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 in order 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.
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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 with regard to 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.
Based on battery source, Battery recycling market is segmented into automotive, electronic appliance and others.
Based on chemistry, battery recycling market is segmented into lithium ion, lead acid and Nickel Cadmium (Ni-Cd).
Based on end-use, the classification comprises extraction of material, repackaging, reuse and second life, disposal.
Region-wise segmentation includes North America, Europe, Asia Pacific, MEA and Latin America.
The automotive sector in battery recycling market continues to enjoy wide popularity in the spent battery source segment during the forecast period and hence is a confirmed market leader in the battery recycling market.
A proportionately high figure of lead acid batteries conventionally employed in vehicles and displaying a pre-disposition towards the recycling industry has given rise to battery recycling market which has boosted the market.
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