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Automotive Battery Recycling Market to Grow by USD 7.95 Trillion (2024-2028), Driven by Lithium Supply-Demand Gap and AI’s Influence on Market Trends- Technavio

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NEW YORK, Sept. 12, 2024 /PRNewswire/ — Report on how AI is redefining market landscape- The global automotive battery recycling market  size is estimated to grow by USD 7.95 trillion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  9.24%  during the forecast period.  Widening lithium supply demand gap is driving market growth, with a trend towards increasing demand for electric vehicles. However, involvement of high costs in automotive battery recycling  poses a challenge. Key market players include Accurec Recycling GmbH, Call2Recycle Inc., Contemporary Amperex Technology Co. Ltd., Duesenfeld GmbH, East Penn Manufacturing Co. Inc., Ecobat LLC, ENGITEC TECHNOLOGIES SPA, Exide Industries Ltd., Fortum Oyj, Glencore Plc, Li Cycle Holdings Corp., Redwood Materials Inc., SK Inc., SNAM Groupe, SungEel Hi Tech Co. Ltd., and Umicore SA.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Battery Type (Lead acid batteries, Lithium-ion batteries, Nickel-Metal Hydride (NiMH) batteries, and Others), Vehicle Type (Passenger cars, Commercial vehicles, and Electic vehicles (EV)), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)

Region Covered

APAC, Europe, North America, South America, and Middle East and Africa

Key companies profiled

Accurec Recycling GmbH, Call2Recycle Inc., Contemporary Amperex Technology Co. Ltd., Duesenfeld GmbH, East Penn Manufacturing Co. Inc., Ecobat LLC, ENGITEC TECHNOLOGIES SPA, Exide Industries Ltd., Fortum Oyj, Glencore Plc, Li Cycle Holdings Corp., Redwood Materials Inc., SK Inc., SNAM Groupe, SungEel Hi Tech Co. Ltd., and Umicore SA

Key Market Trends Fueling Growth

The automotive battery recycling market is experiencing significant growth due to the increasing adoption of electric vehicles (EVs). By 2024, EVs are projected to represent a substantial percentage of new car sales globally, with companies like Tesla, Nissan, and BMW driving this trend. This shift results in an increasing volume of used lithium-ion batteries, which are vital components in EVs. The circular economy principle is shaping market dynamics, as recycling EV batteries enables the recovery and reuse of valuable materials such as lithium, cobalt, and nickel. This process reduces the need for new raw materials and minimizes waste, promoting environmental sustainability and addressing supply chain vulnerabilities. China, a major player in the EV market, has seen rapid growth in EV sales, leading to a rising demand for battery recycling solutions. European countries, including Germany, are also investing heavily in battery recycling infrastructure to support their push towards electric mobility. These factors are expected to fuel the expansion of the global automotive battery recycling market during the forecast period. 

The automotive battery recycling market is experiencing significant growth due to the increasing adoption of electric vehicles (EVs) and the need to address e-waste and climate change. Traditional Nickel-cadmium (Ni-Cd) batteries, which contain hazardous materials, are being replaced by advanced battery technologies in EVs. Battery recycling facilities play a crucial role in recovering heavy metals from spent batteries, reducing pollution and the need for gasoline production. Hydrometallurgy and pyrometallurgy are key processes used in battery recycling. The circular economy is driving the demand for recycling capacity, with a focus on recovering graphite, nickel, cobalt, and other valuable materials. The recycling of batteries from passenger vehicles and commercial vehicles is essential for sustainable transportation and reducing greenhouse gas emissions. Renewable energy storage, such as solar and wind power, also benefit from battery recycling. The battery recycling market is expected to continue growing as EV sales increase and battery technology advances, with a focus on energy density, charging capabilities, and pollution control. 

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Market Challenges

Setting up an automotive battery recycling plant involves significant initial investment. Advanced technologies are essential for efficient and safe handling of battery materials, increasing operational costs. Strict adherence to environmental and safety regulations, particularly in Europe, drives up operational expenses. Transportation and logistics are also critical factors due to batteries being classified as hazardous waste. Specialized handling and transportation methods increase costs and complicate logistics, especially for cross-border transportation. Furthermore, fluctuating prices of raw materials like lithium, cobalt, and nickel impact profitability, discouraging investment in this sector. These factors may hinder the growth of the automotive battery recycling market during the forecast period.The automotive battery recycling market is gaining significance due to the increasing adoption of electric vehicles (EVs) for sustainable transportation. However, the recycling of spent batteries from EVs and other electronic gadgets presents several challenges. These batteries contain valuable materials like nickel, cobalt, and rare earth metals, which can be reused in advanced battery technologies. However, they also contain hazardous materials like toxic chemicals, heavy metals, and flammable, corrosive, or radioactive substances. The collection and sorting of spent batteries is crucial for the battery recycling industry. Renewable energy storage, such as solar and wind power, also relies on batteries, increasing the demand for recycling. Lithium-ion batteries (LIB), lead-acid batteries, and sodium-sulfur batteries are common types requiring recycling. Recycling technologies include hydrometallurgical and pyrometallurgical processes. Despite the benefits, challenges remain, including the safe handling of hazardous materials and the prevention of chemical leakage. Environmental risks, such as soil pollution and landfill issues, must be addressed. Investment in R&D for safer and more efficient recycling processes is essential to minimize risks and maximize value. The battery recycling ecosystem must collaborate to ensure a circular economy for batteries, reducing waste and promoting sustainability.

