Report : North America Battery Recycling Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Lead Acid Battery, Lithium-Based Battery, Nickel-Based Battery, and Others) and Battery Source (Automotive, Industrial, Household, Consumer Electronics, and Forklift)
Lead Acid Battery Segment to Dominate North America Battery Recycling Market during 2021-2028
According to a new market research study on “North America Battery Recycling Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Type, Battery Source and Country,” is expected to reach US$ 6,653.22 million by 2028 from US$ 3,027.61 million in 2021. The market is estimated to grow at a CAGR of 11.9% from 2021 to 2028. The report provides trends prevailing in the North America battery recycling market along with the drivers and restraints pertaining to the market growth. Growing demand for recycled products and recovery of valuable metals and increasing government regulations for battery disposal and recycling are major factors driving the growth of the North America battery recycling market. However, technical and economic challenges associated with battery recycling may hinder the growth of North America battery recycling market.
In North America, the US has the highest number of confirmed COVID-19 cases, compared with Mexico and Canada. The significant disruption in manufacturing facilities, along with raw material sourcing, has had a negative impact on the demand for battery recycling in the region. The market for battery recycling has been impacted in the region due to distortion in supply of used batteries with limited operational efficiencies. However, with the state of economic recovery, several industrial sectors are strategically focused on investing in environment sustainability. This is expected to provide impetus to the battery recycling market growth during the forecast period.
The market for North America battery recycling is segmented into type, battery source and country. Based on type, the market is segmented into lead acid battery, lithium-based battery, nickel-based battery, and others. In 2020, the lead acid battery segment held the largest share in North America battery recycling market. Based on battery source, the North America battery recycling market is divided into automotive, industrial, household, consumer electronics, and forklift. The automotive segment is expected to be the fastest growing segment over the forecast period. Based on country, the North America battery recycling market is divided into US, Canada and Mexico. In 2020, US held the largest share in North America battery recycling market. Furthermore, in this present scenario of COVID 19 pandemic, the North America battery recycling market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the North America countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for battery recycling.
Aqua Metals, Inc.; Clarios; COM2 Recycling Solutions; Contemporary Amperex Technology Co. Limited; East Penn Manufacturing Company; Exide Industries Limited; G P Batteries International Limited; Gopher Resource; Retriev Technologies and Terrapure Environmental are some of the leading companies in the North America battery recycling market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.