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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