EUROPE EV BATTERY RECYCLING MARKET

INTRODUCTION

Since the first vehicle was invented, batteries have been employed as a backup power source. Battery-powered electric cars on the market are propelled by traction batteries or electric vehicle batteries. The battery of an electric car is a secondary (rechargeable) battery. It is propelled without the need of a combustion engine thanks to the chemical energy it stores in rechargeable battery packs. When these batteries approach their "end of life," a fresh one is then installed.

When these batteries approach their end of life, the precious components inside each one may be collected and repurposed to make the best use possible of the limited amount of metal resources. When these batteries approach the end of their useful lives, it is possible to salvage aluminium, cobalt, nickel, lithium, and other metals.

EUROPE EV BATTERY RECYCLING MARKET SIZE AND FORECAST

The Europe EV Battery Recycling Market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.

EUROPE EV BATTERY RECYCLING MARKETNEW PRODUCT LAUNCH

In Fredrikstad, Norway, Hydrovolt, the biggest battery recycling facility in Europe, has opened for business. A joint venture between two Norwegian businesses—Northvolt, a battery manufacturer, and Hydro, one of the biggest aluminium producers in the world, is responsible for the construction of the facility in Sweden and Germany. A total of 25,000 electric vehicle batteries, or 12,000 tonnes of battery packs, may be processed annually at the new battery recycling plant. For the time being, this will cover the whole end-of-life battery market in Norway.

Plastics, copper, aluminium, and the "black mass," a powder holding the different components inside lithium-ion batteries (nickel, manganese, cobalt, and lithium), according to Hydrovolt, may all be recovered to a 95 percent degree. In Schwarzheide, Germany, BASF plans to construct a large-scale black mass battery recycling facility. This investment supports BASF's Schwarzheide cathode active materials (CAM) production and recycling hub.

Given that Central Europe is home to several EV vehicle manufacturers and cell makers, the region is ideally situated for the expansion of battery recycling activities. Battery recycling is a crucial tool for lowering the carbon footprint of battery-powered cars and is essential to achieving the high, circularity-driven policy standards anticipated under the proposed EU Battery Regulation.

They will examine lithium-ion battery recycling effectiveness as well as goals for material recovery and recycled content for nickel, cobalt, and lithium. The method of recycling batteries begins with black mass manufacturing, which is based on mechanical processing.

EUROPE ECONOMY OUTLOOK

• The demand of Europe EV Battery Recycling market is closely related to the growth in the economy. The European Commission projects a GDP growth rate of 0.8- 0.9% and Inflation is expected in the range of 2.7-3% for 2024.
• The unemployment rate is expected to be relatively low across Europe, a much-needed breather for consumer goods companies.
• The ongoing war in Ukraine( Since Feb 2022) continues to disrupt supply chains, increase energy prices, and create uncertainty for businesses 
• We expect automotive industry growth in low to single digits for 2024 and less-than-expected growth for EVs could create more uncertainty in the manufacturing sector.

ELECTIC VEHICLE INDUSTRY OUTLOOK

• The global EV industry grew by 35% to 14.1 million units in 2023 with China and Europe dominating the market.
• EVs across multiple platforms such will come in over the forecast period in the market with models based on PPE platform by Volkswagen gathering the highest attention.
• Charging infrastructure development 800 V architecture based vehicles are gaining traction in the market mainly with the Hyundai and Kia models however 400 V will be majority at 2030.
• To ensure constant revenue from vehicles, especially lost revenue due to the sales of parts, multiple sources subscription services will be launched.
• SiC and GaN based electronic components are increasing in penetration across multiple regions, and manufacturers are ensuring that the production lines are ready to address the upcoming requirements.

AUTOMOTIVE INDUSTRY OUTLOOK

• The automotive industry is expected to grow at 5% in 2024 compared to 2023.
• Though Tesla has captured the highest attention with full self driving, multiple OEMs such as Mercedes Benz and Honda have launched L3 level vehicles in specific areas in Japan and USA.
• The forecast period will see an uptake in subscription based features over the forecast period mainly from Europe and USA.
• The market for automotive segment is expected to a technological shift with the major focus on automated driving and electrification.
• Autonomous driving is the focus area of OEMs, Tier 1 suppliers, software and hardware solution providers.

EUROPE EV BATTERY RECYCLING MARKETREPORT WILL ANSWER THE FOLLOWING QUESTIONS

1. What is the average cost per Europe EV Battery Recycling Market right now and how will it change in the next 5-6 years? 
2. The average cost to set up an EV Battery Recycling Market in Europe?
3. How many Europe EV Battery Recycling Market are manufactured per annum globally? Who are the sub-component suppliers in different regions?
4. What is happening in the overall public, globally?
5. Cost breakup of a Europe EV Battery Recycling Market  and key vendor selection criteria
6. Where is the Europe EV Battery Recycling Market manufactured? What is the average margin per equipment?
7. Market share of Europe EV Battery Recycling Market manufacturers and their upcoming products
8. The most important planned Europe EV Battery Recycling Market  in the next 2 years
9. Details on a network of major Europe EV Battery Recycling Market and pricing plans
10. The cost advantage for OEMs who manufacture Europe EV Battery Recycling Market in-house