Report Overview

India Battery Market – Industry Trends & Forecast Report, 2030

India Battery Market size was estimated at USD 6.12 billion in 2023. During the forecast period between 2024 and 2030, India Battery Market size is projected to grow at a CAGR of 16.52% reaching a value of USD 18.05 billion by 2030. Prominent drivers of the market include the rising adoption of electric vehicles (EVs) driven by environmental concerns, the expansion of telecommunication and IT infrastructure, and advancements in battery technology. The rapid growth of the electric vehicle and energy storage sectors is significantly boosting the development of India's battery industry. The Indian government has introduced incentive policies to accelerate the localization of battery cell production and attract investments from both domestic and foreign companies. These efforts have generated substantial interest and investment, creating a more favorable environment for the domestic battery industry’s growth. With ongoing government support and the increasing adoption of electric vehicles, the market holds considerable untapped potential for future expansion.

Battery – Overview

A battery is a device that stores chemical energy and converts it into electrical energy through electrochemical reactions. It consists of one or more cells, each containing a positive electrode (cathode), a negative electrode (anode), and an electrolyte that facilitates the flow of ions between the electrodes. When the battery is connected to an external circuit, a chemical reaction occurs, causing electrons to flow from the anode to the cathode, generating an electric current. Batteries are widely used in various applications, including powering electronic devices, vehicles, and energy storage systems. They vary in size, capacity, and type, with common types including lithium-ion, lead-acid, and nickel-metal hydride batteries.

India Battery Market

Growth Drivers

Electric Vehicle (EV) Revolution

India EV market is undergoing a significant transformation, with battery leasing emerging as a strategic solution. As the cost of EVs rises due to the phase-out of subsidies, battery leasing presents a compelling alternative, enabling consumers to access high-quality battery packs without the burden of a hefty upfront investment. By offering flexible payment options, such as pay-per-use or affordable EMIs, battery leasing makes EVs more accessible to a broader demographic. It also ensures consistent service warranties, addressing concerns about maintenance and repair costs, further encouraging EV adoption. For businesses, particularly in the last-mile delivery sector, battery leasing reduces upfront investments and operational costs, facilitating a smooth transition to electric mobility. In conclusion, as India advances toward a sustainable transportation future, battery leasing is set to play a pivotal role in boosting the India Battery Market, driving widespread EV adoption, and contributing to a cleaner, greener environment.

Various Government Initiatives

The Government of India is actively fostering the growth of its domestic electric vehicle and battery industries through various strategic initiatives. To address issues such as limited local battery cell production and raw material shortages, the government has introduced the Production Linked Incentive (PLI) scheme, which offers substantial subsidies to encourage the establishment of battery manufacturing facilities in India. Additionally, the Viability Gap Funding (VGF) program supports the development of new energy storage technologies by subsidizing deployment costs. These efforts are aimed at reducing reliance on imports, attracting both domestic and international investments, and strengthening the local industry. Notable developments include significant investments from companies like Ola Electric, Reliance New Energy, and Panasonic, which are planning to set up major production facilities in India. While challenges such as high import tariffs and a slower market development persist, these government initiatives are creating a more supportive environment for the growth of the domestic electric vehicle and battery sectors, positioning India as a prominent player in the global new energy market.

Challenges

High Battery Costs

Despite increasing demand driven by applications in automotive, electronics, and renewable energy sectors, high initial investments required for batteries remain a key deterrent. This cost challenge affects both consumers and businesses, limiting widespread adoption across various industries. Moreover, fluctuations in raw material prices further exacerbate the issue, influencing overall market dynamics. To mitigate these constraints, industry stakeholders are exploring advancements in battery technology and seeking economies of scale through production efficiencies. Addressing these cost barriers is crucial to unlocking the full potential of the India Battery Market amid growing energy storage needs.

Impact of Escalating Geopolitical Tensions on India Battery Market

Escalating geopolitical tensions among countries across regions could have a significant impact on the growth of India Battery Market. Trade restrictions, supply chain disruptions, and fluctuating raw material costs driven by geopolitical conflicts can lead to increased battery prices and hinder market stability. Moreover, geopolitical instability may affect international collaborations and technology transfers, slowing innovation and development in battery technology. To counter these challenges, companies in the Indian battery market may need to diversify their supply sources and invest in local manufacturing capabilities. Navigating these geopolitical risks is essential for maintaining growth momentum and ensuring market resilience in the face of global uncertainties.

