India Lithium-ion Battery Market: Current Analysis and Forecast (2025-2033)

India Lithium-ion Battery Market Size & Forecast

The Indian Lithium-ion Battery Market was valued at USD 1,663.96 million in 2024 and is expected to grow at a strong CAGR of around 16.5% during the forecast period (2025-2033), owing to a surge in electric vehicle production.

India Lithium-ion Battery Market Analysis

The Indian lithium-ion battery market is expected to grow significantly during the forecast period due to increasing demand for electric vehicles (EVs) and the growing need for renewable energy sources. The Indian government’s push for EV adoption and the introduction of favorable policies and incentives for EV battery manufacturers are also driving market growth. For instance, by 2030, the Indian government intends to have a fleet that is 30% electric. In addition, the goods and services tax (GST) on EVs was reduced from 12% to 5% in July 2019, and income tax exemptions for potential EV buyers were announced by the Indian government. Moreover, the increasing demand for energy storage solutions for grid-connected renewable energy systems is also expected to boost the market for lithium-ion batteries in India.

India Lithium-ion Battery Market Trends

This section discusses the key market trends that are influencing the various segments of the India Lithium-ion Battery market, as identified by our team of research experts.

Increasing Investments in Battery Manufacturing

Increasing investments in battery manufacturing are a significant opportunity for the Indian lithium-ion battery market. The Indian government has set a target of achieving 175 GW of renewable energy capacity by 2022, which will require a significant increase in the production of lithium-ion batteries. As a result, several industry players are investing in the development of battery manufacturing facilities in India. These investments are expected to support the growth of the lithium-ion battery market by increasing production capacity and improving the supply chain. For instance, Neuron Energy, a Mumbai-based lithium-ion battery manufacturer, will invest ₹500 million (USD6.04 million) to increase production capacity.

India Lithium-ion Battery Industry Segmentation

This section provides an analysis of the key trends in each segment of the India lithium-ion battery market report, along with forecasts at the regional levels for 2025-2033.

The Lithium Cobalt Oxide Market Holds the Largest Share of the India Lithium-ion Battery Market.

Based on battery type, the Indian lithium-ion battery market is segmented into lithium cobalt oxide, lithium iron phosphate, lithium nickel manganese cobalt, lithium manganese oxide, and others. Among them, the lithium cobalt oxide category dominates the growth of the segment. The use of LCO batteries has helped to drive the growth of the lithium-ion battery market in India, particularly in the electric vehicle and energy storage sectors. As demand for these applications continues to grow, the use of LCO batteries will likely continue to play an important role in the development of India’s energy infrastructure.

The Cylindrical Lithium-Ion Market Holds the Largest Share of the India Lithium-Ion Battery Market.

Based on battery form, the Indian lithium-ion battery market is segmented into cylindrical lithium-ion cell, prismatic lithium-ion cell, and lithium pouch cell. Among them, cylindrical lithium-ion dominates the lithium-ion battery market in the region and will continue to do so during the forecast period, as cylindrical batteries are more compact and space-efficient than other battery shapes, such as prismatic or pouch cells. This makes it easier to integrate into the design of electric vehicles and allows for more flexibility in terms of the size and shape of the battery pack.

North India Leads the Market

North India dominated the Indian lithium-ion battery market in the country as the region is home to several major cities, including Delhi, Chandigarh, and Jaipur, which are experiencing rapid industrialization and urbanization. This has resulted in a growing demand for lithium-ion batteries across various sectors, such as automotive, consumer electronics, and renewable energy storage. Furthermore, government initiatives promoting electric vehicles and renewable energy adoption have also boosted the market in this region. For instance, the top four MoUs in the MSME (Micro, Small & Medium Enterprises) sector were all signed by Hong Kong’s Tauschen International Pvt Ltd. In 2023. Tauschen E-Motors Pvt Ltd will invest Rs 4,100 crore to establish manufacturing facilities for electric vehicles in Agra. Also, the company’s Indian subsidiary will establish a lithium battery plant in Agra for which it has signed an MoU for an investment of Rs 1,640 crore and is likely to invest a total of Rs 10,000 crore in the project.

India Lithium-ion Battery Industry Overview

The Indian lithium-ion battery market is competitive and fragmented, with the presence of several country market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions.

Top India Lithium-ion Battery Companies

Some of the major players operating in the market include Tata AutoComp Systems Ltd, LOOM SOLAR PVT. LTD., TDSG, SAMSUNG SDI CO., LTD., Bharat Electronics Limited (BEL), Panasonic Industry Co., Ltd., TOSHIBA CORPORATION, Okaya Power Pvt. Ltd., Hitachi High-Tech Corporation, and Luminous India (Schneider Electric).

Recent Developments in the India Lithium-ion Battery Market

• In Dec-22, GODI India, the first Indian company to get BIS certification to sell lithium-ion cells developed and produced locally, today announced the beginning of production of India’s first-ever 5.2 Ah 21700 cylindrical lithium-ion cells with an energy density of 275 Wh/kg based on silicon anode technology. The electrode composition has been indigenously developed as per the market requirement.

• In Jun-21, the French battery system maker Forsee Power started its series production of lithium-ion batteries for electric two-wheelers (E2W) and electric three-wheelers (E3W) in Pune (Chakan Industrial Area, 35 km from Pune Airport).

• In Jun-21, Tata Motors signed an agreement with BluSmart Electric Mobility for delivering 10,000 XPRES T EVs to the company. This deployment of 10,000 units makes this the biggest ever EV fleet order in India.

India Lithium-ion Battery Market Report Coverage

Reasons to buy the India Lithium-ion Battery Market Report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

• The report presents a quick review of overall industry performance at a glance.

• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.

• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

• The study comprehensively covers the market across different segments.

• Deep dive regional-level analysis of the industry.

Customization Options:

The Indian Lithium-ion Battery market can further be customized as per the requirements of any other market segment. Besides this, UnivDatos understands that you may have your own business needs; hence, feel free to contact us to get a report that completely suits your requirements.