The market for recycling electric vehicle batteries is anticipated to be dominated by Latin America. due to the region’s increased acceptance of solutions and investment in the research and development process.
Market growth is anticipated to be further fueled by the expanding number of competitors in the global electric vehicle battery recycling market. Additionally, it is anticipated that significant vendors would increase their spending in product capabilities and commercial expansion.
The Latin America EV Battery Recycling Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.
Ganfeng Lithium, one of the leading producers and a supplier to Tesla, has announced that they will build a lithium-ion battery recycling factory in Mexico, giving the nation another footing in the China-dominated global lithium trade.
The facility will feed the expanding electronic vehicle (EV) industry in the US and recycle the batteries from Chinese-made electric buses used in Latin America as well as Tesla automobiles.
In the northern state of Sonora, which has one of the greatest reserves in the world, Ganfeng is a partner in Mexico’s first lithium mine alongside British mining business Bacanora.
Together, the Sonora mine and battery recycling facility will grow into a significant hub in the local supply of lithium and other precious metals, bringing the production process closer to the ideal of “closed cycles,” in which energy used in manufacturing is returned to the production process through recycling, lowering emissions overall.
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