The global market for the Lithium Ion-Battery Recycling is anticipated to develop at a compound annual growth rate (CAGR) of 19.6% throughout the course of the forecast, to reach USD 22.8 billion by 2030.
In the upcoming years, the market for Lithium-ion batteries will witness a certain growth owing to the escalating use in tablets/PCs, digital cameras, smartphones and power tools. Moreover, Li-ion batteries are used exceedingly in automobile industry due to the growing demand for electric vehicles. Reason behind Li-ion batteries gaining popularity in automobile manufacturers is that they are best possible substitutes to nickel metal batteries used in electric vehicles as they are light weight and small size. Dedicated technological advancements are being put forth to reduce the weight of batteries and cost, but scale up their power output, is anticipated to augment industry expansion. Additionally, competent distribution channels will probably become a significant way to get a competitive advantage.
While analyzing consumer electronics industry, it is anticipated to account the leading share of the global lithium ion battery market. Lithium ion batteries are increasingly picked for consumer electronics products as a portable power source due to the features like lesser recharge time and higher energy density.
Regional Overview of Market:
Increasing adoption of e-bikes and solar power systems has propelled the UK, Netherlands and Germany industry growth. Extreme usage of lithium-ion battery in Spain, UK, France, Germany and Italy will have positive impact in the upcoming time. In developing countries like India and China, significant factor for driving the growth of market is maximized use of tablets and mobiles. In the list of largest revenue generation countries, North America stands at second position due to the scaled up sale of smart phones and electric vehicles.
The Europe’s automobile industry is considered as a strategic industry resulting from the optimized used of energy and leanest production processes. Collective funding coming from government is backing the increased adoption of lithium ion batteries for electric cars. EU has launched a project named GREENLION for producing cheaper lithium ion batteries to be used in electric cars. These are some substantial factors contributing to the increased involvement of the lithium ion battery market in Europe.
Absence of Awareness about Lithium-ion Benefits may Encounter Challenge in Long Run:
Due to the noteworthy features lithium-ion batteries possess, both government funding industries and agencies have been involved in its investment. Though these batteries are not accessible to everyone as it carries high-cost but the lack of some transition metals existing in these batteries may become subject to risk. The market of lithium ion may encounter deterioration as they are expensive than the conventional lead acid batteries and there inadequate awareness with respect to its advantage.
However, the rising drift towards adoption of sustainable clean fuels along with booming consumer electronics industry will bolster the lithium-ion battery market. It is calculated that decreased rates of small gadgets will further pilot the lithium-ion industry in years to come.
Leading players of the global lithium ion-battery recycling market include
Key segments of the global Lithium Ion-Battery Recycling market
By End User 2018-2030 (USD Million)
Regional Overview, 2018-2030 (USD Million)
• North America
o Rest of Europe
o Southeast Asia
o Rest of Asia-Pacific
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
• Central & South America
o Rest of South America