India’s lead batteries market value to leap from $5bn to $8bn in 2023

India’s lead batteries market value to leap from $5bn to $8bn in 2023

India’s lead batteries market value to leap from $5bn to $8bn in 2023 1024 768 Batteries International

December 8, 2022: The value of the lead batteries market in India stands at around $5 billion — representing 10% of the global market — and is set to reach nearly $8 billion in 2023, the executive director of lead recycler Gravita India, Vijay Pareekh, said on December 6.

Pareekh told the International Conference on Lead & Lead Batteries in New Delhi that in addition to batteries, sectors expected to continue driving the growth of lead usage included cars, telecoms, renewable energy, e-bikes, e-tricycles and backup power systems for businesses.

India is the world’s fourth largest auto market but is set to take third place this year, Pareekh said.

The country’s EV market size, valued at $220 million in 2020, is expected to expand at a compound annual growth rate (CAGR) of more than 94% from 2021 up to 2030.

Total lead demand in India has increased at a CAGR of about 4% over the past five years and should reach 1.6 million tonnes by fiscal 2025.

Secondary lead should represent the major share of that growth, while primary lead is set to remain at about the same level of around 0.25 million tonnes, Pareekh said.

However, he warned that currency fluctuations continued to fuel volatility in the Indian market.

On September 17, Gravita was honoured by Rajasthan’s state government for the company’s services to the exports sector.

Industry minister Shakuntala Rawat presented the Rajasthan State Export Award at a ceremony in recognition of Gravita’s export activities and “global manufacturing presence”, the company said.