Battery Recycling: Turning Waste Into Opportunity In The EV Sector

India's journey toward electric mobility has been marked by significant advancements in technology, government initiatives, and growing consumer interest, writes Pratik Kamdar, CEO & Co-Founder - Neuron Energy.

- Pratik Kamdar

Over the years, the country has taken strides in reducing its reliance on fossil fuels by promoting EV adoption through various policies and incentives. As more EVs enter the market, the demand for lithium-ion batteries continues to surge. However, with this progress comes the responsibility of managing end-of-life batteries efficiently. A robust battery recycling ecosystem can help mitigate environmental risks, recover valuable materials, and support India's long-term vision for sustainable transportation.

The Growing EV Market and the Need for Battery Recycling

India's Electric Vehicle (EV) market has experienced significant growth in recent years and is poised for further expansion. Projections indicate a 28.52 per cent CAGR, with the market increasing from USD 5.22 billion in 2024 to USD 18.319 billion by 2029. According to Fortune Business Insights, the Indian EV sector is expected to surge from USD 3.21 billion in 2022 to USD 113.99 billion by 2029, reflecting an impressive 66.52 per cent CAGR.

This rapid growth is primarily fueled by government initiatives, including the Production Linked Incentive (PLI) Scheme, Faster Adoption and Manufacturing of Electric Vehicles (FAME I & II), and the PM E-Drive scheme. These programs aim to accelerate EV adoption by providing financial incentives to manufacturers and consumers, encouraging local production, and strengthening EV infrastructure.