NEW DELHI: India's lithium-ion battery (LiB) demand is expected to reach 115 gigawatt-hours (GWh) by 2030, driven primarily by electric vehicles (EVs), stationary storage, and consumer electronics.
According to a study by Accenture, commissioned by the India Cellular and Electronics Association (ICEA), the LiB demand in the EV sector will rise at a compound annual growth rate (CAGR) of 48%, followed by stationary storage at 14% and consumer electronics at 3% between 2025 and 2030.
India's increasing demand for LiBs is expected to be supported by domestic cell manufacturing, driven by ambitious plans from cell manufacturers. Domestic cell manufacturing capacity is anticipated to reach approximately 220 GWh by 2030, thanks to the production-linked incentive (PLI) scheme for Advanced Chemistry Cell (ACC) Battery Storage.
Companies like Rajesh Exports, Ola Electric Mobility, and Reliance New Energy Solar have already received PLI incentives for establishing a cumulative capacity of 40 GWh.
However, this capacity will require an estimated USD 5-11 billion worth of key battery-active materials, including lithium, cobalt, nickel, and manganese, which are predominantly imported due to a lack of domestic reserves. Consequently, recycling LiBs could provide a reliable domestic source of supply, the study suggests.