According to the UnivDatos, the development of advanced technologies would massively transform the scenario of lithium-ion battery and as per their “Lithium-ion Battery Market” report, the India market was valued at USD 1067.80 million in 2021, growing at a CAGR of 18.5% during the forecast period from 2022 - 2030 to reach USD 4,802.67 million by 2030

The rise in government initiatives in developing countries, such as India, is a significant driver for the lithium-ion battery market. Governments in these countries are investing heavily in renewable energy infrastructure, which is expected to increase the demand for lithium-ion batteries to store and manage this energy. The Indian government has set ambitious targets for renewable energy deployment, and it is taking various steps to achieve these targets. There are some government initiatives such as:-

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·       The government has announced plans to install 175 GW of renewable energy capacity by 2022 and has launched various schemes and incentives to promote the adoption of renewable energy.

·       FAME II intends to support 7,090 e-Buses, 5 lakh e-3 Wheelers, 55,000 e-4 Wheeler Passenger Cars (including Strong Hybrid) and 10 lakh e-2 Wheelers.

·       Tax exemption of up to Rs.1,50,000 (USD 1,960) under section 80EEB of income tax while purchasing an EV (2W or 4W) on loan.

Product launch and future targets of the key companies:- Several key players and governments are rapidly investing on lithium-ion battery projects:-

·       Kia plans to manufacture small SUV EVs in India for global markets in 2025.

·       Maruti Suzuki plans to launch its first EV model in India by 2025.

·       Mahindra and Mahindra targets to launch 16 EV models across its SUV and LCV categories by 2027.

·       MG Motors India has partnered with Bharath Petroleum for expanding the EV charging infrastructure.

·       Hopcharge, a Gurgaon- based start-up has created the world’s first on-demand doorstep fast charge service.

·       Tata Motors bags an order worth USD 678 million (Rs 5,000 crore) order from the government for electric buses; it plans to launch 10 more EVs in India.

·       Hyundai launched IONIQ 5 EV in India by the second half of 2022.

With the increasing focus on energy sources, such as solar and wind power, the need for energy storage solutions has risen. Lithium-ion batteries provide an efficient and scalable energy storage option for storing excess energy generated by renewable sources. These batteries enable the integration of renewable energy into the grid, facilitate peak shaving, and enhance grid stability. The Indian government's initiatives and policies promoting renewable energy adoption are expected to drive the demand for lithium-ion batteries in the energy storage segment.

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Conclusion:

The Indian lithium-ion battery market is expected to grow significantly during the forecast due to increasing demand for electric vehicles (EVs) and renewable energy sources. The Indian government's push for EV adoption and the introduction of favorable policies and incentives for EV manufacturers and battery manufacturers are also driving market growth. For instance, by 2030, the Indian government intends to have a fleet that is 30 percent electric. In addition, the goods and services tax (GST) on EVs was reduced from 12 percent to 5 percent in July 2019 and income tax exemptions for potential EV buyers were announced by the Indian government. Moreover, the increasing demand for energy storage solutions for grid-connected renewable energy systems is also expected to boost the market for lithium-ion batteries in India.  Contact UnivDatos, a rapidly growing dynamic market research firm led by a core of dedicated professionals for further information.

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