Battery Boost

The EV battery space is a big opportunity for manufacturers as it is at the core of the energy ecosystem transition

- PRERNA LIDHOO

 

THE FUTURE OF electric mobility is bright in India, says a recent report by the India Energy Storage Alliance (IESA). The country's EV market is expected to grow at a CAGR of 49 per cent by 2030 and may even cross annual sales of 17 million units, it says. What this also points to is that over the next few years, the EV battery manufacturing and recycling space should see immense growth. While the space is still nascent, a report by the NITI Aayog and Rocky Mountain Institute says India's EV battery market could surpass $15 billion by 2030, while market research firm IMARC expects the space to grow at a CAGR of 27.12 per cent in 2022-2027.