Million Insights claims the global battery recycling market was valued at $8.74 billion in 2016 and is anticipated to reach $21.04 billion by 2025, at a CAGR of 10.4%. Stringent government regulations coupled with a progressive environment to pursue factors related to reduction in emission of formidable greenhouse gases and compliance with environmental protection and conservation is proving to be a growing impetus for battery recycling market. Spent batteries pose immense health hazards and impair the ecosystem significantly and coupled with government recognizing the need for implementing initiatives to recycle batteries are constructive drivers to the market.
Successful JV's between profitable ventures and NGO's in collaboration with leading automobile manufacturers has boosted the battery recycling market. Battery recycles market still being in nascent stage and giving leverage to technological advancements comprising new entrants and small players descending on the market with high capital investments notwithstanding, market is surging forward thanks to growing incentives from government and environmental institutions.
Mergers and Acquisitions (M and A) have also incremented sales forecasting impressive sales figures with concurrent business expansions leading to satisfied customers. Restraints, owing to ignorance of discerning populace in relation to battery recycling and environmental constraints about battery disposal exists, with the awareness level of industries continuing to be strong thanks to the application of recycled battery in electronics and automotive sectors.
Need more info? Then browse a 100-page research report titled Global Battery Recycling Market.