Published By : 15 Jul 2016 | Published By : QYRESEARCH
The increasing number of government regulations with regards to the emission of greenhouse gases and the protection of the environment has given rise to the battery recycling industry. The growing awareness about recycled products among the general population worldwide is benefitting the battery recycling market. The health hazards associated with used batteries have caused battery manufacturers to set up recycling centers, thus fueling the global battery recycling market.
The global battery recycling services market is expected to expand at a 10.9% CAGR from 2016 to 2024, as per a report published by Transparency Market Research. The market which was valued at US$7.1 bn in 2015, is expected to rise to US$19.9 bn by 2024.
High Percentage of Lead Acid Batteries Used in Vehicles to Boost Battery Recycling Market in Automotive Sector
Based on the spent battery source, the global battery recycling market is segmented into appliances, automotive, electronics, and others. Of these, the automotive segment led the market and is expected to continue to retain its leading position in the coming future. The reason behind the growth of the automotive segment is the use of higher percentage of lead acid batteries in vehicles.
Asia Pacific: Attractive Market for Battery Recycling
Asia Pacific is expected to be one of the most attractive markets for battery recycling services. The stringent environmental regulations and lower labor costs are fueling the battery recycling market in Asia Pacific. Europe is the largest regional segment followed by North America in the global battery recycling market. Strict implementations of rules relating to the proper disposal of used batteries is driving the market in Europe. North America has streamlined the process for recycling spent batteries. This is the reason behind the growth of the market in North America.