Environmental concerns resulting from the increasingly apparent climate change effects drive the worldwide adoption of sustainable transportation. With governments phasing out vehicles that run on fossil fuels through stringent emissions regulations, people are purchasing electric vehicles (EVs) in significant numbers. The global EV market recorded over 75.6% revenue growth in 2021, increasing battery demand. However, when they reach the end of their life as EV batteries, they still have 60% to 70% of their capacity. This opens up opportunities to repurpose batteries in second-life applications and recycle them to extract valuable elements such as cobalt and nickel, leading to the growing EV battery reuse and recycling market.
Although the current market trend indicates a preference for recycling in the short term (two to three years), rising technological sophistication, proven business models, and clear regulations will increase second-life applications in the long term.
GROWTH PIPELINE DIALOG™
Take your first step towards achieving growth-centric solutions with our
Growth Pipeline Dialog™. Speak to our industry experts in a complimentary open discussion that will spark innovative thinking and growth opportunities that will benefit your organization.