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According to a report, the electric vehicle battery recycling market is expected to grow from $0.81 billion to $10 billion by 2030 with a CAGR of 20% between 2021-2030.
Consumers are shifting towards electric vehicles and the demand for EVs is also rising globally as the cost of gasoline is also increasing. Elements like air pollution and the cost of fuel are making this diversion.
“As gross sales of EVs proceed to surge, so will the volumes of spent batteries. These lithium-ion batteries contain a whole lot of cells produced utilizing worthwhile metals and minerals. Moreover, they’re poisonous to the setting. So environmentalists and researchers try to save lots of them from ending up in landfills,” the report said.
“EV batteries are extra sophisticated to deal with. As a result that they’re bigger and heavier than these utilized in fossil fuel-based automobiles. EV battery recycling represents an untapped alternative.”
Currently, only 5% of the electric vehicle batteries are recycled and the rest is either saved or just kept for battery production vegetation.
The majority of electric vehicle manufacturers and automakers are partnering with battery manufacturing companies for the recycling processes.