Cost Benefit Analysis of Reusing Electric Vehicles Batteries: A Circular Economy Perspective

Abstract

The feasibility of reusing electric vehicle (EV) batteries from a circular economy (CE) perspective is examined in this research study. As the adoption of EVs continues to grow, the question of what happens to their batteries once they reach the end of their useful life becomes increasingly important. This study explores the potential for reusing EV batteries, considering economic, environmental, and social factors. The research investigates the economic viability of reusing EV batteries by analyzing the costs and benefits associated with the reuse process. It considers factors such as the initial investment required for refurbishment, the market demand for used batteries, and the potential revenue streams from their reuse in various applications. Additionally, a sensitivity analysis is performed to identify critical variables that can affect the economic feasibility of battery reuse. From an environmental perspective, the study examines the impact of reusing EV batteries on resource conservation, energy consumption, and carbon emissions. It evaluates the potential reduction in greenhouse gas emissions and the conservation of valuable materials that can be achieved through battery reuse. The study also addresses the challenges and opportunities of managing end-of-life (EOL) batteries within a CE framework. Furthermore, the social implications of reusing EV batteries are analyzed, considering factors such as job creation, community engagement, and public perception. The study investigates the social acceptance of reused batteries and potential concerns related to safety and reliability. It explores the role of policymakers in facilitating the transition to a CE for EV batteries and identifies strategies to address societal barriers. This research provides insights into the feasibility of reusing EV batteries from a CE perspective. It highlights the potential economic, environmental, and social benefits of battery reuse and identifies key challenges that need to be addressed. The findings of this study can inform decision-makers, industry stakeholders, and policymakers in developing strategies to maximize the value and sustainability of EV batteries throughout their lifecycle.