Investment in cell manufacturing to exceed $9 billion by 2030: ICRA

'The annual battery demand for stationary applications is also likely to grow at a rapid pace and be substantial'

Investments in cell manufacturing are expected to exceed $9 billion by 2030 given the incremental demand from various applications and future growth prospects expected post 2030, according to credit rating agency, Icra.
 
Icra’s projection is based on the EV penetration across automotive segments and its exponential growth over the next decade and battery remaining the most critical and costly component of an EV.
 
“In EVs, advanced chemistry batteries remain the most critical and the costliest component, accounting for almost 35-40 per cent of the vehicle price," said Shamsher Dewan, senior vice president and group Head - Corporate Ratings,