Electric Vehicle Battery Recycling Market - US
To determine the market size of the electric vehicle battery recycling market in the US.
- The global electric vehicle (EV) battery recycling market was valued at $138.6 million in 2017 and is projected to reach $2. 3 billion by 2025, growing at a CAGR of 41.8 percent between 2018 to 2025.
- China and South Korea recycle the greatest percentage of lithium-ion batteries globally. In 2018, China and South Korea were responsible for almost 90 percent of all lithium-ion recycling worldwide.
- According to the US Department of Energy, between 295,000 to 1.4 million lithium-ion battery packs will be discarded in the U.S. by year-end 2020. However, less than five percent of that figure will be recycled.
- As of present, recycling EV batteries in the US is not economically viable, and it costs money to recycle EV batteries than make new ones.
- The US is not the only country having difficulties recycling lithium-ion batteries. In the UK, less than five percent of lithion-ion batteries consumed in the country are recycled. While only 2 - 3 percent of lithium-ion batteries consumed in Australia are recycled
Proposed next steps:
You need to be the project owner to select a next step.