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Segment Overview

This automotive battery recycling market report extensively covers market segmentation by

Battery Type1.1 Lead acid batteries1.2 Lithium-ion batteries1.3 Nickel-Metal Hydride (NiMH) batteries1.4 OthersVehicle Type2.1 Passenger cars2.2 Commercial vehicles2.3 Electic vehicles (EV)Geography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Lead acid batteries-  The automotive battery recycling market is growing due to increasing demand for recycled batteries and stringent regulations on battery disposal. Companies are investing in advanced technologies to recover valuable materials like lead, cadmium, and nickel. Recycling reduces environmental impact and saves resources, making it a profitable business opportunity for market participants. The market is expected to expand at a steady pace in the coming years.

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Research Analysis

The Automotive Battery Recycling Market is gaining significant attention due to the increasing adoption of sustainable transportation, particularly Electric Vehicles (EVs), and the need for energy efficiency and pollution control. Lithium-ion batteries (LIB), the most common type used in EVs, contain hazardous materials such as toxic chemicals, heavy metals, flammable, corrosive materials, and even radioactive materials. When these batteries reach the end of their life cycle and become spent, they pose a risk of chemical leakage, soil pollution, and landfill contamination. The battery recycling industry plays a crucial role in mitigating these environmental concerns by recovering valuable materials like cobalt, reducing greenhouse gas emissions, and minimizing the need for gasoline production. As EV sales continue to rise, the demand for advanced battery technologies with higher energy density and charging capabilities is increasing, making battery recycling an essential component of the circular economy and a critical step towards reducing climate change.

Market Research Overview

The Automotive Battery Recycling Market is a critical component of sustainable transportation as it focuses on the recycling of spent batteries from electric vehicles (EVs) and other applications. With the increasing adoption of EVs and advanced battery technologies, there is a growing need for energy efficiency, pollution control, and the sustainable management of hazardous materials. Spent batteries contain valuable materials such as nickel, cobalt, and rare earth metals, which can be recovered and reused in renewable energy storage systems, solar power, and wind power. The Battery Recycling Market encompasses various recycling technologies, including hydrometallurgical and pyrometallurgical processes, for the collection and sorting of spent batteries. The industry aims to mitigate environmental risks associated with hazardous waste, toxic chemicals, heavy metals, and flammable, corrosive, or radioactive materials. Lithium-ion batteries (LIB), lead-acid batteries, sodium-sulfur batteries, and nickel-cadmium (Ni-Cd) batteries are among the batteries targeted for recycling. The battery recycling ecosystem is essential for reducing the environmental impact of e-waste and minimizing the need for primary resource extraction. The Automotive Battery Recycling Market is driven by the increasing demand for electric vehicles, climate change mitigation, and the circular economy. The market also faces challenges related to battery disposal, battery recycling facilities, and the complex recycling process. Investment in R&D for advanced recycling technologies and the expansion of recycling capacity are crucial for the growth of the Automotive Battery Recycling Market. The market also plays a significant role in reducing greenhouse gas emissions from gasoline production and promoting the adoption of sustainable fuels.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Battery TypeLead Acid BatteriesLithium-ion BatteriesNickel-Metal Hydride (NiMH) BatteriesOthersVehicle TypePassenger CarsCommercial VehiclesElectic Vehicles (EV)GeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Typeform Delivers New Solutions to Empower B2C Businesses to Better Engage Customers

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23 minutes ago

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November 14, 2024

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Brands can now use video, data enrichment, and AI-powered capabilities to create interactive, hyper-personalized experiences and uncover deeper insights

SAN FRANCISCO, Nov. 14, 2024 /PRNewswire/ — Typeform, the intuitive form builder and conversational data collection platform, today announced new features that provide business-to-consumer (B2C) businesses with the context, clarity, and convenience needed to better engage and understand their customers. Now businesses can further enhance the respondent experience, all while gathering richer, actionable data. 

