The latest report by IMARC Group, titled “India Lithium-Ion Battery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the India lithium-ion battery market size reached a value of US$ 2.5 Billion in 2022. Lithium-Ion batteries are advanced technology rechargeable and reusable batteries that consist of lithium-ion in its electrochemistry. These batteries offer extremely high voltage and charge storage per unit mass and volume compared to other conventional batteries like nickel-cadmium (NiCd) and nickel-metal hydride (NiMH). They also exhibit properties of low self-discharge rate, high energy density and the ability to extend lifetime with improved charging speed. Nowadays, these batteries are commonly utilized in electronic devices, including smartphones, tablets, laptops, clocks, watches, and remote controls.
India Lithium-Ion Battery Market Trends:
The market is primarily driven by the increasing demand for consumer electronics that are compact and portable in nature. Besides this, as consumers are increasingly shifting toward efficient power backup solutions, there has been a significant rise in the demand for lithium-ion batteries across the country. In recent years, the emergence of new electric vehicles (EVs) and hybrid vehicles that offer low self-heating rates and enhanced efficiency for commercial and personal purposes has created vast opportunities for the key players operative in the market. In addition, the Government of India is implementing stringent regulations to control the pollution levels and reduce the carbon footprint. They are also investing in recycling lithium-ion batteries to secure the supply of raw materials like lithium and cobalt as well as reduce the dependence on extracting and refining materials from mineral sources, which is significantly impacting the market growth. Furthermore, the deployment of smart grid and renewable energy systems, especially in rural regions, along with the utilization of robotic solutions in different industries, are creating a positive outlook for the market. Looking forward, the market value is expected to reach US$ 5.9 Billion by 2028, exhibiting a CAGR of 14.8% during the forecast period (2023-2028).
- Based on the product type, the market has been segmented into lithium cobalt oxide, lithium iron phosphate, lithium nickel manganese cobalt, lithium manganese oxide, and others (li-ion nickel cobalt aluminum oxide and li-ion titanate oxide).
- On the basis of the power capacity, the market has been classified into 0 to 3000mAh, 3000 to 10000mAh, 10000 to 60000mAh, and more than 60000mAh.
- The market has been categorized based on the application into consumer electronics, electric vehicles, energy storage, and others.
- Region-wise, the market has been divided into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has been examined in the report, with the detailed profiles of the key players operative in the industry.
|Base Year of the Analysis
||Product Type, Power Capacity, Application, Region
||North India, West and Central India, South India, East India
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