India LithiumIon Battery Market
Electrifying Growth of India Lithium Ion Battery Market More than Triples Its Size to Reach USD 6.43 Billion by 2028
Published | 27 October 2022
India lithium-ion (Li-ion) battery market is flourishing because of increasing purchase of electric vehicles (EVs), growing consumption of rechargeable batteries in consumer electronics, and rising disposable income and environmental awareness among the people of the country.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India Lithium-Ion (Li-ion) Battery Market size at USD 1.92 billion in 2021. During the forecast period between 2022 and 2028, BlueWeave expects India lithium-ion battery market size to growing at a robust CAGR of 19% reaching a value of USD 6.43 billion by 2028. India Lithium-ion battery market is being driven by the increasing electric vehicle usage, reliance on rechargeable battery in portable consumer electronics, and rise in disposable income and environmental concerns among the people of India. The increasing number of portable consumer electronics items, such as laptops, digital cameras, and music players, that rely heavily on batteries has resulted in higher usage of rechargeable batteries to supply efficient and effective power, which is expected to boost the market growth. However, scarcity of lithium and underdeveloped manufacturing infrastructure could result in rising demand for alternative battery. Consequently, it may limit the growth of India Li-ion battery market.
India Lithium-Ion Battery Market – Overview
A Li-ion battery is the latest battery technology that contains single or multiple Li-ion cells. The battery features organic electrolytes, graphite anodes, and lithium cobalt oxide and lithium manganese oxide cathodes. They are majorly used in EVs, portable electronic devices, digital cameras, and music players.
The increasing demand for EVs among consumers has fueled the growth of India Li-ion battery market, owing to the energy-saving, environmentally friendly automobiles. According to the India Ministry of Road Transport and Highways (MoRTH), approximately 14 lakh EVs plying on roads as on August 03, 2022, with the sales tripled over the previous year. It is projected to continue to rise in the coming years. An increased emphasis on the development of new and improved EVs by automobile industry coupled with the emergence of integrated charging stations, green power-generation capability, battery producers, and energy suppliers, is expected to propel the growth of India Li-ion battery market. India aspires to be a leading EV adopting country by 2030. Hence, the government has taken initiatives that aim at encouraging EV adoption. For instance, the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) plan and tax benefits for EVs are expected to boost the expansion of India Li-ion battery market during the forecast period.
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Challenge: Increasing demand for substitutes of lithium-ion batteries
The rapid growth in EV market and charging infrastructure, underdeveloped manufacturing infrastructure, and scarcity of lithium may force stakeholders to increase their focus on the alternatives of Li-ion battery. Consequently, it may limit the growth of India lithium-ion battery market.
India Lithium-Ion Battery Market – By Component
Based on the component, India Lithium-ion battery market has Cathode, Anode, Electrolytic Solution, and Separator segments. The cathode segment is expected to dominate the market, because of its widespread application in developing positive electrodes for battery cells. Cathodes for Li-ion batteries have a high density and higher power output, projected to drive the India Lithium-ion battery market. The Electrolytic Solution segment, however, is expected to grow at a rapid pace as a stable and long-lasting battery requires a resilient electrolyte that can resist high current-voltage and temperatures. In addition, the electrolyte has extended shell life resulting in excellent Li-ion durability, which is expected to drive the overall market.
Impact of COVID-19 on India Lithium-Ion Battery Market
COVID-19 pandemic had a significant impact on India lithium-ion battery market. Due to the country's battery scarcity, import taxes have skyrocketed, making it more expensive for businesses to obtain equipment and components from abroad. The government has barred the import of some raw materials used in Li-ion batteries. Consequently, it has increased raw material prices and created a significant level of unpredictability in the supply chain. Manufacturing of batteries and other crucial components for electric vehicles (EVs), stationary storage, and grid storage systems was halted. As a result, demand for batteries plummeted, stifling total India Lithium-ion battery market growth. Post the relaxation of COVID-19 related restrictions in the country, the market is expected to grow at a high rate.
Major players operating in India lithium-ion battery market include Hitachi India Pvt. Ltd., AmcoSaft India Limited, Heter Electronics Group Co., Ltd., LG Chem Ltd., NEC India Pvt. Ltd., Panasonic India Pvt. Ltd., Rajamane Telectric Pvt. Ltd., Samsung SDI Company Limited, Shenzhen B&K Rechargeable Battery, Inc., and Duracell Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and development of new products.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics India Lithium-Ion Battery Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Lithium-Ion Battery Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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