image credit: Freepik
The battery cell supply chain is primarily led by Asian players: China accounting for 57%, with South Korea at 25% and Japan at 7% following.
In the coming years, there will be a growing need to recycle tons of end-of-life xEV battery packs.
The total annual demand for lithium-ion battery packs used in PHEVs and BEVs is projected to experience substantial growth, surging from approximately 430 GWh in 2022 to roughly 1,500 GWh by 2028, says Yole.ev
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