India Lithium-Ion Battery Market Report 2023-2024 and 2028 - Hyderabad Giga-Factory Signals India's Determination to Meet Lithium-Ion Demand [Yahoo! Finance]
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Source: Yahoo! Finance
The lithium-Ion battery market is expected to reach INR 1.77 trillion by 2028, expanding at a CAGR of ~20.09% during 2023 - 2028 The surge in demand for Lithium-ion batteries in India is attributed to their widespread usage in various industrial domains such as telecommunications, healthcare, and uninterruptible power supply (UPS) systems. The rapid increase in the adoption of electric vehicles (EVs) in India is expected, driven by the nation's escalating demand for clean energy. The government aims to achieve a 30% electric vehicle adoption target by 2030, primarily focusing on electrifying two-wheelers, three-wheelers, and commercial vehicles. India has launched the Li-Rack battery, representing a significant advancement in battery technology. India can lead global urban mining efforts as other nations showcase their ability to recycle lithium-ion batteries in zero-effluent facilities, recovering over 90% of valuable metals. By 2030, recycling is expected to contribute 80 gig
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