3 Minute Read

(Battery Lifespan and Replacement Costs)

The average EV battery lasts 10-15 years, with replacement costs ranging from $5,000 to $20,000 (Bloomberg New Energy Finance).

(Further Insights)

By 2030, the global EV battery market is projected to reach $100 billion, driving demand for raw materials and raising prices (McKinsey & Company).

(Resource Demands)

Each EV battery requires approximately 8-10 kg of lithium and 13-15 kg of cobalt (International Energy Agency).

(Further Insights)

Current lithium production is around 86,000 metric tons per year, but to meet the projected demand of 12 million EVs annually by 2030, production needs to triple (U.S. Geological Survey).

(Environmental Impact of Resource Extraction)

It takes about 500,000 gallons of water to mine one ton of lithium in places like Chile, contributing to significant water scarcity (Nature Sustainability).

(Further Insights)

Cobalt mining in the Democratic Republic of the Congo (DRC) accounts for 70% of the world’s supply, with about 50% of its mines operating under unethical conditions (Amnesty International).

(Charging Availability)

More than 80% of U.S. rural areas have fewer than 10 public charging stations per 100 miles, compared to urban areas, which often exceed 100 stations per 100 miles (U.S. Department of Energy).

(Further Insights)

As of 2023, there are about 135,000 public charging outlets in the U.S., but an estimated 1.2 million will be needed by 2030 to support projected EV adoption (International Council on Clean Transportation).

(Grid Strain and Energy Consumption)

In California, up to 60% of EV charging occurs during peak hours, raising concerns about grid reliability. Studies predict that by 2035, EV adoption could increase energy demand by 25%, risking rolling blackouts (California Energy Commission).

(Further Insights)

It’s estimated that charging all EVs in the U.S. would require the equivalent output of an additional 200 natural gas power plants (National Renewable Energy Laboratory).

(Charging Time and Convenience)

Fast chargers can recharge 80% of a battery in approximately 30 minutes, but home charging on a standard 120V outlet can take up to 20-30 hours for a full charge (U.S. Department of Energy).

(Further Insights)

Only 20% of EV owners in the U.S. currently have access to a home charging station, limiting convenience (Pew Research Center).

(Battery Recycling Rate)

Globally, less than 5% of lithium-ion batteries are recycled. With over 200 million EVs expected on the road by 2030, this presents a significant waste management challenge (Circular Energy Storage).

(Further Insights)

By 2040, it’s estimated that the cumulative volume of lithium-ion batteries reaching end-of-life will be 11 million tons (BNEF).

(Recycling Costs and Economic Viability)

The cost to recycle an EV battery can be as high as $1,000. Currently, less than 50% of materials can be effectively recovered, making recycling economically unviable (World Economic Forum).

(Further Insights)

A recent study showed that the average recovery rate of lithium from recycled batteries is only 40%, highlighting inefficiencies in current processes (Journal of Power Sources).

(Toxic Waste Concerns)

Improper disposal of EV batteries can lead to leaks of toxic materials like lead and acid, with potential contamination affecting 1.5 million people living near battery disposal sites (Environmental Protection Agency).

(Further Insights)

The projected 1.5 billion EV batteries by 2040 pose significant environmental hazards if recycling systems are not improved (Global Battery Alliance).

InHouse America supports small businesses in the EV industry by addressing challenges like hidden battery costs, resource demands, and infrastructure gaps. As the EV market grows.

(Further Insights)

InHouse America aims to promote sustainable practices and help local companies overcome economic and environmental obstacles, ensuring the transition benefits both businesses and consumers.

InHouse America doesn't endorse anyone but focuses on creating awareness of the importance of supporting small businesses and which administration is best for doing so!