Opportunity in India Sodium-ion Battery Market

Opportunity in India Sodium-ion Battery Market

Executive Summary

India Sodium-ion Market Growth Prospects
In India, Sodium-ion battery market has a great potential to grow owing to limited reserves of li-ion batteries. Sodium-ion batteries have recently achieved commercialization and the market is likely to increase at a rapid pace. Due to lack of reserves and production capacity, India currently imports 100% of Li-ion batteries. However, the government has recently announced plans to make India self-sufficient and has initiated several schemes to attract investment from players in the Li-ion battery pack manufacturing industry.
Indian government has established a target of 225 GW of renewable energy by 2022, though given the current situation, in which the pandemic has impacted the market and GDP has seen its worst performance, this objective is anticipated to be met by 2024. With rising demand for gadgets and electric vehicles, India's Li-ion battery imports have increased sixfold in the last six years. So far li-ion batteries are irreplaceable but there is strong need to look for alternatives as the reserves are limited for li-ion raw materials wherein China holds dominance. Therefore, the cost of production of EV and electronics is high for India and to cope with the situation companies have started looking towards effectiveness of sodium-ion batteries.

Increasing Automobile and Electric Vehicle Demand
In FY20, two-wheelers and passenger cars accounted for 80.8% and 12.9% of the market share, respectively. On the other hand, In India, electric vehicle sales have jumped to 168% in 2021. Maharashtra recorded the highest demand for 4W electric vehicles in 2021, followed by Delhi, Telangana and UP. In December 2021 alone for the first-time electric vehicle registration exceeded more than 45 thousand marks with 228% growth. With intensifying demand for EV in the country, demand for Li-ion batteries is also rising that creates opportunity for the sodium-ion battery market. Even though its effectiveness is expected to be low as compared to Li-ion batteries but it may surpass li-ion demand in future due to availability of raw materials and low cost of production.

Economic Performance
After a deep contraction of GDP in 2020, the India’s GDP is expected to witness a positive growth in 2021. In 2021, GDP per capita rose back to USD 2,120 and is further expected to increase in 2022. inflation rate in the country, based on the Consumer Price Index (CPI), was up from 5.66% in December 2021 to 6.01% in January 2022. Moreover, With the Russian-Ukraine conflict, India witnesses a widening trade deficit, a weaker exchange rate, and higher inflation with crude prices facing record highs.

Scope of the Study
Makreo Research and Consulting has conducted a study on Future scope of development for Sodium-ion batteries in India that has been discussed in report titled Opportunities in 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.

Leading Players in The Global Sodium-ion Battery Market
Faradion
Natron Energy
HiNa Battery Technology
Tiamat
CATL

The report helps reader to gain information on following areas:
How Indian economy has performed in past and what is the present scenario?
What are the key initiatives taken by the government which is intensifying demand for battery in India?
What is the role of Li-ion batteries in India?
How Li-ion battery market is performing in India?
What are the challenges present in Li-ion production and what are the measure taken to deal with?
How sodium-ion battery market is expected to perform in India?
Who are the international players in sodium-ion battery market?Executive Summary

Scope of the Study
The following synopsis is based on the report