India Battery Market

Segmental Coverage

India Battery Market – By Product Type

By product type, India Battery Market is divided into Lead Acid, Lithium Ion (Li-ion), Nickel Metal Hydride, Nickel Cadmium, and Lithium Titanate Oxide (LTO) segments. The Li-ion segment holds the highest share in India Battery Market by product type. Lithium-ion batteries consist of one or more lithium-ion cells and a protective circuit board. Unlike other rechargeable batteries, they have a low self-discharge rate and longer lifespan, making them superior to lead-acid batteries. These batteries are resilient to harsh environments, support rapid charging, and are well-suited for high-power applications requiring substantial current, such as jump-starting vehicles. Additionally, lithium-ion batteries are cost-effective, require minimal maintenance, come in various models, and deliver consistent voltage. Meanwhile, the lead acid segment is expected to record the fastest growth rate during the forecast period. Lead-acid batteries are among the most commonly utilized rechargeable batteries, known for their reliability, affordability, and durability. They are predominantly used in automotive and industrial settings due to their ability to deliver high surge currents and their robust construction. These batteries feature a low energy density, making them well-suited for engine starts, and are favored for their straightforward manufacturing process and capability to provide high discharge rates.

India Battery Market – By Application

Based on application, India Battery Market is divided into Automotive Batteries, Industrial Batteries, and Portable Batteries segments. The automotive batteries segment accounts for the largest share in India Battery Market by application. Government policies are fostering a conducive environment for investment in the battery manufacturing sector, driving growth. The dominance of the two-wheeler segment, fueled by a burgeoning middle class and a youthful demographic, further underscores the sector's prominence. Organized companies are leading in the market with branded batteries that come with warranties, while unorganized players offer cheaper, recycled alternatives. Notably, Maruti Suzuki India's record-high sales and the steady increase in automotive production reflect a strong correlation between vehicle sales and battery demand. Recent innovations, such as Okaya Power's new E-Scooter Faast F3 with advanced lithium-ion batteries, illustrate the ongoing advancements and growing focus on electric vehicles (EVs). With a rising population and accessible financing, the automotive sector is expected to expand significantly, contributing to the battery market's growth and solidifying the automotive segment's leading position.

India Battery Market – By End Use

By end use, India Battery Market is divided into Aerospace, Automobile, Electronics, Energy Storage, and Military & Defense segments.

India Battery Market – By Region

The in-depth research report on India Battery Market covers the market in the country’s major regions: North India, South India, East India, and West India regions. South India hold the highest share in India Battery Market and is expected to maintain its dominance during the forecast period. It is primarily due to its extensive network of battery manufacturing facilities, which produce a diverse range of batteries, including automotive, industrial, and consumer types. The region's robust industrial and economic growth has fueled rising demand for batteries across various sectors such as automotive, renewable energy, telecommunications, and industry. Notably, states like Tamil Nadu and Andhra Pradesh have made significant strides in solar energy, with battery storage solutions becoming essential for managing excess solar power. Additionally, Karnataka and Tamil Nadu's wind power capacity underscores the need for batteries to stabilize power supply. The dense network of cellular towers in South India further amplifies battery demand for backup power systems, crucial for maintaining uninterrupted communication services, especially in remote areas. Overall, South India's economic expansion, manufacturing prowess, and growing focus on sustainable energy solutions reinforce its leading position in India Battery Market.

Competitive Landscape

Major players operating in India Battery Market include Exide Industries Ltd, Luminous Power Technologies Pvt Ltd, HBL Power Systems Ltd, TATA AutoComp GY Batteries Pvt Ltd, Okaya Power Pvt Ltd, Amara Raja Batteries Ltd, Su-Kam Power Systems Ltd, Base Corporation Ltd, Southern Batteries Pvt Ltd, Evolute Solutions Pvt Ltd, LG Chem Ltd, CATL, Samsung SDI Co Ltd, Gotion High Tech Co Ltd, Primearth EV Energy Co Ltd, China Aviation Lithium Battery Co Ltd, and Panasonic Corporation. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In July 2024 - Daewoo India launched its SUPER POWER AGM VRLA Silver+ battery line for two-wheelers, featuring Korean technology and four models: DW2.5LC, DWZ4, DW-Z5, and DW5LB.

