Report: Electric Vehicle Battery Recycling Market Will Grow to $4.2B in Next Decade
A report from research firm IDTechEx suggests that the recycling of EV batteries could turn into a $4.2 billion market within the next decade, as recently shared by Inside EVs.
In particularly, IDTechEx noted that nickel-manganese-cobalt batteries would be especially easy to recycle, due to the presence of nickel and cobalt in the cathode within the battery. These minerals create energy density, and make it more economically viable to recycle than lithium-iron-phosphate batteries.
In addition to battery packs being able to be repurposed for second-life applications such as energy storage, recycling batteries could reduce the need to extract raw materials and help establish a circular, sustainable economy.
The report also noted that overall second-life battery repurposing costs, including battery and testing or grading and logistics costs, will need to be addressed before the market can achieve its full potential.
