The Indian EV market is projected to surge from $34.8 billion in 2024 to $120 billion by 2030, with batteries fuelling advancements in EVs and renewable energy storage, said industry experts.

“India’s economic growth and focus on clean energy are driving a surge in battery demand,” Informa Markets in India, MD Yogesh Mudras said during a media roundtable.

“Government initiatives such as relaxed FDI norms and the establishment of Khanij Bidesh India [a joint venture between three PSUs to ensure mineral security of the nation] to secure critical minerals, are reducing reliance on imports and strengthening the country’s position in the global market,” he said.

The speakers also said Tamil Nadu had emerged as India’s leading automobile manufacturing hub, contributing to 40% of the nation’s EV production last year.

Of the one million EVs sold across India, more than 4,00,000 were produced in Tamil Nadu, accounting for an impressive 68% of all EV two-wheelers sold. The State secured investments exceeding ₹6.6 lakh crore, with a substantial portion allocated to advancing EV development and infrastructure.

They also announced the second edition of upcoming Battery Show India to be held alongside the 17th edition of Renewable Energy India Expo for three days at Greater Noida from October 3. It is being organised by Informa Markets in India.

It will showcase cutting-edge products and the latest advancements in battery technology that provides a platform for industry leaders to discover innovative solutions.

The expo will feature over 250 brands, 75 speakers, and attract more than 15,000 visitors from diverse sectors such as battery manufacturing, components and suppliers, testing and measurement, energy storage, and software.

Notable exhibitors include Parker Lord, Saint Gobain, Thermofisher and Dow Chemicals among others.

The theme for the exposition will be 2024 Net Zero Strategies, Synergies, and Sustainable Growth.