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

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.