWh of batteries in the next 3-4 years, this strategic alliance will substantially impact the domestic market, ASEAN, and African regions, contributing to a more sustainable future.

Key Takeaways from the Report

• In 2023, North America led the market with the highest revenue share of 53.1%
• Asia Pacific is expected to witness maximum market growth during the forecast period
• Policymakers globally are introducing regulations driven by concerns about carbon emissions, material shortages, and supply chain issues
• Based on chemistry, the Lithium-ion Battery segment dominated the market with the largest share globally from 2023 to 2030
• On the basis of the Vehicle Type, the Passenger Cars category accounted for about 77.1% of the market share in 2023   

Top Companies

• ACCUREC Recycling GmbH
• Battery Solutions LLC
• Gopher Resource LLC
• Ecobat Logistics
• Terrapure BR Ltd.
• East Penn Manufacturing Company
• Retriev Technologies
• COM2 Recycling Solutions
• Call2Recycle
• Exide Technologies
• Gravita India Ltd.
• Snam S.p.A.
• Umicore N.V.

Latest News

BASF and Stena Recycling Collaboration

• In January 2024, BASF and Stena Recycling finalized a black mass purchase agreement as part of their more extensive collaboration to establish a battery recycling value chain for the European EV battery market. BASF is a global producer and recycler of battery materials. 

Renault's Closed-Loop Recycling Initiative

• In March 2024, Renault is pioneering a groundbreaking initiative to develop a closed-loop recycling process for EV batteries in Europe. The project aims to significantly diminish Europe's reliance on imported battery materials, particularly from China. The French automaker's project could stimulate billions in revenue and contribute to a more sustainable automotive sector.