Lithium-ion battery demand in India to grow to 127 gigawatt hour by FY30
lithium-ion battery demand in India is set to grow exponentially to 54 gigawatt hours (GWh) by FY27 and 127 GWh by FY30, as the country sets an ambitious target to meet 50% of its primary energy requirement from renewable energy by 2030.
Currently, domestic lithium-ion battery storage demand of 15 GWh is being almost entirely met through imports of lithium-ion cells and batteries.
India imports almost its entire requirement of Li-ion batteries. However, CareEdge Ratings expects India's import dependency to decline to 20 per cent by FY27, despite significant growth in demand due to large-scale integrated capacities being built for Li-ion battery storage.
The substantial growth in demand is primarily driven by expected increase in EV penetration and decarbonisation of electricity grids, supported by ambitious government targets and policies/incentives from both central as well as state governments, the report mentioned.
The government has taken initiatives on several demand-side measures, such as Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, Viability Gap Funding (VGF) scheme for Battery Energy Storage System (BESS), helping to bring down cost of EV and BESS, thereby stimulating demand.
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