Today, 70% of consumer decisions are based on emotion, including brand preference.¹ Buyers expect brands to tailor experiences to their personal preferences more than ever, but at the same time, they’re also becoming more cautious about sharing personal information. Typeform’s latest features help brands collect data directly from customers through interactive, personalized experiences they trust, then automatically enhance it with third-party insights to deepen their understanding. This empowers companies to deliver more targeted, data-driven marketing.

“Businesses can’t thrive on surface-level insights,” said Aleks Bass, Chief Product Officer, Typeform. “Our latest innovations give you the ability to dig deeper into truly knowing your customers by providing dynamic data collection experiences that encourage quality responses. Whether boosting conversions with a personalized product recommendation quiz or gathering feedback through video surveys, the common denominator is that your customers enjoy the experience.”

The offerings were unveiled at Typeforum 2024, Typeform’s first-ever virtual product spotlight event, designed to showcase the latest innovations from the company. Newly released features include: 

Enhanced Video Capabilities: Typeform now allows customers to respond with video, providing businesses deeper insights through voice and expressions, not just text. This builds on Typeform’s existing feature that enables creators to record, edit, and embed personalized videos into forms, boosting engagement and conversions. Typeform research found that 65% of marketers believe video is an effective tool for engaging and interacting with customers in ways that feel more human and create connection and loyalty.²Clarify with AI: Typeform’s Clarify with AI acts as a virtual interviewer, prompting follow-up questions based on customer responses. When a customer is asked about their experience and answers vaguely, like “good,” the AI encourages more detailed feedback, asking, “Good, how? What stood out?” For customers, it feels like a personalized conversation. For brands, it delivers more insights. Automated B2C Data Enrichment: Earlier this year, Typeform introduced automated B2B data enrichment, making it easier than ever to understand customers at a deeper level without needing to ask additional questions. Now, consumer-level enrichment is available in the Typeform platform. With just a personal email address, companies can pull in key data points from trusted third-party sources, providing a more complete picture of who’s on the other side of the screen.AI-powered Qualitative Analysis: With this feature, businesses can instantly analyze large volumes of text and video responses to surface key themes and insights, saving hours of manual work. Data Quality Tools: Invisible reCAPTCHA ensures data integrity by blocking bots and automated submissions, allowing only genuine responses to be collected. This safeguard enhances data reliability, helping teams make accurate, data-driven decisions.Klaviyo Integration: Typeform will soon be launching a new integration with Klaviyo, designed for B2C and direct-to-consumer (DTC) marketers. It will ensure that every insight gathered flows seamlessly into Klaviyo. Manual data transfers are eliminated as segments automatically update with Typeform data, enabling hyper-targeted campaigns customized to each customer’s unique profile. This integration combines Typeform’s interactive data collection with Klaviyo’s automation, facilitating more natural, personalized customer connections while driving business growth.

“We built a powerful product recommendation quiz not just to help our customers, but to generate invaluable data that allows us to better segment and engage them with relevant marketing,” said Addison Wennar, Digital Communications Manager, OGEE. “With the holiday shopping season approaching, these insights will be key. Typeform already delivers the highest response rates for us, and I’m excited to see how the new features will amplify that impact.”

The features are available today in Typeform for Growth plans. Watch the Typeforum 2024 recordings and learn how to use Typeform to better understand and engage customers here. 

About Typeform
Typeform is a distinctly intuitive form builder that helps over 150,000 customers collect and validate the data they need to grow their businesses. Designed with striking visuals, a conversational flow, and powerful data capabilities, Typeform empowers brands to give and get more with each form. Typeform drives more than 500 million responses each year and integrates with essential tools including Zapier, HubSpot, and Slack. For more information, visit www.typeform.com.

1         Pendell, R. (2024, October 15). Customer brand preference and decisions: Gallup’s 70/30 principle. Gallup.com. https://www.gallup.com/workplace/398954/customer-brand-preference-decisions-gallup-principle.aspx#:~:text=70%25%20of%20decisions%20are%20based,Making%20Process:%20Rational%20or%20Emotional?

2          Data from a survey of 105 Typeform customers conducted on September 30, 2024.

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SOURCE Typeform S.L.

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Electronic Drives and Controls Celebrates Impressive Growth and Strong Demand for Industrial Automation Solutions

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23 minutes ago

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November 14, 2024

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EDC has announced 39% revenue growth over the past year and a strengthened presence in the metals converting and composites industries. The company has also maintained key certifications, including CSIA, UL508A, Rockwell Automation, Siemens, and Ignition.

