India Lithium-ion Battery Market: Current Analysis and Forecast (2022-2030)

Report Description

The India lithium-ion battery market was valued at 1,067.80 Mn in year 2021 and is expected to grow at a CAGR of around 18.5% during the forecast period (2022-2030) owing to growing renewable energy integration and a rise in government initiatives in the country. 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.

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; Luminous India Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst battery type, the lithium cobalt oxide category dominates the growth of the segment”

Based on battery type, the India lithium-ion battery market is segmented into lithium cobalt oxide, lithium iron phosphate, lithium nickel manganese cobalt, lithium manganese oxide, and others. Amongst 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, it is likely that the use of LCO batteries will continue to play an important role in the development of India’s energy infrastructure.

“Amongst battery form, the cylindrical lithium-ion dominates the lithium-ion battery market in the region”

Based on battery form, the India 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 attain 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 dominated the India Lithium-Ion Battery Market in 2021”

North India dominated the India 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 Market Report Coverage

Reasons to buy this 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 one 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:

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Research Methodology

Research Methodology for the India Lithium-Ion Battery Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the India lithium-ion battery market were the three major steps undertaken to create and analyze the adoption of lithium-ion battery market in major regions in India. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the India Lithium-Ion Battery Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the India Lithium-Ion Battery Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the India Lithium-Ion Battery Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as battery type, battery form, power capacity, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the India Lithium-Ion Battery Market. Further, we conducted factor analysis using dependent and independent variables such as battery type, battery form, power capacity, and application of the India Lithium-Ion Battery Market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the India Lithium-Ion Battery Market sector.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the India Lithium-Ion Battery Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the India Lithium-Ion Battery Market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the India Lithium-Ion Battery Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the India Lithium-Ion Battery Market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the battery type, battery form, power capacity, and application in the India Lithium-Ion Battery Market.

The main objective of the India Lithium-Ion Battery Market Study

The current & future market trends of the India Lithium-Ion Battery Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the India Lithium-Ion Battery Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the battery type, battery form, power capacity, and application
• Define and analysis of the regulatory framework for the lithium-ion battery market industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the India Lithium-Ion Battery Market for the major region
• Company profiles of the India Lithium-Ion Battery Market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team