Here is our fourth of four posts this week on recycling products and reducing waste. For the prior posts, see 1, 2, and 3. Because electrical car sales are increasing, we have a new dilemma to face. How to recycle EV batteries. After all, we expect these batteries to last around ten years. Then what happens to them? Thus, today’s topic — recycling EV batteries.
The Growth of Electric Vehicle Sales
According to the International Energy Agency (IEA):
“Electric mobility is expanding at a rapid pace. In 2018, the global electric car fleet exceeded 5.1 million. Up 2 million from the previous year. While almost doubling the number of new electric car sales. The People’s Republic of China remains the world’s largest electric car market. Followed by Europe and the United States. Norway is the global leader in electric car market share.”
“Importantly, policies play a critical role. Leading countries in electric mobility use a variety of measures. Such as fuel economy standards coupled with incentives for zero- and low-emissions vehicles. Economic instruments that help bridge the cost gap between electric and conventional vehicles. As well as support for the charging infrastructure. Increasingly, policy support extends to address the strategic importance of the battery technology value chain.”
“Of value, technology advances deliver substantial cost cuts. In fact, key enablers include developments in battery chemistry. And expanding production capacity in plants. Other solutions include redesigning vehicle manufacturing platforms with simpler and innovative design architecture. In addition to applying big data to right-size batteries.”
The Challenge of Recycling EV Batteries
To meet the challenge, many solutions exist. Check out this McKinsey video for examples.