This study investigates the economic feasibility of recovering essential materials from electric vehicle batteries (EVBs) that are nearing the end of their useful lives to facilitate the development of new batteries. Research in EVB recycling has taken on importance due to its rapid sales in recent years, but its impact on virgin raw materials needs to be explored further. After exploring this area, an integrated circular economy (CE) model is developed to help the EVB recycling industry move towards sustainability, thereby minimizing its reliance on virgin raw materials. A comprehensive literature review and expert consultation assisted this study in creating the CE model by ensuring the addition of all crucial factors. The relationship between the recycling efficiency, reverse logistics, and market dynamics of raw material prices was studied with the assistance of a System Dynamics (SD) framework. The findings indicate that when the End-of-Life (EoL) EVBs are recycled, it reduces the consumption rate of the virgin raw materials based on the number of materials recycled, thereby becoming a sustainable EVB supply chain. The proposed EVB CE model ensures that EoL EVBs are recycled, which makes sure the critical materials remain inside the supply chain. This study may also assist policymakers in protecting the natural resources from being depleted through mining for manufacturing activities while simultaneously increasing the profit for the manufacturer. Technical, economic, and regulatory perspectives are combined in this study to form a robust framework to advance sustainable practices in the EV battery lifecycle.
Mathiyalagan et al. (Mon,) studied this question.