Dublin, March 11, 2024 (GLOBE NEWSWIRE) -- The "Lithium-Ion Battery Market in India, 2024" report has been added to ResearchAndMarkets.com's offering.
The lithium-Ion battery market is expected to reach INR 1.77 trillion by 2028, expanding at a CAGR of ~20.09% during 2023 - 2028
The surge in demand for Lithium-ion batteries in India is attributed to their widespread usage in various industrial domains such as telecommunications, healthcare, and uninterruptible power supply (UPS) systems.
The rapid increase in the adoption of electric vehicles (EVs) in India is expected, driven by the nation's escalating demand for clean energy. The government aims to achieve a 30% electric vehicle adoption target by 2030, primarily focusing on electrifying two-wheelers, three-wheelers, and commercial vehicles. India has launched the Li-Rack battery, representing a significant advancement in battery technology.
India can lead global urban mining efforts as other nations showcase their ability to recycle lithium-ion batteries in zero-effluent facilities, recovering over 90% of valuable metals. By 2030, recycling is expected to contribute 80 gigawatts of capacity, meeting a significant portion of the world's lithium needs. India aims to achieve its electric vehicle (EV) goals by promoting the domestic production of lithium-ion batteries, supported by the National Mission on Transformative Mobility. NITI Aayog's plan to invest INR 400 billion in mega factories by 2030 is expected to reduce dependency on imports and enhance domestic production of Li-ion batteries.
Market Influencer:
Drivers
Lithium batteries, with the capability for opportunity charging, allow forklifts to operate for multiple shifts without frequent replacements, reducing labour and equipment costs. Ongoing advancements in lithium-ion technology, characterized by faster charging times and extended runtimes, are expected to further decrease operating expenses, facilitating quicker and more substantial returns on investment for businesses.
The environmentally friendly nature of electric bikes, marked by zero emissions and noise, is driving market growth in response to increasing demand for sustainable transportation. Despite India's reliance on imports for over 70% of its lithium-ion cell needs, domestic and multinational efforts, including the construction of a giga-factory in Hyderabad and participation in government incentives, are actively addressing the growing demand for lithium-ion batteries in the country.
Challenges
Despite the government's efforts to expand electric vehicle charging infrastructure in India, the actual implementation has been limited, with only 50 out of the sanctioned 2,877 charging stations installed as of July 01, 2022. The challenge is exacerbated in semi-urban and rural areas, where power generation capacity is insufficient, hindering the growth of electric two-wheelers and posing a significant obstacle to their widespread adoption.
India, lacking domestic lithium production and control over the commodity, must prioritize the development of lithium-ion battery technology for electric vehicles, as the demand for Li-ion battery capacity is projected to grow from 3 GWh to 70 GWh by 2030. To meet this demand and establish local manufacturing capabilities, investments exceeding $10 billion in cell manufacturing capacity and raw material refining are deemed essential by 2030.
Key Topics Covered:
Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
3.2. Overview of Li-ion battery packs assembly process
3.3. Cost structure of electric vehicle battery cell production
Chapter 4: Market Overview
4.1. Lithium-ion battery market size and growth forecast (2020 - 2028e) - based on value
4.2. Existing capacities of key Lithium-ion battery pack manufacturers as of 2022
4.3. Investments in the Indian battery manufacturing space (Nickel Manganese Cobalt 622) as of 2022
4.4. Lithium reverse in India VS World
4.5. Lithium demand in India across categories 2022
Chapter 5: Market Influencers
5.1. Key growth drivers of the sector
5.2. Key factors deterring the growth of the sector
Chapter 6: Market Trends
6.1. Key market trends' analysis
Chapter 7: Government Initiatives
7.1. Government initiatives
Chapter 8: Trade Analysis
8.1. Value- and volume-based data
8.2. Country-wise segmentation
Chapter 9: Competitive landscape
9.1. Amara Raja Energy & Mobility Limited
- Company information
- Business description
- Products/services
- Key people
- Financial snapshot
- Key ratios
- Key financial performance indicators
- Key business segments
- Key geographical segments
9.2. Exide Industries Limited
9.3. HBL Power Systems Limited
9.4. Amperex Technology Limited
9.5. Evolute Systems Private Limited
9.6. Future Hi-tech Batteries Limited
9.7. Li Energy Private Limited
9.8. Luminous Power Technologies Private Limited
9.9. Okaya Power Private Limited
9.10. TDS Lithium-Ion Battery Gujarat Private Limited
Chapter 10: Recent developments
For more information about this report visit https://www.researchandmarkets.com/r/n7pxxy
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