The global electric vehicle battery recycling market will reach USD 1.77 billion in 2021. Looking ahead, the market is expected to reach USD 8.66 billion by 2027, growing at a CAGR of 28.70% during 2022-2027.
American Manganese Inc.
G & P Batteries Limited
SNAM Groupe (Floridienne)
Due to COVID-19, analysts are constantly tracking and assessing the direct and indirect impacts of the Global pandemic. These insights are included in the report as key market contributions.
Electric vehicle battery recycling relies on two processes, pyrometallurgy or smelting and hydrometallurgy, which can be used individually or in combination. It focuses on recycling battery cathode metals such as nickel, cobalt, aluminum, iron and lithium to reduce the reliance on intensive mining for battery development. Furthermore, the global demand for battery recycling is increasing as hazardous substances can be prevented from entering the waste stream at the end of life stage.
Leading companies are developing new recycling technologies, such as direct recycling or cathode-to-cathode recycling, to recover metals, minerals, chemicals and chemical powders suitable for direct sale to battery manufacturers. This approach differs from current processes for producing metal-loaded materials, which are aimed at smelters to refine and recover nickel, cobalt and other cathode materials as separate metals.
In addition, governments in many countries are increasing spending on direct purchase incentives and tax breaks for electric vehicles. They also established the Electric Vehicle Initiative, which aims to accelerate the adoption of electric vehicles around the world. In addition, the global organization has launched several campaigns to support the bus, truck, electric passenger vehicle and light commercial vehicle markets. This, along with the depletion of non-renewable metal resources, has contributed to the growth of the market.
Today, electric vehicles are becoming more and more important, especially with the increasing use cases in the commercial vehicle sector. Many industrial manufacturers and solution providers are working on measures to make electric vehicles more affordable, easier to charge and more economical to run. One of the technologies that provides fleet operators with all these benefits is battery swapping. As the name suggests, battery swapping technology is a method by which the user can replace the battery to keep the vehicle running.
A swapping station installed at a specific location consists of several batteries that are constantly charged. Users can find a swap station, replace a dead battery with a charged one and get to work. Battery replacement technology presents profound opportunities for fleet owners who want to keep their vehicles running without worrying about charging time.
When swapping the battery, the electric vehicle user replaces the discharged battery with the charged battery at the swapping station. It helps solve the problem of setting up charging stations and also reduces range anxiety for drivers. In addition to this, battery leasing can help consumers save on the cost of buying batteries.
According to the study, more than 12 million tons of lithium-ion batteries are expected to be retired by 2030. It requires raw materials such as lithium, nickel and cobalt, which have environmental and human impacts. At the end of their useful life, batteries also generate a lot of e-waste. Many industry players are working to process used batteries and extract valuable metals on a large scale to keep materials circulating and reduce reliance on mining. We should develop better solutions to make batteries last longer.
Currently, the cost of batteries accounts for about 40-70% of the purchase cost of an electric vehicle. If these batteries are separated out and sold separately, this helps to shift the upfront cost to the utility operator’s, which in turn transfers the operating cost to the operator. Battery swaps and interoperability can play a key role in this, as they help build supply chain networks to drive Electric Vehicle adoption.
Modern mobility solutions have two agendas, such as technological change and mobility capabilities. We need an aggressive target and a proper battery replacement roadmap that will help transform this ecosystem.
Global standard battery designs, such as package size, cavity, electrical power control unit and unit output power, make battery replacement easier. These innovations are catalysts for faster economies of scale.
Battery recycling is a great opportunity. Replacement batteries can be manufactured in a recyclable design for easy reuse. Using recycled materials to manufacture and then recycle the batteries will eliminate battery purchases, which will have a positive impact on the unit cost of the vehicle.
Batteries must be considered a service. It is necessary to extend incentives to battery cells to subsidize each mile of operation rather than the initial cost. A total cost financing model, along with the utility’s standard operating procedures, can help explore financially viable solutions.
A Batteries As A Service subscription model may be available to users in a subscription model to gain user trust and confidence in availability.
When replacing batteries, it is important to define the value proposition for users, drivers, energy suppliers, city local authorities and financial institutions. Many startups and large Electric Vehicle manufacturers should also look into early existing models, land infrastructure, parking lots and charging infrastructure areas.
Use and promote the use of digital applications that use databases to support human-machine and machine-machine interfaces, help increase the use of electric vehicles and battery swap stations, to ensure efficient operation, safety awareness, seamless delivery and enhance the convenience of the electric vehicle ecosystem.
The global use and adoption of electric vehicles is growing rapidly. Electric vehicles are more expensive than combustion-engine vehicles by industry standards, and battery packs make up at least half the cost. Some manufacturers did offer batteries separate from the vehicle, which reduces costs. In this case, fleet owners can reduce initial costs by purchasing vehicles without batteries and using battery swapping to power their vehicles.
One of the main reasons holding back buying an electric vehicle is range anxiety and the fear of not being able to find a charging station. Compared to gasoline or diesel cars, Electric Vehicle charging options can be hard to come by, adding to range anxiety, especially over long distances. There are one or two charging stations available, and the charging process is similar to charging a cell phone battery. The best and fastest chargers filled 80% of the battery in almost an hour, which is quite a long time considering the fuel pump can fill a tank in 5 minutes. In the case of swapping stations, you can simply find a station and replace the dead battery with a new one.
Swappable batteries can not only be compact but eliminate anxiety about range and availability. But it will also mirror the existing network of fuelling stations to facilitate seamless operations. The investment from many private sectors can be leveraged for operations of the supply chain networks and sustenance of energy operators. The battery swapping and network of energy operators become a service segment. The availability and connectivity to this energy infrastructure are critical to the operation of these exchanging stations. So, it is most important to establish sustainable business models that can be leveraged to shift this upfront cost to the cost of operating an Electric Vehicle.
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