In India, the increasing number of population and growing urbanization is driving demand for portable segment which includes laptops, cameras and other digital devices. India being the second largest populated country can leverage the push in demand for digital devices and so as further push in lithium-ion battery demand. Many players have recently joined the EV production field in various categories such as two-wheelers, three-wheelers/E-Rickshaws, personal automobiles, and other public transportation such as buses.
The Global Lithium-ion battery is expected to grow at a CAGR of 14.39%, during the year 2020-24, owing to falling battery prices year on year and increased demand for emission-free electric vehicles. Countries with their own lithium mines dominate the market, with China taking the lead. Australia has larger reserves, but capacity utilization is weak.
Moreover, even though India has lack of reserves of raw materials such as lithium and cobalt, the country is trying to develop domestic manufacturing facilities to meet the future demand and reduce the cost of production of EVs. Owing to limited reserves and high cost of production of Li-ion batteries there is a need to look for an alternative therefore Sodium-ion is gaining popularity. Considering the early stage of development, Sodium-ion is not as effective as Li-ion but it is expected that with more advancements in production this segment will gain acceptance in the Electronics and Electricals segment along with Electric vehicles.
Government Implication
The Indian government has made a number of steps to promote and expand research and innovation in the domestic EV ecosystem. Which include the INR 10,000 crore revised Faster Adoption and Manufacturing of Electric Vehicles (FAME II) plan to stimulate demand and the INR 18,100 crore production-linked incentive (PLI) scheme for Advanced Chemistry Cell (ACC) to assist supply. It also includes the INR 25,938 crore PLI plan for Auto and Automotive Components, which was recently established for EV makers in India.
Further Key Findings
§ Push in Public Transportation: To boost the use of electric vehicles in India, the Indian government has announced the deployment of 10,000 electric buses and 50,000 electric rickshaws over the next several years, however the target year was not specified. This programme is likely to increase demand for electric private and commercial cars, resulting in increased usage of lithium-ion batteries.
§ High Lithium-ion Cell Imports: With India's booming cumulative demand for batteries, there is increasing issue about the country's lack of a battery manufacturing base, forcing it to rely primarily on imports. Despite the low penetration of electric vehicles and battery storage in the power sector, India imported lithium-ion cells worth over USD 1 billion in 2021.
§ India to become Future Export Hub for Batteries: India has the potential to contribute to global battery manufacturing facilities, but it will need raw materials for the production of Li-ion batteries to do so. This need in India is met by imports from other countries, raising the country's production costs. This emphasises the need for more long-lasting low-case batteries, which opens up opportunities for sodium-ion battery development.
§ Surging Target to Meet Domestic Demand: Battery manufacturing has become a big bet for global manufacturers who are rapidly moving from Gigafactories to terafactories. As per a report by Niti Aayog, under the accelerated scenario, India is expected to meet its domestic battery demand with 2 Gigafactories with 10GWh nameplate capacity of annual production in 2022.
Makreo Research and Consulting has conducted a study on Future scope of development for Sodium-ion batteries in India that has been discussed in report titled "Opportunities in India Sodium-ion Batteries Market". The report delves deeply into various parameters such as global demand of sodium-ion batteries, Electric vehicle demand in India, electrical and electronics market expansion in India, present state of India sodium-ion battery market. The study includes market dynamics that provide an understanding of industry opportunities, driving forces, major challenges impeding growth, and an analysis of future opportunities that may help market players capitalise on untapped business potential in the specific geography.
Key Questions Answered
To know more about Makreo or to access the detailed study, please refer to the link below:
https://www.makreo.com/report/opportunity-in-india-sodium-ion-battery-market
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Call at +91-9619699069
| Company Name | Contact Person | Contact Number | Email Id | Website | Address |
|---|---|---|---|---|---|
| Makreo Research and Consulting | 09619699069 | ankit.suri@makreo.com | https://www.makreo.com/index |
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