India Sodium-ion Battery Market – An Early Mover Advantage: Makreo Research


Posted November 28, 2022 by MK2022

Sodium-ion cells work similar to Li-ion cells but would be cheaper by at least 20% as compared to LFP, given their lithium-free nature.

 
In India, the increasing population and growing urbanization is driving demand for portable segment which includes laptops, cameras and other digital devices. India, as the world's second-most populous country, can benefit from an increase in demand for digital devices as well as an increase in lithium-ion battery demand. Many players have recently joined the EV production field in various categories such as two-wheelers, three-wheelers/E-Rickshaws, personal automobiles, and other public transportation such as buses.

The Global Lithium-ion battery is expected to grow at a CAGR of 14.39%, during the year 2020-24, owing to falling battery prices year on year and increased demand for emission-free electric vehicles. Countries with their own lithium mines dominate the market, with China taking the lead. Australia has larger reserves, but capacity utilization is weak.

Moreover, even though India has lack of reserves of raw materials such as lithium and cobalt, the country is trying to develop domestic manufacturing facilities to meet the future demand and reduce the cost of production of EVs. Because of limited reserves and the high cost of manufacturing Li-ion batteries, there is a need for an alternative, which is why Sodium-ion is gaining popularity. Sodium-ion is not as effective as Li-ion at this stage of development, but it is expected that as production advances, this segment will gain acceptance in the Electronics and Electricals segment, as well as electric vehicles.

Government Implication
The Indian government has made a number of steps to promote and expand research and innovation in the domestic EV ecosystem. Which include the INR 10,000 crore revised Faster Adoption and Manufacturing of Electric Vehicles (FAME II) plan to stimulate demand and the INR 18,100 crore production-linked incentive (PLI) scheme for Advanced Chemistry Cell (ACC) to assist supply. It also includes the INR 25,938 crore PLI plan for Auto and Automotive Components, which was recently established for EV makers in India.

Further Key Findings
Push in Public Transportation: To boost the use of electric vehicles in India, the Indian government has announced the deployment of 10,000 electric buses and 50,000 electric rickshaws over the next several years, however the target year was not specified. This programme is likely to increase demand for electric private and commercial cars, resulting in increased usage of lithium-ion batteries.

High Lithium-ion Cell Imports: With India's booming cumulative demand for batteries, there is increasing issue about the country's lack of a battery manufacturing base, forcing it to rely primarily on imports. Despite the low penetration of electric vehicles and battery storage in the power sector, India imported lithium-ion cells worth over USD 1 billion in 2021.

India to become Future Export Hub for Batteries: India has the potential to contribute to global battery manufacturing facilities, but it will need raw materials for the production of Li-ion batteries to do so. This need in India is met by imports from other countries, raising the country's production costs. This emphasises the need for more long-lasting low-case batteries, which opens up opportunities for sodium-ion battery development.

Surging Target to Meet Domestic Demand: Battery manufacturing has become a big bet for global manufacturers who are rapidly moving from Gigafactories to terafactories. According to a Niti Aayog report, under the accelerated scenario, India is expected to meet domestic battery demand with two Gigafactories with annual production capacity of 10 GWh in 2022.

Makreo Research and Consulting conducted research on the future scope of development for Sodium-ion batteries in India, which was published in the report "Opportunities in the India Sodium-ion Batteries Market." The report delves deeply into various parameters such as global demand of sodium-ion batteries, Electric vehicle demand in India, electrical and electronics market expansion in India, present state of India sodium-ion battery market. The study includes market dynamics that provide an understanding of industry opportunities, driving forces, major challenges impeding growth, and an analysis of future opportunities that may help market players capitalise on untapped business potential in the specific geography.

Key Questions Answered
• How Indian government is approaching electronification of Private and commercial vehicles?
• How electric vehicle demand is shaping up in India and what are the key challenges?
• What is the role of Li-ion batteries in government mission of clean energy by 2030?
• How Indian economy is performing and what are th measure taken by government to make Indian self-sufficient?
• What is the current situation of Electric vehicle production in India?
• Study the current and future demand of Li-ion batteries and challenges to meet the demand.
• Sodium-ion batteries demand outlook and what is the importance in Indian market?
• How sodium-ion batteries are performing in global market and what is the expected future growth?
• Who are the key international players in the segment?
• What are the opportunities in Indian market for Sodium-ion batteries?

To know more about Makreo or to access the detailed study, please refer to the link below:
https://www.makreo.com/report/opportunity-in-india-sodium-ion-battery-market


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Issued By Makreo Research and Consulting
Phone 9619699069
Business Address 801, Trishul Goldmine, Palm Beach Rd
Sector 15, CBD Belapur, Navi Mumbai, Maharashtra 400614
Country India
Categories Mobile , Research , Technology
Tags india sodiumion battery market , india sodiumion battery market research , india sodiumion battery market report , india sodiumion battery market analysis , sodiumion battery market size in india , india sodiumion battery sector research , sodiumion battery market stats in india , asia sodiumion battery market
Last Updated November 28, 2022