Report Overview

India Lithium-Ion Battery Market - Industry Trends & Forecast Report, 2028

India Lithium-Ion (Li-ion) Battery Market size was estimated at USD 1.92 billion in 2021. During the forecast period between 2022 and 2028, India lithium-ion battery market size is projected to grow at a robust CAGR of 19%, reaching a value of USD 6.43 billion by 2028. Major growth drivers for India lithium-ion market include the continuous high adoption of electric vehicles (EVs), increasing income-levels and environmental concerns. The growing number of portable consumer electronics goods, such as laptops, digital cameras, and music players that rely significantly on batteries has resulted in increased consumption of rechargeable batteries to provide efficient and effective power could also augment the growth of India lithium-ion battery market. Rising demand for EVs, increased awareness regarding portable and stationary energy, and government initiatives to boost renewable energy sector are also expected to contribute to the growth of India lithium-ion battery market during the period in analysis.

India Lithium-Ion Battery Market

Growth Drivers

Rising popularity and high adoption of electric vehicles

The increasing demand for EVs among vehicle buyers in the country 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.

Increasing consumption of consumer electronics with rechargeable batteries

Rechargeable batteries or storage batteries are source of power for smartphones, tablets, and other portable consumer electronics for regular use. An increasing demand for rechargeable batteries could boost the growth of India lithium-ion battery market owing to its light weight, flexibility, instant charging capacity, and extended shelf life. Hence, making it ideal for use in devices with limited internal space. In addition, rechargeable battery demand has skyrocketed due to affordable cost of Li-ion batteries, increased penetration in industries including material-handling equipment for automation and growing demand for EVs is expected to drive the market growth.

Restraints

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.

Impact of COVID -19 on India Lithium-Ion Battery Market

COVID-19 pandemic adversely affected lithium-ion battery market in India. Due to battery scarcity in India, 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.

India Lithium-Ion Battery Market

Segmental Coverage

India Lithium-Ion Battery Market – By Type

Based on by type, India lithium-ion battery market has segments Lithium Cobalt Oxide (LCO), Lithium Manganese Oxide (LMO), Lithium Iron Phosphate (LFP), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Nickel Manganese Cobalt (NMC), and Lithium Titanate (LTO). The Lithium Cobalt Oxide (LCO) segment is expected to rise at the highest rate in India during the forecast period. Lithium Iron Phosphate battery is primarily used in electric car power batteries. However, owing the high energy density of Lithium Cobalt Oxide batteries, the Lithium Cobalt Oxide segment is expected to increase at a profitable rate.

India Lithium-Ion Battery Market – By Component

Based on the component, India lithium-ion battery market has segments Cathode, Anode, Electrolytic Solution, and Separator. The cathode segment is estimated 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. However, the Electrolytic Solution segment is expected to increase at a rapid pace because of 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.

India Lithium-Ion Battery Market – By Voltage

Based on the voltage, India lithium-ion battery market is segmented into Low voltage (Below 12V), Medium voltage (12 V–36 V), and High voltage (Above 36V).

India Lithium-Ion Battery Market – By Industry

Based on the application, India lithium-ion battery market is categorized into Consumer Electronics, Automotive, Aerospace, Marine, Medical, and Telecommunications. The automotive segment is expected to hold the highest share in the market because of its quick recharge potential and high power density, as Li-ion batteries are the sustainable technologies that can comply with OEM requirements for automotive drive range and charging time. Furthermore, the growing acceptability and awareness of EVs and government initiatives to boost the use of EVs across the country could propel the growth of India lithium-ion battery market.

India Lithium-Ion Battery Market – By Region

Based on the region, India lithium-ion battery market is segmented into North India, South India, East India, and West India. South India holds the highest share in the market because of thriving EVs and consumer electronics industries.

Competitive Landscape

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 new product launches.

Recent Developments

• In June 2021 – Forsee Power, a France-based battery system manufacturer, initiated the serial production of Li-ion batteries for automobiles, such as electric two wheelers (E2W) and electric three-wheelers (E3W) in Pune (Chakan Industrial Area), Maharashtra, India.

• In February 2021 – Barrel Energy, a US-based Li-ion battery producer, signed a collaboration agreement (MoU) with Hyderabad-based Roshan Energy Technologies to produce and manufacture Li-ion batteries in India and North America.

