India's battery sector is charging ahead in 2024, driven by the government's ambitious electrification and decarbonization goals, growing demand for electric vehicles, and increasing adoption of renewable energy.
The growing use of batteries due to the increasing adoption of electric vehicles is offering a positive market outlook. People are adopting EVs due to rapid urbanization and the need for personal vehicle for commuting purposes, which is influencing the India battery market share.
Key Market Trends: The market demand is rising because of numerous primary trends, which include the rising adoption of EVs and advancements in battery technology. Competitive Landscape: Some of the major India battery companies are also provided in the report.
Yet, India faces other challenges such as limited resources of lithium, nickel, and cobalt. To incorporate India into the global battery supply chain, India and the international community should collaborate on trade, investment and financing, and research. 1. INTRODUCTION The global automotive industry is experiencing a major transformation.
To ensure a steady supply of raw materials for Lithium-ion battery production in the country, India will be obtaining lithium and cobalt in countries like Australia, Argentina, Bolivia, and Chile. A joint venture company, Khanij Bidesh India (KABIL) Ltd., has been created by the Ministry of Mines.
However, India’s high production potential in battery packs for two-wheeled and three-wheeled vehicles is supported by the Indian central government’s Electric Mobility Promotion Scheme 2024, which offers purchase subsidies for two-wheeled and three-wheeled electric vehicles with traction battery packs assembled in India.
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Battery industry in India
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