Lithium-ion batteries have emerged as indispensable components in contemporary society, providing essential power to a diverse array of portable electronic devices, electric vehicles, and renewable energy storage systems. Propelled by the country's dedication to sustainable development and the reduction of reliance on fossil fuels, the valuation of the lithium-ion battery market in India amounted to a revenue of $4,294.80 million in the year 2022. It is projected that this market will witness significant growth and attain a value of $25,309.59 million by the year 2031, exhibiting a compound annual growth rate (CAGR) of 22.1 percent throughout the forecast period.
The growth of the lithium-ion battery market has been significantly influenced by the Indian government's initiatives to promote electric mobility, the expanding electric vehicle industry, and the government's efforts to transition towards renewable energy sources. Caryaire Equipments, established in 1989, has ventured into Lithium Battery with Caryvolt brand in 2019 and has established itself as one of the leading companies in the country that is committed to providing quality services and products keeping sustainability in mind.
The customers in this sector confront a multitude of challenges which include relatively expensive upfront cost, safety related to the products and timely delivery of the products. To address this challenge, improved quality assurance is key. “At Caryvolt, the quality of the battery is monitored through every stage of the manufacturing process. We focus on Lithium Ferro Phosphate (LFP) chemistry owing to its safety parameter, on the battery capacity we offer for kilo-watt to megawatt-hour solution, our voltage ranges from 12V to 440V.
Timely deliveries and customer service is our driving force. Caryvolt offers innovative products with improved performance and longer lifespans”, says Kunjan Kashyap, Business Head, Caryvolt.
Caryvolt was founded to produce a vast selection of Lithium Batteries. “Our Energy to Power platform allows us to serve a wide variety of markets, including those involved in renewable energy, mobility, stationary storage, grid ancillary support, and energy storage. With state-of-the-art facility and quality control, Caryvolt produces Packs, Modules, Trays, and Rack systems for the full range of needs for Energy Storage Solution clients. Our ESS solutions are designed to meet all power and energy requirements. Two and three-wheeled vehicles use our E-Mobility battery. These high-performance EV batteries are tailored specifically to the climate of India and can power anything from a slow scooter to a fast racing bikes”, speaks Sachin Maheshwari.
Kunjan Kashyap, Business Head
The company was founded by the late Anil Maheshwari and subsequently assumed by his son, Sachin Maheshwari, who holds a Bachelor's degree in Mechanical Engineering and a Master's degree in Business Administration with a specialization in Finance. The production is supported by a team of highly skilled engineers, extensively trained production staff, and proficient marketing professionals, all of whom contribute to the delivery of a superior product. The team consistently dedicates its efforts to ensuring quality and service assurance for its customers, there by cultivating their loyalty and transforming them into advocates for our brand. To add to this, Caryvolt plant possesses a production capacity exceeding 200MWh per annum, situated in Noida, Uttar Pradesh. The company does not only provide its product pan India but also provide service support across country.
Future Roadmap
Despite the numerous challenges, the India Lithium-ion Battery Market offers substantial growth prospects for Caryvolt. The expansion of Caryvolt will be driven by several factors, including the growing demand for energy storage solutions, advancements in battery technologies, and the emergence of new use cases and applications. These applications present a wide range of possibilities for Caryvolt. Currently, the company is making consistent progress by prioritizing product safety, service, and the life cycle considerations of its existing products. The transition to the HEV/Containerized BESS sector will occur once the necessary ecosystem is established. Eying export, Caryaire Equipment has export footprint over 15 countries and Caryvolt product will be added in the basket.
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