Scope of the Report

By Type

• Lithium Cobalt Oxide (LCO)

• Lithium Manganese Oxide (LMO)

• Lithium Iron Phosphate (LFP)

• Lithium Nickel Cobalt Aluminum Oxide (NCA)

• Lithium Nickel Manganese Cobalt (NMC)

• Lithium Titanate (LTO)

By Component

• Cathode

• Anode

• Electrolytic Solution

• Separator

By Voltage

• Low (Below 12V)

• Medium (12 V–36 V)

• High (Above 36V)

By Industry

• Consumer Electronics

• Automotive

• Aerospace

• Marine

• Medical

• Telecommunications

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 Lithium-Ion Battery Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising popularity and high adoption of electric vehicles
         2. Increasing consumption of consumer electronics with rechargeable batteries
      2. Restraints
         1. Increasing demand for substitutes of lithium-ion batteries
      3. Opportunities
         1. Increasing government funding in grid installations
      4. Challenges
         1. Excessive heating of batteries
   3. Technological Advancement/Recent Development
   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 Lithium-Ion Battery Market Overview
   1. Market Size & Forecast by Value, 2018–2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. Lithium Cobalt Oxide (LCO)
         2. Lithium Manganese Oxide (LMO)
         3. Lithium Iron Phosphate (LFP)
         4. Lithium Nickel Cobalt Aluminum Oxide (NCA)
         5. Lithium Nickel Manganese Cobalt (NMC)
         6. Lithium Titanate (LTO)
      2. By Components
         1. Cathode
         2. Anode
         3. Electrolytic Solution
         4. Separator
         5. Others
      3. By Voltage   
         1. Low (Below 12V)
         2. Medium (12 V–36 V)
         3. High (Above 36V)
      4. By Industry
         1. Consumer Electronics
         2. Automotive
         3. Aerospace
         4. Marine
         5. Medical
         6. Telecommunications
         7. Others
      5. By Region
         1. North India
         2. South India
         3. East India
         4. West India
5. North India Lithium-Ion Battery Market
   1. 1. Market Size & Forecast by Value, 2018–2028
      2. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Components
      3. By Voltage
      4. By Industry
6. South India Lithium-Ion Battery Market
   1. 1. Market Size & Forecast by Value, 2018–2028
      2. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Components
      3. By Voltage
      4. By Industry
7. East India Lithium-Ion Battery Market
   1. 1. Market Size & Forecast by Value, 2018–2028
      2. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Components
      3. By Voltage
      4. By Industry   
8. West India Lithium-Ion Battery Market
   1. 1. Market Size & Forecast by Value, 2018–2028
      2. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Components
      3. By Voltage
      4. By Industry
9. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. India Lithium-Ion Battery Company Market Share Analysis, 2021
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
10. Impact of Covid-19 on India Lithium-Ion Battery Market Industry
11. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)         
    1. Hitachi India Pvt. Ltd.
    2. AmcoSaft India Limited
    3. Heter Electronics Group Co., Ltd.
    4. LG Chem Ltd.
    5. NEC India Pvt. Ltd.
    6. Panasonic India Pvt. Ltd.
    7. Rajamane Telectric Pvt. Ltd.
    8. Samsung SDI Company Limited
    9. Shenzhen B&K Rechargeable Battery, Inc.
    10. Duracell Inc.
    11. Other Prominent Players
12. Key Strategic Recommendations
13. 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. Assumption & Limitation

List of Figures

Figure 1        India Lithium-Ion Battery Market Segmentation

Figure 2        India Lithium-Ion Battery Market Value Chain Analysis

Figure 3        Porter’s Five Forces Analysis

Figure 4        India Lithium-Ion Battery Market Size, By Value (USD Million), 2018–2028

Figure 5        India Lithium-Ion Battery Market Share, By Type, By Value, 2018–2028

Figure 6        India Lithium-Ion Battery Market Share, By Components, By Value, 2018–2028

Figure 7        India Lithium-Ion Battery Market Share, By Voltage, By Value, 2018–2028

Figure 8        India Lithium-Ion Battery Market Share, By Industry, By Value, 2018–2028

Figure 9        India Lithium-Ion Battery Market Share, By Region, By Value, 2018–2028

Figure 10       North India Lithium-Ion Battery Market Size, By Value (USD Million), 2018–2028

Figure 11       North India Lithium-Ion Battery Market Share, By Type, By Value, 2018–2028

Figure 12       North India Lithium-Ion Battery Market Share, By Components, By Value, 2018–2028

Figure 13       North India Lithium-Ion Battery Market Share, By Voltage, By Value, 2018–2028

Figure 14       North India Lithium-Ion Battery Market Share, By Industry, By Value, 2018–2028

Figure 15       South India Lithium-Ion Battery Market Size, By Value (USD Million), 2018–2028

Figure 16       South India Lithium-Ion Battery Market Share, By Type, By Value, 2018–2028

Figure 17       South India Lithium-Ion Battery Market Share, By Components, By Value, 2018–2028

