"India Is Well Positioned To Become Third Largest EV Market In Next 4 Years"
Varun Goenka, Co-founder, Chargeup believes that the Lithium reserves found in Jammu&Kashmir and now in Rajasthan, with this, India seems charged up in order to fulfilling domestic requirements
The India lithium-ion battery market was valued at USD 1.66 billion in 2020, and it is expected to reach USD 4.85 billion by 2027, registering a CAGR of 17.23% during the forecast period of 2022-2027, according to Mordor Intelligence report.
The COVID-19 restrictions had a negative impact on, raw materials, such as lead, which witnessed a significant demand drop in 2020, thus, adversely affecting lithium-ion battery manufacturers in India.
Continuing with the same pace in EV segment, ChargeUp's Goenka asserts, "India Is Well Positioned To Become Third Largest EV Market In Next 4 Years"
As per the International Trade Centre, lithium-ion accumulators' import value decreased to USD 1.05 billion in 2020 from USD 1.29 billion in 2019. Factors such as the decline in lithium-ion battery prices along with the emergence of new and exciting markets, i.e., electric vehicle and energy storage systems (ESS), for both commercial and residential applications are expected to be the major drivers for the lithium-ion battery market in India.
However, the lack of prominent raw material reserves required for the manufacturing of lithium-ion batteries is expected to pose a challenge for local production and the market for lithium-ion batteries in the country.
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