• In October 2023 - The India Energy Storage Alliance (IESA) unveiled its "India Battery Manufacturing Vision," aiming to achieve a 500 GWh annual battery production capacity by 2035. The initiative could generate over 2.6 million jobs and attract USD 35 billion in investments. IESA’s vision includes advancing energy storage, green hydrogen, and e-mobility technologies. The first gigafactory in India is expected to start production in 2024, with a target of over 50 GWh capacity by 2027-28 and 150 GWh by 2030. The plan also highlights opportunities for localizing key battery components and aligns with the country’s broader green energy goals.

Scope of the Report

By Product Type

• Lead Acid

• Lithium Ion (Li-ion)

• Nickel Metal Hydride

• Nickel Cadmium

• Lithium Titanate Oxide (LTO)

By Application

• Automotive Batteries

• Industrial Batteries

• Portable Batteries

By End Use

• Aerospace

• Automobile

• Electronics

• Energy Storage

• Military & Defense

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Battery Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Electric Vehicle (EV) Revolution
         2. Renewable Energy Integration
         3. Various Government Initiatives
         4. Rising Disposable Incomes
      2. Restraints
         1. High Battery Costs
         2. Limited Charging Infrastructure
         3. Raw Material Dependency
      3. Opportunities
         1. Increasing Domestic Manufacturing
         2. Battery Recycling
         3. Two-Wheeler and Three-Wheeler Segment
      4. Challenges
         1. Ongoing Supply Chain Disruptions
         2. Safety Concerns
         3. Standardization
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Battery Market: Marketing Strategies
5. India Battery Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
         1. Lead Acid
         2. Lithium Ion
         3. Nickel Metal Hydride
         4. Nickel Cadmium
         5. Lithium Titanate Oxide (LTO)
         6. Others
      2. By Application
         1. Automotive Batteries
         2. Industrial Batteries
         3. Portable Batteries
      3. By End Use
         1. Aerospace
         2. Automobile
         3. Electronics
         4. Energy Storage
         5. Military & Defense
         6. Others
      4. By Region
         1. North India
         2. South India
         3. East India
         4. West India
6. North India Battery Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
      2. By Application
      3. By End Use
7. South India Battery Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
      2. By Application
      3. By End Use
8. East India Battery Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
      2. By Application
      3. By End Use
9. West India Battery Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
      2. By Application
      3. By End Use
10. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. India Battery Company Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
11. Impact of Escalating Geopolitical Tensions on India Battery Market
12. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. Exide Industries Ltd
    2. Luminous Power Technologies Pvt Ltd
    3. HBL Power Systems Ltd
    4. TATA AutoComp GY Batteries Pvt Ltd
    5. Okaya Power Pvt Ltd
    6. Amara Raja Batteries Ltd
    7. Su-Kam Power Systems Ltd
    8. Base Corporation Ltd
    9. Southern Batteries Pvt Ltd
    10. Evolute Solutions Pvt Ltd
    11. LG Chem Ltd
    12. CATL
    13. Samsung SDI Co. Ltd
    14. Gotion High Tech Co Ltd
    15. Primearth EV Energy Co., Ltd
    16. China Aviation Lithium Battery Co., Ltd
    17. Panasonic Corporation
    18. Other Prominent Players
13. Key Strategic Recommendations
14. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       India Battery Segmentation

Figure 2       India Battery Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       India Battery Market Size, By Value (USD Billion), 2019–2030

Figure 5       India Battery Market Share, By Product Types, By Value, 2019–2030

Figure 6       India Battery Market Share, By Application, By Value, 2019–2030

Figure 7       India Battery Market Share, By End Use, By Value, 2019–2030

Figure 8       North India Battery Market Size, By Value (USD Billion), 2019–2030

Figure 9       North India Battery Market Share, By Product Types , By Value, 2019–2030

Figure 10     North India Battery Market Share, By Application, By Value, 2019–2030

Figure 11     North India Battery Market Share, By End Use, By Value, 2019–2030

Figure 12     South India Battery Market Size, By Value (USD Billion), 2019–2030

Figure 13     South India Battery Market Share, By Product Types , By Value, 2019–2030

Figure 14     South India Battery Market Share, By Application, By Value, 2019–2030

