MAY 202319form amongst the other battery compositions. Each battery type has different weight, size resulting in different `energy density', ability to charge & discharge repeatedly called `Cycles' and `Efficiency' meaning losses during charge & discharge. And, this is how we have been getting lighter, better capacities and longer life batteries for our cell phones, earphones etc. In simple terms, Lithium ion batteries come with higher energy density, are lighter and more efficient, occupy less space and have a longer life.Opportunity that BeckonsElectric Vehicles market is on a gradual rise as the government is offering incentives in form of FAME, PLI, GST rate cuts and road tax waivers to name a few. This is a fantastic beginning and a step in the right direction to tap the gigantic opportunity that lies ahead. The energy storage market is projected to be around 600 GWh by 2030, presenting a very large opportunity for Indian industry for manufacturing of -Lithium ion cells, Battery packs, Battery management systems, Power controls systems, Electric motors for vehicles, Power train for EVs, Charges for EVs, Services for design, installation for various components & systems and services for connected systems and vehicles.Electric VehiclesIf I take an example of just the Electric Vehicle (EV) space, the total sales in India in October `22 stood at 1,11,971 units including passenger vehicles as compared to 39,329 units in Oct `21 witnessing triple-digit growth (185 Percent) y-o-y as per FADA. This depicts the enormous potential of the battery manufacturing industry. Consumers are now looking at owning an electric vehicle. In fact, they are looking for a holistic solution that not only offers a charging platform but also makes use of new age technologies such as cloud, analytics, and artificial intelligence to deliver an enhanced, intuitive experience both for individual users and OEMs. Therefore, in my opinion, EV manufacturers must focus on building long-term partnerships with battery manufacturers for a customized offering that can complement their EV's design and performance, eventually optimizing the TCO
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