India Lithium-ion Battery Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 17.21 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
India Lithium-ion Battery Market Analysis
India's lithium-ion battery size is estimated at USD 2.48 billion in 2023 and is expected to reach USD 5.49 billion by 2028, registering a CAGR of 17.21% during the forecast period (2023-2028).
- Over the medium term, factors such as declining prices of lithium-ion batteries and increasing adoption of electric vehicles are likely to drive the India lithium-ion battery in the forecast period.
- On the other hand, the demand-supply mismatch of raw materials like lithium, etc., will likely hinder the growth of the Indian lithium-ion battery market in the studied period.
- Nevertheless, increasing recycling activities of lithium-ion batteries in the country and technological advancements in new battery technologies to store energy will likely create lucrative growth opportunities for the India lithium-ion battery market during the forecast period.
India Lithium-ion Battery Market Trends
Portable Segment to Dominate the Market
- Lithium-ion batteries are commonly used in electronic devices like smartphones, laptops, clocks, watches, and remote controls. Sales of consumer electronics are very much dependent on the country's population and disposable income. Over recent years, the increasing disposable income in India led to rising living standards, driving the demand for consumer electronics.
- The lithium-ion battery technology offers much better energy density in Joules of energy per kg than the previous battery technologies, such as nickel-cadmium (NiCd) and nickel-metal hydride (NiMH). Lithium-ion cells' self-discharge rate is much lower than other rechargeable cells, which increased in popularity. Therefore, the availability of smaller batteries with better charge retention became imperative for electronic devices' energy requirements.
- In recent years, internet availability at significantly cheaper rates increased smartphone penetration drastically in India. India has much to offer in the smartphone business, with fast and affordable mobile data rates and the world's second-largest population. Most Indians use smartphones to connect to the internet, creating a massive market for several smartphone makers. In the fourth quarter of 2022, approximately 29.60 million smartphone units were supplied across India.
- Due to the mid-tier segment's growth, Chinese brands aggressively introduced many flagship-grade features and capabilities to capture demand from users looking to upgrade from their first or second smartphone. Additionally, online channels became the preferred selling platforms to introduce these products (Xiaomi, Realme, Vivo, etc.) faster into the market.
- Additionally, the launch of favorable schemes, such as ''Make in India'' and ''Digital India'', is expected to significantly lower the cost of manufacturing consumer electronics, in turn becoming more affordable for the section of the population living in rural areas of the country, where consumer electronics penetration is low.
- Therefore, owing to the above points, the portable segment is expected to dominate the Indian lithium-ion battery market during the forecast period.
Increasing Adoption of Electric Vehicles Likely to Drive the Market
- Though the electric vehicle market is still in its initial stages in India, it is expected to witness significant growth from now on as the government undertakes various initiatives to promote electric vehicles in the country. India includes a vision of becoming a major EV-adopting nation by 2030. In the country's mass adoption of electric vehicles, the government announced several policies and incentives expected to drive the market during the forecast period.
- According to the Ministry of Road Transport and Highways (India), India had over 1.8 million electric vehicles as of December 2022. Over half of India's EVs were three-wheelers, numbered in the thousands. The electric vehicle market in India is quickly evolving, and it is predicted that by 2035, the car market will be entirely electric.
- However, the FAME India Scheme (which started in April 2019) was supposed to end by 2022. However, with the approval of competent authorities, the Union government, in June 2021, decided that the FAME India Phase II Scheme will be extended for two years, i.e., up to March 2024.
- In 2022, in line with the government's idea of Atmanirbhar Bharat, India is producing 81% of Lithium-ion batteries for domestic electric vehicles. Additionally, in April 2023, Log9, which manufactures batteries for electric vehicles, announced the commercial launch of India's first indigenously manufactured lithium-ion battery cell, which would be built at one of its Bengaluru facilities. Vehicle manufacturers typically import battery cells from China or South Korea. The company's initial capacity will be 50 MWh of battery, enough to power up to 25,000 electric two-wheelers.
- Therefore, owing to the above points, India's plan for increasing the adoption of electric vehicles is expected to drive the lithium-ion battery market in the country during the forecast period.
