Our-in depth analysis of the global battery recycling market includes the following segments:
By End-User Industry
On the basis of regional analysis, global battery recycling market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Europe is accounted for largest share for battery recycling market with raised and strict environmental issues of pollution caused by chemical & toxic metals in countries such as Germany, the United Kingdom, France, Russia, and Italy.
Regions such as North America and Asia Pacific are also expected to grow significantly in market due to increased demand for battery by the manufacturers of electric vehicles of both regions for recycling batteries.
Global Battery Recycling Market is further classified on the basis of region as follows:
The global battery recycling market is expected to account for a market value of around USD 17 billion at a CAGR of 24%.till the period of 2018-2027. Rise in demand for trash batteries from government and private organizations for further processing across the North America and Asia Pacific vigorously propelled growth of battery recycling market in forecasted period.
On the basis of regional platform, global battery recycling market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Europe is expected to hold value share of 40% in the global battery recycling article. Additionally, countries in Europe region such as Germany, the United Kingdom, France, Russia, and Italy are increasingly following the directive initiative (protection, preservation and improvement of the quality of the environment) for environmental issue legalized by the government which in turn backs the growth of battery recycling market.
Asia Pacific is panned to observe substantial growth in battery recycling market on the rise of increased awareness towards safety and environmental issues. Additionally, increased awareness pertaining to electrical vehicles coupled with rising production of hybrid electrical vehicles in countries such as China and India is exhibiting for the growth of market. Moreover, North America is expected to raise the battery recycling market with increased demand for batteries by electric vehicle manufacturers. Additionally, robust demand in countries such as Saudi Arabia, UAE and South Africa is expected to showcase modest growth in global battery recycling market due to safety factors for contamination of soil and ground water level across the region over the forecasted period.
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According International Energy Agency, 125 million electric vehicles were produced in 2017, totaled to 54% increment from previous year.
Demand for energy
Increase demand of energy for operating various operations by industries such as commercial & residential is driving the growth of market. Additionally, the rising competition amongst the stake holders of battery recycling market is driving for positive growth in market.
Government supports in Europe region
Government support in several countries such as Germany, the United Kingdom, France, Russia, and Italy of European region for following the legalized norms of environmental and safety purpose is driving the growth of market in forecasted period.
Rising awareness regarding the water contamination
Disposing of solid battery as a trash in municipality garbage house can lead to contamination of ground water level, owing to chemicals released from batteries.
Lack of awareness
One of the key restraints which is expected to hamper the growth of market is friction problem caused by metals, which can cause fire in processing plant.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.