Scale of China’s Power Battery Recycling Market to Exceed $5.93B in 2025
Gao Weiqiao, deputy general manager of Huayou Recycling Technology, a power battery recycling enterprise, said at the 7th International New Energy Conference held on July 15 that the power battery recycling field has become a new emerging market unto itself.
According to the calculation of the China Automotive Technology and Research Center, the market scale of waste power battery recycling in China will further increase to about 15 billion yuan ($2.22 billion) in 2021, and will exceed 40 billion yuan by 2025.
“The industry concentration has been improved. The competitive advantage of leading enterprises in the market is expanding rapidly, and the living space of the normal enterprises has been greatly compressed,” Gao added.
Gao believes that, at present, China’s power battery recycling field is gradually forming a joint recycling mode involving vehicle manufacturers, battery manufacturers and third-party recycling enterprises. The new energy vehicle enterprises bear the main responsibility of power battery recycling. Professional third-party recycling enterprises have gradually established relationships with battery and vehicle manufacturers.
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Huayou Recycling Technology was established on March 22, 2017. On May 25, 2022, BMW, a German multinational manufacturer of luxury vehicles, announced that it would join hands with Huayou Recycling Technology to create an innovative cooperation mode of recycling and utilization of power battery materials in the field of new energy vehicles. Since as early as 2020, BMW has worked with Huayou to develop a method to reuse old power batteries on forklifts.