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India's Battery Demand to Skyrocket by 2040s
5 Feb
Summary
- India's battery demand projected to exceed 700 GWh by mid-2040s.
- EVs will account for approximately 77% of battery demand by 2047.
- India aims for domestic battery manufacturing and a complete ecosystem.
India's demand for Advanced Chemistry Cell (ACC) batteries is poised for dramatic expansion, with projections indicating a rise from 28 GWh in 2025 to over 700 GWh by the mid-2040s. This significant growth is crucial for India's electric mobility transition and achieving its climate commitments under the Viksit Bharat Vision 2047.
By 2047, total battery demand could range between 1.3 TWh and 1.9 TWh. Electric vehicles are forecast to constitute approximately 74-77% of this demand by 2047, fueled by a market expected to grow at a CAGR exceeding 30% through 2035. Stationary energy storage will also accelerate post-2030.
The report, released at the India Battery Manufacturing and Supply Chain Summit 2026 in Hyderabad, emphasizes the need for a comprehensive domestic ecosystem. This includes developing capabilities in raw materials, component manufacturing, and battery recycling to support the Viksit Bharat vision.
Lithium Iron Phosphate (LFP) and its variants are expected to dominate, accounting for over 60% of battery demand by 2047 due to their cost-effectiveness, thermal stability, and safety benefits. The event also underscored the global interest in India's burgeoning battery sector.
