India Lithium-Ion Battery Market to Reach US$ 5.9 Billion by 2028, Accelerated by Rising Utilization of Smart Devices

According to the latest report by IMARC Group, titled "India Lithium-Ion Battery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the India lithium-ion battery market size reached US$ 2.5 Billion in 2022. A lithium-ion (Li-ion) battery is an advanced rechargeable battery that relies on lithium ions as a key component in its electrochemistry. It comprises four main components, such as the cathode, anode, separator, and electrolyte, which act as the medium for the movement of ions from the anode to the cathode and vice versa. It is non-hazardous, offers improved discharge and charge efficiency and does not emit harmful gases. Furthermore, as Li-ion battery has a longer shelf life as compared to lead-acid equivalents, its demand is increasing in India.

India Lithium-Ion Battery Market Trends:

At present, the rising demand for Li-ion batteries, as they are safe to use and require minimum maintenance, represents one of the major factors impelling the market growth in India. Besides this, the Ministry of Electronics and Information Technology is undertaking initiatives to transfer crucial Li-ion battery recycling technology to nine firms and minimize the generation of e-waste. In addition, the growing utilization of smart devices, including smartphones, laptops, and tablets, to access the internet and connect with others is offering a favorable market outlook in the country. Apart from this, the increasing popularity of electric vehicles (EVs), as they are sustainable and help minimize air pollution, is supporting the growth of the market in India. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 5.9 Billion by 2028, exhibiting a CAGR of 14.8% during 2023-2028.     

Market Summary:

• On the basis of 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 aluminium oxide and Li-ion titanate oxide). Presently, lithium cobalt oxide represents the largest segment in the market.
• Based on the power capacity, the market has been classified into 0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh, and more than 60000mAh. At present, 3000mAh to 10000mAh holds the biggest share in the market.
• On the basis of the application, the market has been segregated into consumer electronics, electric vehicles, energy storage, and others. Consumer electronics currently account for the total market share.
• Region-wise, the market has been divided into North India, West and Central India, South India, and East India. Amongst these, North India enjoys the leading position in the market.
• The competitive landscape of the market has been studied in the report along with the detailed profiles of the key players operating in the market.

Report Scope:

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