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In order to control the electric vehicles battery costs indian government encouraging lithium ion battery manufacturers in india.
India is the fifth largest car market in the world by the end of 2030 an estimated 600 million vehicles will be on indian roads ev battery industry to play a key role in this e mobility transformation.
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Average lithium ion li ion battery cell cost will fall below 100 kwh in the next three years while improved cheaper technologies and economies of scale will drive it down to 73 kwh by the end of 2030 according to a recent analysis by ihs markit.
To make india s lithium ion battery manufacturing plans successful the government is expected to provide ample incentives to manufacturers such as concession based financing schemes with 3 per cent foreign exchange protection on loans overseas and a 3 per cent interest subvention on loans granted in rupees.
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The market for lithium ion battery in india is expected to grow at a cagr of 34 8 during the forecast period of 2019 2024.