Dr. NaJiao, a technology analyst at market research firm IDTechEx, points out that electric vehicle batteries have enormous potential for reuse after retirement. Batteries are the most expensive component of an electric vehicle. Even after retirement, batteries retain 70%-80% of their initial capacity. However, the recycling of retired batteries incurs significant energy costs and even environmental pollution.
Today, an increasing number of companies are targeting the reuse of batteries, hoping to recycle and reuse them in static energy storage devices. Nissan, Renault, BMW, and BYD have all invested in multiple projects and business initiatives aimed at giving these batteries a second life.
In its report, IDTechEx made predictions about the number of used batteries over the next decade, providing a comprehensive analysis of their potential uses, current industry practices regarding used battery recycling, regulations, core technologies, business models, and the value chain.
It is estimated that by 2029, used electric vehicle batteries could be used to produce 100 GWh of energy storage devices annually. These used batteries are not much different from new batteries, except for the degree of capacity degradation.
Therefore, the key to the future lies in using the "right" batteries in the "right" applications. In the future, used batteries can be universally used in both static and mobile energy storage devices.
Furthermore, the Chinese government is formulating regulations for four-wheeled low-speed vehicles, and it is projected that the sales volume of used batteries will reach 3 million units by 2020. Used batteries may become an alternative power system for short-distance, low-speed vehicles, aiming to replace the currently used lead-acid batteries.
