Lithium-Ion Battery Recycling Market Size

Lithium-ion Battery Recycling Market size was over USD 3.64 billion in 2023 and is poised to reach USD 47.26 billion by the end of 2036, witnessing around 21.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of lithium-ion battery recycling is assessed at USD 4.27 billion.

The growth of the market can be attributed to the rising use of battery-operated electric vehicles, and the increasing level of air pollution in recent years due to combustion of diesel and gasoline in conventional automobiles. The total number of electric vehicles (EV) sold worldwide grew by approximately 2 million from 2018 to 2019. More than 7 million EVs were sold in 2019. Apart from these, growing concerns regarding battery disposal and decline in the price of lithium-ion batteries are also estimated to drive market growth in the coming years. Furthermore, the properties of lithium-ion batteries such as favorable capacity-to-weight ratio and lower self-discharge rate than other batteries are expected to boost their demand in the near future.