India Lithium-ion Battery Market Size (2024 - 2029)

The India lithium-ion battery market is projected to experience significant growth over the forecast period, driven by factors such as the decreasing costs of lithium-ion batteries and the rising adoption of electric vehicles. Despite challenges like the demand-supply imbalance of essential raw materials, the market is expected to benefit from increased recycling activities and technological advancements in energy storage. These developments are anticipated to offer substantial opportunities for expansion in the market size of lithium-ion batteries in India.

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Market Size of India Lithium-ion Battery Industry

India Lithium-ion Battery Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 4.71 Billion
Market Size (2029) USD 13.11 Billion
CAGR (2024 - 2029) 22.72 %
Market Concentration Low

Major Players

India Lithium-ion Battery Market Major Players

*Disclaimer: Major Players sorted in no particular order

India Lithium-ion Battery Market Analysis

The India Lithium-ion Battery Market size is estimated at USD 4.71 billion in 2024, and is expected to reach USD 13.11 billion by 2029, growing at a CAGR of 22.72% during the forecast period (2024-2029).

  • 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 during the forecast period.
  • On the other hand, the demand-supply mismatch of raw materials like lithium, will likely hinder the growth of the Indian lithium-ion battery market in the studied period.
  • However, 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 Industry Overview

A lithium-ion battery is a rechargeable battery that consists of an anode, cathode, and electrolyte. Different types of anode and cathode materials give designers the flexibility to design batteries depending on their applications. Lithium-ion batteries are preferred over other batteries mainly due to their high energy density.

India's lithium-ion battery market is segmented by application. 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
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India Lithium-ion Battery Market Size Summary

The Indian lithium-ion battery market is poised for significant growth, driven by factors such as declining battery prices and the increasing adoption of electric vehicles. The market is expected to experience robust expansion over the forecast period, supported by policy-level incentives from the government that encourage manufacturing and investment in the sector. The two-wheeler segment, in particular, is expected to dominate due to a burgeoning middle class and a youthful population. Despite challenges like the demand-supply mismatch of raw materials, advancements in battery recycling and technology are anticipated to create lucrative opportunities for market players. The automotive sector's growth, fueled by rising EV sales, is expected to further bolster the demand for lithium-ion batteries in India.

India's position as a major investment hub for battery companies is reinforced by the availability of advanced manufacturing facilities and a skilled workforce, which contribute to lower battery prices compared to global averages. The government's efforts to enhance domestic production of essential minerals and the discovery of lithium reserves are expected to strengthen the market further. The fragmented market landscape includes key players such as TDS Lithium-Ion Battery Gujarat Private Limited, Bharat Electronics Limited, and Okaya Power Group, among others. Recent developments, including joint ventures and gigafactory plans, highlight the industry's commitment to scaling up production capabilities. These factors collectively indicate a promising outlook for the Indian lithium-ion battery market, with significant potential for growth and innovation.

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India Lithium-ion Battery Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2029

    3. 1.3 Lithium-ion Battery Price Trend Analysis, Global, till 2029

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Investment Opportunities

    7. 1.7 Market Dynamics

      1. 1.7.1 Drivers

        1. 1.7.1.1 Declining Cost Of Lithium-ion Batteries

        2. 1.7.1.2 Increasing Adoption of Electric Vehicles

      2. 1.7.2 Restraints

        1. 1.7.2.1 Demand and Supply of Raw Materials for Battery Manufacturing

    8. 1.8 Supply Chain Analysis

    9. 1.9 PESTLE Analysis

    10. 1.10 Cost Analysis

    11. 1.11 Price Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Application

      1. 2.1.1 Portable

      2. 2.1.2 Automotive

      3. 2.1.3 Other Applications

India Lithium-ion Battery Market Size FAQs

The India Lithium-ion Battery Market size is expected to reach USD 4.71 billion in 2024 and grow at a CAGR of 22.72% to reach USD 13.11 billion by 2029.

In 2024, the India Lithium-ion Battery Market size is expected to reach USD 4.71 billion.

India Lithium-ion Battery Market Report Snapshots

Lithium-ion Battery Market in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)