The life of an electric vehicle as we all know are the batteries. The problem with them is how long do they last and are they keen on recycling the EV battery in the EU market. In Europe, 6 types of EV batteries are identified with different chemical composition. NCA, LMO, NMC 9.5.5, NMC 811, NMC622 and NMC 111. It has been forecasted that the share of EV batteries with chemical composition such as NMC 9.5.5 is going to be 37% high in 2030 whereas the NMC 622 chemical composed EV batteries will be high by 40% in 2020 and 38% in 2025.
In EU, the projected EV batteries to be recycled in the European Union market in 2021 is from around 50,000 but as the year is passing by it is speculated in 10 years, by 2030 it will be more than 1 million of units. The market is definitely worth of billion-dollar adventure if the right amount of guidance is available to help you in recycling the number of units.
Since, the EVs are the present and also the future, recycling of batteries will be a major thing and, in my opinion, provides an opportunity to grow in an enormous way to turn the growth into a good revenue generation.