PARSIPPANY, N.J., Nov. 14, 2024 /PRNewswire-PRWeb/ — Electronic Drives and Controls, Inc. (EDC), a leading control system integrator and field service company for industrial automation and drive technology, today announced that the company has experienced a year of growth and success, achieving a 39% increase in revenue year-over-year. To meet the growing demand for automation and drive solutions, EDC has expanded its team, hiring Ricky Arcky as human resources manager and Tyler Schaberick as systems engineer. EDC attributes this growth to maintaining industry certifications, digital marketing efforts, a dedicated team, and strong, long-term partnerships.

“We are proud of the growth we’ve achieved this year, which is a testament to the hard work of our team and our commitment to delivering exceptional service to our clients.”

“We are proud of the growth we’ve achieved this year, which is a testament to the hard work of our team and our commitment to delivering exceptional service to our clients,” said Chuck Dillard, Vice President of EDC. “Our recent hires and increased project load reflect our strategy to grow both wider and deeper with our existing clients, as well as entering new industries.”

“We’ve put in years of preparation and invested heavily in digital marketing to get the word out about our services, knowing that growth was inevitable,” Dillard added. “Our team has worked tirelessly and the results speak for themselves: clients continue to return to us because of our technical expertise and the strong results we deliver.”

EDC’s expertise in coating & laminating, wire and cable, PLC programming and upgrades, as well as drive service, has allowed the company to strengthen its presence in the metals converting industry, securing new and expanded projects across multiple client plants. EDC has also successfully completed upgrades for a new client in the composites industry, widening the portfolio of industries it caters to.

In addition to recent growth, EDC remains committed to maintaining the highest industry standards through its CSIA certification, which ensures adherence to best practices in control system integration. Several certifications, including UL508A recertification and certifications from Rockwell Automation, Siemens, and Ignition, further emphasize EDC’s dedication to safety, technical proficiency, and continuous improvement.

About Electronic Drives and Controls, Inc.
Founded in 1968, Electronic Drives and Controls, Inc. (EDC) is a CSIA Certified control system integrator with deep domain expertise in the coating and laminating, and converting industries. The company’s large field service team specializes in AC and DC drives, PLCs and factory automation. Family owned and operated for more than 50 years, EDC’s team of engineers and technicians has a vast experience integrating new control systems and breathing life into older equipment. EDC has the engineering capability to design, build, start-up and service projects from the sophisticated to the simple and the service support team on call 24/7/365 to keep it all running at peak efficiency from day one and for years to come. In addition to the company’s certification as a Siemens Solution Partner and a Rockwell Automation Recognized System Integrator, EDC is a factory authorized/factory trained service center for over 40 drive brands. For more information, visit the company’s website, LinkedIn, Twitter, Facebook, and YouTube.

Media Contact

Georgia Whalen, Rivergate Marketing, (978) 697-2664, Gwhalen@rivergatemarketing.com, www.electronicdrives.com/home/

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SOURCE Electronic Drives and Controls, Inc. (EDC)

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Allstate Financial Services Selects Covr to Provide Life Insurance, Long-Term Care, and Disability Insurance Solutions

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November 14, 2024

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Covr’s Digitally Enabled Insurance Platform Will Simplify the Buying Process

HARTFORD, Conn., Nov. 14, 2024 /PRNewswire/ — Covr, a leading digital insurance provider, has partnered with Allstate Financial Services, LLC to offer a streamlined suite of life, long-term care (LTC), and disability income insurance solutions through Covr’s digital platform. This partnership provides Allstate Financial Services customers with a simple, connected experience, featuring an intuitive, paperless process that makes it easier than ever to purchase insurance tailored to their diverse needs.

Covr’s platform offers an easy-to-use, self-guided experience to efficiently compare and recommend insurance products. Additionally, Allstate Financial Services will offer a range of products through Covr’s platform, including guaranteed issue life insurance through Gerber Life and disability insurance through Assurity, Ameritas, MassMutual, Mutual of Omaha and Principal. Traditional long-term care will also be available through Mutual of Omaha.

“We are extremely pleased to add Allstate’s network of 7,000+ representatives to our insurance platform,” said Michael Kalen, CEO of Covr. “Their business owners and individual customer base fits perfectly with our portfolio of simplified life, LTC, and disability income solutions for agents and their customers.”

“We’re committed to expanding solutions that better meet our customers’ protection needs,” said Scott Delaney, President and CEO, Allstate Financial Services. “With Covr’s digital platform, our representatives can deliver a more connected experience and offer a broader range of insurance options tailored to each customer’s unique needs.”

Allstate representatives will collaborate closely with Covr’s sales team to ensure ongoing support. Allstate Financial Services will also benefit from Covr’s top-tier case management services, providing end-to-end support throughout the entire insurance process.

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SOURCE Covr Financial Technologies

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