Figure 18       South India Lithium-Ion Battery Market Share, By Voltage, By Value, 2018–2028

Figure 19       South India Lithium-Ion Battery Market Share, By Industry, By Value, 2018–2028

Figure 20       East India Lithium-Ion Battery Market Size, By Value (USD Million), 2018–2028

Figure 21       East India Lithium-Ion Battery Market Share, By Type, By Value, 2018–2028

Figure 22       East India Lithium-Ion Battery Market Share, By Components, By Value, 2018–2028

Figure 23       East India Lithium-Ion Battery Market Share, By Voltage, By Value, 2018–2028

Figure 24       East India Lithium-Ion Battery Market Share, By Industry, By Value, 2018–2028

Figure 25       West India Lithium-Ion Battery Market Size, By Value (USD Million), 2018–2028

Figure 26       West India Lithium-Ion Battery Market Share, By Type, By Value, 2018–2028

Figure 27       West India Lithium-Ion Battery Market Share, By Components, By Value, 2018–2028

Figure 28       West India Lithium-Ion Battery Market Share, By Voltage, By Value, 2018–2028

Figure 29       West India Lithium-Ion Battery Market Share, By Industry, By Value, 2018–2028

List of Tables

Table 1         India Lithium-Ion Battery Market Size, By Type, By Value, 2018–2028

Table 2         India Lithium-Ion Battery Market Size, By Components, By Value, 2018–2028

Table 3         India Lithium-Ion Battery Market Size, By Voltage, By Value, 2018–2028

Table 4         India Lithium-Ion Battery Market Size, By Industry, By Value, 2018–2028

Table 5         India Lithium-Ion Battery Market Size, By Region, By Value, 2018–2028

Table 6         North India Lithium-Ion Battery Market Size, By Type, By Value, 2018–2028

Table 7         North India Lithium-Ion Battery Market Size, By Components, By Value, 2018–2028

Table 8         North India Lithium-Ion Battery Market Size, By Voltage, By Value, 2018–2028

Table 9         North India Lithium-Ion Battery Market Size, By Industry, By Value, 2018–2028

Table 10        South India Lithium-Ion Battery Market Size, By Type, By Value, 2018–2028

Table 11        South India Lithium-Ion Battery Market Size, By Components, By Value, 2018–2028

Table 12        South India Lithium-Ion Battery Market Size, By Voltage, By Value, 2018–2028

Table 13        South India Lithium-Ion Battery Market Size, By Industry, By Value, 2018–2028

Table 14        East India Lithium-Ion Battery Market Size, By Type, By Value, 2018–2028

Table 15        East India Lithium-Ion Battery Market Size, By Components, By Value, 2018–2028

Table 16        East India Lithium-Ion Battery Market Size, By Voltage, By Value, 2018–2028

Table 17        East India Lithium-Ion Battery Market Size, By Industry, By Value, 2018–2028

Table 18        West India Lithium-Ion Battery Market Size, By Type, By Value, 2018–2028

Table 19        West India Lithium-Ion Battery Market Size, By Components, By Value, 2018–2028

Table 20        West India Lithium-Ion Battery Market Size, By Voltage, By Value, 2018–2028

Table 21        West India Lithium-Ion Battery Market Size, By Industry, By Value, 2018–2028

Table 22        Competitive Benchmarking, By Operating Parameters

Table 23        Mergers, Acquisitions, Partnerships, Joint Ventures, etc.

Table 24        Hitachi India Pvt. Ltd. Company Overview

Table 25        Hitachi India Pvt. Ltd. Financial Overview

Table 26        AmcoSaft India Limited Company Overview

Table 27        AmcoSaft India Limited Financial Overview

Table 28        Heter Electronics Group Co., Ltd. Company Overview

Table 29        Heter Electronics Group Co., Ltd. Financial Overview

Table 30        LG Chem Ltd Company Overview

Table 31        LG Chem Ltd Financial Overview

Table 32        NEC India Pvt. Ltd. Company Overview

Table 33        NEC India Pvt. Ltd. Financial Overview

Table 34        Panasonic India Pvt. Ltd Company Overview

Table 35        Panasonic India Pvt. Ltd Financial Overview

Table 36        Rajamane Telectric Pvt. Ltd. Company Overview

Table 37        Rajamane Telectric Pvt. Ltd. Financial Overview

Table 38        Samsung SDI Company Limited Company Overview

Table 39        Samsung SDI Company Limited Financial Overview

Table 40        Shenzhen B&K Rechargeable Battery, Inc. Company Overview

Table 41        Shenzhen B&K Rechargeable Battery, Inc. Company Overview

Table 42        Duracell Inc. Company Overview

Table 43        Duracell Inc. Financial Overview