The global demand for batteries is rising with a projected annual growth rate of 30 percent in the lithium-ion battery market from 2022-2030, potentially reaching a value of over USD 400 billion, says Samrath Kochar, Founder and CEO, Trontek Electronics Ltd. in an interview with EVolution Auto India. Excerpts:
2024 Reflections
Key achievements in the EV sector:
In 2024, Trontek has achieved significant milestones in India’s Electric Vehicle (EV) ecosystem. Our LiEV (Lithium Ion for EV) series has empowered over 1,00,000 e-rickshaws and 2,00,000 electric two-wheelers, positioning Trontek as a key player in the shift towards cleaner transportation. We have partnered with leading Original Equipment Manufacturers (OEMs) in India to meet the rising demands of sustainable mobility, which is expected to reach USD 113.99 billion by 2029.
Moreover, our company has impacted over 1,72,369 vehicles, powered 30,000 solar panels, and helped reduce carbon emissions by installing over 50,000 units to lower pollution levels. Trontek’s accomplishments have also been recognized at the EV Battery Show 2024, where we have received two distinguished awards: ‘Company Of The Year – Battery Manufacturing’ for excellent advancements in lithium-ion technology and ‘New Product Launch Of The Year: Battery’ for our latest battery innovative solutions. These milestones highlight our company’s ongoing commitment to advancing battery technology and supporting India’s clean energy goals.
Emerging technologies driving sustainability:
This year, we have focused on both solid-state and lithium-ion batteries, which have played a crucial role in driving sustainability in transportation. Lithium-ion technology remains central to our EV solutions, offering durable energy storage with optimized weight and fast charging. As stated earlier, our LiEV series has powered over 3 lakh two-wheeler and three-wheeler EVs, delivering high energy density to reduce range anxiety among the masses while maintaining an environmentally friendly approach to mobility.
Solid-state batteries are another important player in the EV sector that has turned the EV sector into more efficient and resilient. By using solid electrolytes instead of liquid these batteries can easily enhance the safety of vehicles by improving their range and energy density further allowing vehicles to cover more distance on a single charge. Studies show that solid-state batteries could easily reduce carbon emissions by 39 percent as they can last longer and reduce environmental impact.
Moreover, our combined Battery Management System (BMS) for real-time monitoring and enhancing battery health for a longer lifespan shows our consistent efforts in leading India’s path towards a better sustainable transportation system.
Key Challenges and Barriers:
Despite the tremendous growth of EVs, the sector continues to face certain challenges that could hinder its potential growth in 2025. To begin with, the battery supply chain needs to be strengthened as the demand for lithium-ion and solid-state batteries is soaring. Regardless of their escalating demand, their raw materials such as cobalt and lithium are facing supply constraints hindering their manufacturing, which could raise their costs impacting both suppliers and consumers. According to a report by the International Energy Agency (IEA), the world could face EV shortages by 2025, potentially disrupting EV supply.
Secondly, EV infrastructure, for instance, the charging stations still lag behind their demand. A report by IEA indicates that more than 17 million public charging points will be needed by 2030 to support EV growth and boost Net Zero Scenario. To address this growing demand, a collaboration between private players and the government is needed wherein the government will incentivize the installation of these charging stations while private players will focus on providing technology for faster charging.
Lastly, battery recycling and disposal remains a critical issue. As the number of EVs on the road is expected to reach 250 million in 2030, so will the need for responsible recycling methods that reduce environmental impact, a challenge that we at Trontek are committed to tackling with our sustainable and long-term battery solutions.
2025 Look Ahead
Top goals for advancing EV ecosystem:
In 2025, we will be focusing on strengthening our leadership role in the EV segment through continuous emphasis on sustainability and innovation. Our top priority will be enhancing the performance and scalability of our LiEVs series, and expanding its reach across India making it more accessible.
Additionally, we will expedite the development of solid-state battery technology as these batteries are highly efficient in providing substantial improvement in energy density and safety, which could significantly reduce range anxiety and carbon emissions.
Lastly, we are also planning to extend our collaboration with fellow industry partners to improve EV accessibility and availability. By fostering our partnerships with OEMs and strengthening the growth of charging stations, we are aiming to ensure an efficient and seamless EV ecosystem by next year.
Innovations expected to impact the industry:
Several key innovations will leave a long-lasting impact on the EV industry. Battery technology will be at the forefront with increased cell energy density and solid-state batteries will enhance EV performance making it more efficient and resilient. The global demand for batteries is rising with a projected annual growth rate of 30 percent in the lithium-ion battery market from 2022-2030, potentially reaching a value of over USD 400 billion.
Apart from battery advancement, the growth of EV charging infrastructure will be essential for widespread EV adoption. Expanding fast charging infrastructure and integrating a seamless charging network will mitigate range anxiety among the masses making EVs their preferred mobility choice.
Additionally, BMS will play a pivotal role in improving the safety of the battery by keeping real-time monitoring on it and managing its health, thus increasing its lifespan. These innovations will accelerate EV manufacturing and its adoption easier and more accessible.
Trends shaping the future of sustainable mobility:
The EV industry is on the rise with its global market expected to grow at 6.63 percent between 2024 and 2029. This immense growth wouldn’t have been possible without crucial advancements in EV battery technology, its charging infrastructure, and alternative fuel options. Lithium-ion batteries and solid-state batteries play their crucial part in providing the best energy density to EVs which makes them a vehicle that entails a sense of trust because they mitigate range anxieties for people. Similarly, the rapid expansion of fast charging infrastructure and seamless charging networks are accelerating EV connectivity and accessibility. According to a report by IEA, the number of fast chargers grow by 3,30,000 globally in 2022 assimilating EV adoption.
Alternative fuels such as hydrogen and e-fuels are stepping into the game to ensure adequate fuelling of heavy-duty vehicles in transportation to reduce the burden on traditional fuels and battery-based solutions. Together they revolutionising the industry making it more sustainable and efficient.