Market Size of India Battery Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 7.20 Billion |
| Market Size (2029) | USD 15.65 Billion |
| CAGR (2024 - 2029) | 16.80 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Battery Market Analysis
The India Battery Market size is estimated at USD 7.20 billion in 2024, and is expected to reach USD 15.65 billion by 2029, growing at a CAGR of 16.80% during the forecast period (2024-2029).
- Over the medium term, factors such as the emergence of new and exciting markets, i.e., electric vehicles and battery energy storage systems for different applications and the growing usage of automotive batteries in electric vehicles, will likely drive the Indian battery market during the forecast period.
- On the other hand, the absence of lithium-ion domestic manufacturing facilities will likely hinder the growth of the Indian battery market during the forecast period.
- However, plans for local manufacturing of lithium-ion batteries in India will likely create lucrative growth opportunities for the Indian battery market during the forecast period.
India Battery Industry Segmentation
A battery is a device that converts chemical energy contained within its active materials directly into electric power using an electrochemical oxidation-reduction (redox) reaction.
The Indian battery market is segmented by technology and application. The market is segmented by technology into lead-acid batteries, lithium-ion batteries, and other technologies. By application, the market is segmented into automotive batteries (HEV, PHEV, and EV), industrial batteries (motive, stationary, (telecom, UPS, energy storage systems (ESS)), etc.), portable batteries (consumer electronics, etc.), SLI batteries, and other applications. Market sizing and forecasts are done for each segment based on revenue (USD).
| Technology | |
| Lithium-ion Battery | |
| Lead-acid Battery | |
| Other Technologies |
| Application | |
| SLI Batteries | |
| Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS)), Etc.) | |
| Portable (Consumer Electronics, Etc.) | |
| Automotive Batteries (HEV, PHEV, and EV) | |
| Other Applications |
India Battery Market Size Summary
The Indian battery industry is poised for significant growth, driven by the burgeoning demand for electric vehicles and battery energy storage systems. The market is expected to expand substantially over the forecast period, fueled by the increasing adoption of electric vehicles and the need for efficient energy storage solutions. However, the lack of domestic manufacturing facilities for lithium-ion batteries presents a challenge to this growth. Despite this, initiatives to establish local manufacturing capabilities are anticipated to create lucrative opportunities for the industry. The government's supportive policies and the rising middle class, coupled with a young population, are expected to make India a major investment hub for battery companies.
The automotive sector, particularly the two-wheeler segment, is a key driver of the battery market's expansion. The rise in electric vehicle sales, supported by government targets for increased adoption, is expected to significantly boost battery demand. Major automotive players, both domestic and international, are actively investing in electric vehicle production, further propelling the market. The establishment of gigafactories and collaborations for electric vehicle production underscore the industry's growth potential. As the market becomes increasingly competitive, with both organized and unorganized players, the focus on innovation and local manufacturing will be crucial in shaping the future landscape of the Indian battery industry.
India Battery Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2029
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 The Emergence of New and Exciting Markets, i.e., Electric Vehicles and Battery Energy Storage Systems for Different Applications
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1.5.1.2 The Growing Usage of Automotive Batteries in Electric Vehicles
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1.5.2 Restraints
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1.5.2.1 The Absence of Lithium-Ion Domestic Manufacturing Facilities
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Technology
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2.1.1 Lithium-ion Battery
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2.1.2 Lead-acid Battery
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2.1.3 Other Technologies
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2.2 Application
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2.2.1 SLI Batteries
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2.2.2 Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS)), Etc.)
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2.2.3 Portable (Consumer Electronics, Etc.)
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2.2.4 Automotive Batteries (HEV, PHEV, and EV)
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2.2.5 Other Applications
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India Battery Market Size FAQs
How big is the India Battery Market?
The India Battery Market size is expected to reach USD 7.20 billion in 2024 and grow at a CAGR of 16.80% to reach USD 15.65 billion by 2029.
What is the current India Battery Market size?
In 2024, the India Battery Market size is expected to reach USD 7.20 billion.
