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Global Electric Vehicles Battery Recycling Market Report 2024: Growth Forecasted at 25.8% CAGR Through 2031DUBLIN, March 7, 2024 /PRNewswire/ -- The "Global Electric Vehicles Battery Recycling Market by Source (Passenger Vehicles, Commercial Vehicles, E-Bikes), Chemistry (Li-NMC, LFP, LMO, LTO, NCA), Process, and Region (North America, Europe, Asia Pacific) - Forecast to 2031" report has been added to ResearchAndMarkets.com's offering. The EV Battery Recycling Market is projected to grow from USD 9 billion in 2023 to USD 56.3 billion by 2031, at a CAGR of 25.8 % during the forecast period. The growing demand for batteries in energy storage devices, coupled with increased research and development in EV Battery, is one of the key driver that is boosting the EV Battery Recycling Market. Lithium Iron Phosphate by battery chemistry, is estimated to account for the second largest share during the forecast period The Lithium Iron Phosphate battery chemistry segment is projected to secure the second-largest share in the forecast period, primarily fueled by its extensive application in the automotive. As they are among the safest batteries, with a low risk of overheating and fire. These batteries are environmentally sustainable, being non-toxic and recyclable, devoid of harmful materials like lead or cadmium. This broader utilization is expected to contribute to the sustained growth of the Lithium Iron Phosphate battery chemistry segment in the EV Battery Recycling Market. By source, commercial segment is accounted for the second largest share during the forecast period Lithium-ion batteries are well-known for powering commercial vehicles. The combination of increasing demand for commercial electric vehicles, regulatory support, and the need for recycling valuable materials contributes to the projection that the commercial segment will be the important and ongrowing source in the EV battery recycling market during the specified period. Therefore, the use of lithium-ion battery in commercial vehicles will increase and it is expected to drive the EV Battery Recycling Market. Europe region is estimated to account for the second largest share during 2023-2031 Europe is expected to be the second-largest market for EV battery recycling market. Germany is among the key player in the region, which is driven by automobile sector, with a rise in the demand for electric vehicles. As a major contributor to the automotive industry, Germany emerges as a favorable market for various batteries, particularly those using lithium-ion recycling technology. Aditionally, the ongoing transition to renewable energy sources in the country is expected to boost the market further, contributing to the overall growth of the European EV Battery Recycling Market. The report provides insights on the following:
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For more information about this report visit https://www.researchandmarkets.com/r/wcuwu5 About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Media Contact: For E.S.T Office Hours Call +1-917-300-0470 U.S. Fax: 646-607-1907 Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg View original content:https://www.prnewswire.com/news-releases/global-electric-vehicles-battery-recycling-market-report-2024-growth-forecasted-at-25-8-cagr-through-2031--302082643.html SOURCE Research and Markets |