India Lithium-ion Battery Industry Overview
The Indian lithium-ion battery market is fragmented. Some of the major players in the market (in no particular order) include TDS Lithium-Ion Battery Gujarat Private Limited (TDSG), Bharat Electronics Limited (BEL), Telemax India Industries Pvt Ltd, Toshiba Corporation, and Okaya Power Group.
India Lithium-ion Battery Market Leaders
TDS Lithium-Ion Battery Gujarat Private Limited (TDSG)
Bharat Electronics Limited (BEL)
Telemax India Industries Pvt. Ltd.
Toshiba Corporation
Okaya Power Group
*Disclaimer: Major Players sorted in no particular order
India Lithium-ion Battery Market News
- July 2022: Sanvaru Technology announced an expansion of its Lithium-ion battery production capacity to 400 MWh per year in India which will likely help to cater to the requirement of batteries from the growing EV market of India.
- May 2022: Nexcharge, a joint venture of Indian battery manufacturer Exide and Switzerland's Leclanche SA, started production at a lithium-ion battery plant in Gujarat. The plant included an installed capacity of 1.5 GWh that could produce batteries for energy storage applications and automobiles.
India Lithium-ion Battery Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD, till 2028
4.3 Lithium-ion Battery Price Trend Analysis, Global, till 2028
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Investment Opportunities
4.7 Market Dynamics
4.7.1 Drivers
4.7.1.1 The Decline in Lithium-Ion Battery Prices
4.7.1.2 Increasing Adoption of Electric Vehicles
4.7.2 Restraints
4.7.2.1 Demand and Supply of Raw Materials for Battery Manufacturing
4.8 Supply Chain Analysis
4.9 PESTLE Analysis
4.10 Cost Analysis
4.11 Price Analysis
5. MARKET SEGMENTATION
5.1 Application
5.1.1 Portable
5.1.2 Automotive
5.1.3 Other Applications
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 TDS Lithium-Ion Battery Gujarat Private Limited (TDSG)
6.3.2 Bharat Electronics Limited (BEL)
6.3.3 Telemax India Industries Pvt. Ltd.
6.3.4 Future Hi-Tech Batteries
6.3.5 Amperex Technology Limited
6.3.6 Nexcharge (JV: Leclanché and Exide Industries)
6.3.7 Exicom Tele-Systems Limited
6.3.8 Inverted Energy Private Limited
6.3.9 Vision Mechatronics Pvt. Ltd.
6.3.10 Toshiba Corporation
6.3.11 Trontek Group
6.3.12 Okaya Power Group
6.3.13 iPower Batteries Pvt. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 The Increasing Recycling Activities of Lithium-Ion Batteries in the Country
India Lithium-ion Battery Industry Segmentation
The lithium-ion battery is a rechargeable battery that consists of an anode, cathode, and electrolyte. Different types of anode and cathode materials give flexibility to design batteries depending upon applications. Lithium-ion batteries are preferred over other batteries mainly due to their high energy density.
The Indian lithium-ion battery market is segmented by application. The market is segmented by application into automotive, industrial, portable, and other power tool batteries. Each segment's market sizing and forecasts are based on revenue (USD).
| Application | |
| Portable | |
| Automotive | |
| Other Applications |
India Lithium-ion Battery Market Research FAQs
What is the current India Lithium-ion Battery Market size?
The India Lithium-ion Battery Market is projected to register a CAGR of 17.21% during the forecast period (2024-2029)
Who are the key players in India Lithium-ion Battery Market?
TDS Lithium-Ion Battery Gujarat Private Limited (TDSG), Bharat Electronics Limited (BEL), Telemax India Industries Pvt. Ltd., Toshiba Corporation and Okaya Power Group are the major companies operating in the India Lithium-ion Battery Market.
What years does this India Lithium-ion Battery Market cover?
The report covers the India Lithium-ion Battery Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the India Lithium-ion Battery Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Lithium-ion Battery in India Industry Report
Statistics for the 2024 India Lithium-ion Battery market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Lithium-ion Battery analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
