Reportlinker.com has released its latest report on the global battery market. Titled, ‘Global Battery Recycling Industry,’ the report shows that food and fuel inflation will remain a persistent economic problem. Additionally, the global battery recycling market is expected to reach $23.4 billion by 2030.
In the changed post Covid-19 business landscape, the global market for Battery Recycling, estimated at $17.7 billion in the year 2022, is projected to reach a revised size of $23.4 billion by 2030, growing at a CAGR of 3.6% over the analysis period. Lead Acid, one of the segments analyzed in the report, is projected to record a 3.8% CAGR and reach $12.3 billion by the end of the analysis period. Taking into account the ongoing post-pandemic recovery, growth in the Lithium-Based segment is readjusted to a revised 4.6% CAGR for the next 8-year period.
The Battery Recycling market in the US is estimated at $4.8 Billion in 2022. China, the world’s second-largest economy, is forecasted to reach a projected market size of $4.8 Billion by the year 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.9% and 4.2% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 1.7% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $3.1 billion by the year 2030.
Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slow down and impact economic activity and growth.
With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new Covid outbreaks and China’s already uncertain post-pandemic path pose a risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year.
Volatile financial markets, growing trade tensions, stricter regulatory environments, and pressure to mainstream climate change into economic decisions will compound the complexity of the challenges faced. 2023 is expected to be a tough year for most investors and consumers.