With electric vehicles gaining popularity at an unprecedented pace, it goes without saying that a lot of companies have accepted that the future of mobility is indeed electric. While the technology is well and truly impressive, and holds a lot of potential to address a lot of problems facing the modern world, the monopolization of the industry is something that’s feared by a lot of stakeholders.
At present, China dominates the EV battery industry, thanks to its cheap labor and vast availability of minerals and resources needed to produce EV batteries. Recycling used batteries and manufacturing new ones using the materials extracted is also a major thing to consider. In this aspect, China is also ahead thanks to its extensive battery recycling technology. A report by Energy Portal cites that China has three times the capacity of the US when it comes to recycling lithium batteries. On top of all that, Reuters states that the global EV battery recycling market is anticipated to grow by more than 60 percent by 2028.
