SEATTLE (Recycling Monster): The latest research report published by ResearchAndMarkets.com predicts that global li-ion battery recycling market is predicted to reach $6.9 billion by the end of the current decade, growing at a CAGR of 21.3% during the period from 2022 to 2030. The growing demand for electric vehicles is being cited as the main driver behind the anticipated market growth.

On the basis of business model, the report classifies the global Li-ion battery recycling market into contractual services and direct-to-market. The contractual services segment is expected to account for the larger share of the global Li-ion battery recycling market during the current year and also during the forecast period, the report said.

The lithium cobalt oxide (LCO) type of batteries are expected to account for the largest share of the global Li-ion battery recycling market in 2023. During the forecast period, the lithium nickel manganese cobalt oxide (NMC) type batteries is predicted to register the highest CAGR.

Also, Asia-Pacific is expected to account for the largest share of the global Li-ion battery recycling market during the current year, followed by Europe and North America. The region is poise to register rapid growth during the forecast period.