Policy level initiatives to meet greenhouse gas emission reduction targets and the drive to improve the air quality in urban cities are expected to keep supporting the sales growth in electric vehicles across the globe, which has already crossed 2 million units in 2019. Further, the consequent increase in spent lithium-ion batteries (LIBs) is likely to present itself as a challenge for waste management, as well as an opportunity for the battery recyclers, to recover valuable metals like lithium and cobalt, making battery recycling a valuable secondary source for key raw materials. Government organizations, research institutions, and battery manufacturers have already begun collaborating for technological advancements in battery recycling technologies. The research provides use case analysis of prominent battery recyclers along with their recycling methodology and achieved recovery efficiencies. Further, the research study focuses on the following topics: research and development (R&D) activities in the LIB recycling landscape, techno-economic analysis of recycling different LIB chemistries, current market trends & major innovations, factors driving the adoption and development of recycling technology, challenges in the battery recycling supply chain, and key initiatives undertaken to promote the LIB recycling industry.