The global lithium-ion battery recycling market was valued at $4,781 million in 2022, and this number is expected to reach $21,184 million by 2030, advancing at a CAGR of 20.45% during 2022–2030, as per P&S Intelligence.
This growth can be ascribed to the restricted supply of lithium metal and the increasing acceptance of electric vehicles throughout the world, because of the grants given in several countries. Principally, the decreasing price of electrical vehicles credited to road tax relaxations and government aid is driving their acceptance. This, indeed, surges the requirement for such batteries, specifically for e-motorcycles and e-scooters.
In 2022, the LCO battery category had the largest revenue share, and it is projected to continue its leading position in the years to come. The high-power density and discharge voltage of LCO batteries, which help them to be more appropriate for power tools, including laptops, tablets, mobile phones, and hybrid EVs, is the main contributor to the market growth in the category.
In 2022, the automotive category dominated the market and is also set to experience the growth with highest CAGR, of 20.9%, in the coming years. This can be ascribed to the extensive adoption of electric cars, scooters, buses, trucks, and motorcycles across the world.