Transparency Market Research, New York: Environmental concerns are at an all-time high around the world. It is estimated that by the year 2025, around three-quarters of used electric vehicle batteries will be recycled. This prediction highlights the growing influence of the battery recycling market in the near future.
Considering all the factors researched by the TMR analysts, the global battery recycling market was valued at US$ 3.45 bn in 2018 and is extrapolated to expand at a CAGR of ~10 percent during the forecast period of 2019-2027.
The global transportation sector is observing a tectonic shift as a substantial chunk is opting for electric vehicles. This factor may bring tremendous growth opportunities for the battery recycling market. In addition, favorable government initiatives are also inviting immense growth prospects for the battery recycling market.
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The analysts at Transparency Market Research attribute factors such as frequently escalating number of expired lithium-ion batteries, supportive government policies, expanding environmental concerns, and the development of novel recycling facilities for the growth of the battery recycling market.The analysts advise the players in the battery recycling market to collaborate with local government bodies for generating awareness about the importance of battery recycling and its benefits.
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The battery recycling market is growing prominently on the back of the varied advantages it offers in terms of environmental conservation.
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Regulations and initiatives regarding battery recycling play an important role in increasing the growth rate of the battery recycling market. Many countries across the world are upgrading their e-waste policies to promote battery recycling. Here are some regulations and initiatives across a few countries that are helping the battery recycling market to grow at an exponential rate.
Europe: The Batteries Directive regulation is issued by the European Union. It aims at minimizing the negative impact of batteries on the environment. The directive comprises certain guidelines for the collection and recycling of waste batteries.
Japan: The Japan Battery Recycling Centre (JBRC) in Japan is an organization that assists in the collection and process of waste batteries across the country. Waste batteries are collected from the retailers registered with JBRC and are delivered to recycling sites.
India: The Indian Government amended the E-Waste (Management) Amendment Rules, 2018, to ease the battery recycling process.
China: The Industry and Information Technology Ministry of China, in January, announced new regulations for recycling used new energy vehicle power batteries.
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