India Battery Recycling Market: Current Analysis and Forecast (2024-2032)
Emphasis on Chemistry (Lead Acid, Lithium-Based, Nickel, and Others); Source (Automotive, Industrial, Consumers & Electronics, and Others); and Country
India Battery Recycling Market Size & Forecast
The India battery recycling market was valued at USD 1.97 billion in 2023 and is expected to grow at a strong CAGR of around 9.8% during the forecast period (2024-2030). Owing to rising investments and growing technological advancements.
India Battery Recycling Market Analysis
Battery recycling is a crucial process for environmental sustainability and resource conservation. By reclaiming materials like lithium, cobalt, and nickel from used batteries, recycling not only reduces the demand for new raw materials but also minimizes the environmental impact of hazardous waste. The process involves collection, sorting, and dismantling batteries to extract valuable components for reuse in manufacturing new batteries or other products. Proper battery recycling helps mitigate pollution, reduces energy consumption, and promotes a circular economy by closing the loop on valuable resources. However, improving infrastructure and awareness around battery recycling remains essential to maximize its benefits and minimize its environmental footprint.
India Battery Recycling Market Trends
This section discusses the key market trends that are influencing the various segments of the Battery Recycling Market as identified by our team of research experts.
Lead Acid
Based on the chemistry, the market is segmented into lead acid, lithium-based, nickel-based, and others. The lead-acid segment is expected to witness significant growth during the forecast period. Lead-acid battery recycling held a significant share in the market owing to cost-effectiveness and a well-developed supply chain. Further, lead-acid batteries are highly recyclable, with several countries achieving recycling rates of over 90%. However, lowering the cost of lithium-ion batteries and increasing the adoption of electric vehicles would increase the demand for lithium-ion batteries. As a result, the recycling rate of lithium-ion batteries would also increase since the average life of lithium-ion batteries is about 10 years.
North India is Expected to Grow with Significant CAGR During Forecast Period
North India dominated the battery recycling market in the country owing to the region is home to several major cities, including Delhi, Chandigarh, and Jaipur, which are experiencing rapid industrialization and urbanization. This has resulted in a growing demand for batteries across various sectors, such as automotive, consumer electronics, and renewable energy storage. Furthermore, government initiatives promoting electric vehicles and renewable energy adoption have also boosted the market in this region. For instance, the top four MoUs in the MSME (Micro, Small & Medium Enterprises) sector were all signed by Hong Kong’s Tauschen International Pvt Ltd in 2023. Tauschen E- Motors Pvt Ltd will invest Rs 4,100 crore to establish manufacturing facilities for electric vehicles in Agra. Also, the company’s Indian subsidiary will establish a lithium battery plant in Agra, for which it has signed an MoU for an investment of Rs 1,640 crore and is likely to invest a total of Rs 10,000 crore in the project.
India Battery Recycling Industry Overview
The battery recycling market is competitive and fragmented, with the presence of several Indian and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Call2Recycle Inc., Battery Solutions LLC, Umicore N.V., Contemporary Amperex Technology Co. Ltd., GEM Co. Ltd., EnerSys, Johnson Controls International plc., Aqua Metals Inc., Exide Industries, and Sunlight Battery.
India Battery Recycling Market News
- For instance, the Minister of State for Electronics and Information Technology has launched the pre-production run of India’s first lithium-ion cell manufacturing facility at Tirupati, Andhra Pradesh. This state-of-the-art facility has been set up by Chennai-based Munoth Industries Limited with an outlay of Rs 165 crores.
- For instance, by 2030, the Indian government intends to have a fleet that is 30 percent electric. In addition, the goods and services tax (GST) on EVs was reduced from 12 percent to 5 percent in July 2019, and income tax exemptions for potential EV buyers were announced by the Indian government.
India Battery Recycling Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The India battery recycling market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the India Battery Recycling Market Analysis (2024-2032F)
Analyzing the historical market, estimating the current market, and forecasting the future market of the India battery recycling market were the three major steps undertaken to create and analyze the adoption of battery recycling in major regions in India. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted with industry experts across the value chain of the Indian battery recycling market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the battery recycling market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the battery recycling market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as chemistry and source. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the battery recycling market. Further, we conducted factor analysis using dependent and independent variables such as chemistry and source of the battery recycling market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the battery recycling market sector across India.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the India battery recycling market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets in India. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the battery recycling market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the India battery recycling market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the India battery recycling market. Data was split into several segments and sub-segments after studying various parameters and trends in the areas of chemistry and source in the India battery recycling market.
The main objective of the India Battery Recycling Market Study
The current & future market trends of the India battery recycling market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the battery recycling market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of chemistry and source.
- Define and analyze the regulatory framework for the battery recycling
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the battery recycling market for the major regions in India.
- Major regions studied in the report include north India, south India, east India, and west India.
- Company profiles of the battery recycling market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the India battery recycling market?
Q2: What are the driving factors for the growth of the India battery recycling market?
Q3: Which segment has the largest share of the India battery recycling market by chemistry?
Q4: Which region will dominate the India battery recycling market?
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