Figure 15     South India Battery Market Share, By End Use, By Value, 2019–2030

Figure 16     East India Battery Market Size, By Value (USD Billion), 2019–2030

Figure 17     East India Battery Market Share, By Product Types , By Value, 2019–2030

Figure 18     East India Battery Market Share, By Application, By Value, 2019–2030

Figure 19     East India Battery Market Share, By End Use, By Value, 2019–2030

Figure 20     West India Battery Market Size, By Value (USD Billion), 2019–2030

Figure 21     West India Battery Market Share, By Product Types, By Value, 2019–2030

Figure 22     West India Battery Market Share, By Application, By Value, 2019–2030

Figure 23     West India Battery Market Share, By End Use, By Value, 2019–2030

List of Tables

Table 1        India Battery Market Size, By Value (USD Billion), 2019–2030

Table 2        India Battery Market Share, By Product Types, By Value, 2019–2030

Table 3        India Battery Market Share, By Application, By Value, 2019–2030

Table 4        India Battery Market Share, By End Use, By Value, 2019–2030

Table 5        North India Battery Market Size, By Value (USD Billion), 2019–2030

Table 6        North India Battery Market Share, By Product Types , By Value, 2019–2030

Table 7        North India Battery Market Share, By Application, By Value, 2019–2030

Table 8        North India Battery Market Share, By End Use, By Value, 2019–2030

Table 9        South India Battery Market Size, By Value (USD Billion), 2019–2030

Table 10      South India Battery Market Share, By Product Types , By Value, 2019–2030

Table 11      South India Battery Market Share, By Application, By Value, 2019–2030

Table 12      South India Battery Market Share, By End Use, By Value, 2019–2030

Table 13      East India Battery Market Size, By Value (USD Billion), 2019–2030

Table 14      East India Battery Market Share, By Product Types , By Value, 2019–2030

Table 15      East India Battery Market Share, By Application, By Value, 2019–2030

Table 16      East India Battery Market Share, By End Use, By Value, 2019–2030

Table 17      West India Battery Market Size, By Value (USD Billion), 2019–2030

Table 18      West India Battery Market Share, By Product Types , By Value, 2019–2030

Table 19      West India Battery Market Share, By Application, By Value, 2019–2030

Table 20      West India Battery Market Share, By End Use, By Value, 2019–2030

Table 21      Exide Industries Ltd Company Overview

Table 22      Exide Industries Ltd Financial Overview

Table 23      Luminous Power Technologies Pvt Ltd Company Overview

Table 24      Luminous Power Technologies Pvt Ltd Financial Overview

Table 25      HBL Power Systems Ltd Company Overview

Table 26      HBL Power Systems Ltd Financial Overview

Table 27      TATA AutoComp GY Batteries Pvt Ltd Company Overview

Table 28      TATA AutoComp GY Batteries Pvt Ltd Financial Overview

Table 29      Okaya Power Pvt Ltd Company Overview

Table 30      Okaya Power Pvt Ltd Financial Overview

Table 31      Amara Raja Batteries Ltd Company Overview

Table 32      Amara Raja Batteries Ltd Financial Overview

Table 33      Su-Kam Power Systems Ltd Company Overview

Table 34      Su-Kam Power Systems Ltd Financial Overview

Table 35      Base Corporation Ltd Company Overview

Table 36      Base Corporation Ltd Financial Overview

Table 37      Southern Batteries Pvt Ltd Company Overview

Table 38      Southern Batteries Pvt Ltd Financial Overview

Table 39      Evolute Solutions Pvt Ltd Company Overview

Table 40      Evolute Solutions Pvt Ltd Financial Overview

Table 41      LG Chem Ltd Company Overview

Table 42      LG Chem Ltd Financial Overview

Table 43      CATL Company Overview

Table 44      CATL Financial Overview

Table 45      Samsung SDI Co. Ltd Company Overview

Table 46      Samsung SDI Co. Ltd Financial Overview

Table 47      Gotion High Tech Co Ltd Company Overview

Table 48      Gotion High Tech Co Ltd Financial Overview

Table 49      Primearth EV Energy Co., Ltd Company Overview

Table 50      Primearth EV Energy Co., Ltd Financial Overview

Table 51      China Aviation Lithium Battery Co., Ltd Company Overview

Table 52      China Aviation Lithium Battery Co., Ltd Financial Overview

Table 53      Panasonic Corporation Company Overview

Table 54      Panasonic Corporation Financial Overview