Growing demand for electric vehicles is driving the growth Lithium-ion Battery Recycling Market
The global lithium-ion battery recycling market is projected to grow from USD 4.6 billion in 2021 to USD 22.8 billion by 2030, at a CAGR of 19.6% during the forecast period 2021-2030. The rising demand for electric vehicles to control the increasing pollution levels has spurred the consumption of lithium-ion batteries. Since these have lower self-discharge rates than other rechargeable cells such as Ni-Cad and NiMH, they offer high energy and power density and are thus used in various applications, from cellular phones, industrial equipment, to electric-drive vehicles.
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The automobile industry is shifting towards the use of sustainable clean fuels. There is a high dependence on oil as a fuel in the transportation system, which is leading to rising concerns for both, environmentalists as well as economists. Increasing environmental awareness is leading to the adoption of electric vehicles. The widespread use of EDVs is leading to the rise in the adoption of lithium-ion batteries, which are essential for uninterrupted power supply. Factors such as energy-saving, reduction in pollution, and adoption by consumers are expected to lead to the growth of the market for EVs. The number of electric vehicles is increasing owing to the development of improved battery technologies and low maintenance requirements for these lithium-ion batteries.
Lithium-titanate oxide (LTO) battery chemistry is projected to grow at the highest CAGR during the forecast period
Based on chemistry, the lithium-titanate oxide (LTO) battery chemistry is projected to grow at the highest CAGR between 2021 and 2030. Lithium-titanate is an off-white powdered compound containing lithium and titanium. The high growth of lithium-titanate oxide (LTO) battery chemistry segment is due to its advantageous features such as stability, power density, long life cycle, and high performance.
Asia Pacific region is projected to grow at the highest CAGR in the lithium-ion battery recycling market during the forecast period
The lithium-ion battery recycling market in the Asia Pacific region is projected to grow at the highest CAGR from 2021 to 2030. Asia Pacific region comprises of key countries such as Japan, China, India, and South Korea. The rising demand for vehicles and environmental regulations are leading to the growth of the Asia Pacific market. The increasing pollution levels in emerging economies such as China and India are among the factors expected to drive the Asia Pacific market during the forecast period.
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