According to the latest report by IMARC Group, titled “India Rechargeable Battery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the India rechargeable battery market size reached US$ 6.8 Billion in 2022. A rechargeable, or accumulator battery, refers to a secondary device that converts chemical energy into electrical energy. It consists of an electrolyte, anode, and cathode that produces current through electrochemical and reversible cell reactions, allowing the product to regain its electrical potential when exposed to the current. Unlike conventional batteries, a rechargeable battery is placed in a charger after the battery power is completely drained. The solution provides enhanced durability, produces less waste, and offers optimal convenience at minimal operational costs. Apart from this, it is more reliable, energy-efficient, ecological, and sustainable, due to which it is extensively employed for applications in consumer devices, automobiles, tools, and uninterruptible power supplies. At present, a rechargeable battery is available in various shapes and sizes, varying from industrial megawatt systems to button-sized cells.
India Rechargeable Battery Market Trends:
The widespread incorporation of rechargeable batteries in various bio-based and lightweight vehicles, such as golf carts, motorized wheelchairs, electric forklifts, and electric bicycles, represents a prime factor currently driving the market growth in India. In line with this, the increasing demand for electric vehicles (EVs) due to inflating prices of fossil fuels is also positively contributing to the market growth. This is further supported by the rising environmental concerns and the growing awareness amongst consumers regarding the detrimental impact of traditional batteries, including air acidification and global warming. Furthermore, the escalating need for portable consumer electronic devices, such as smartphones, tablets, music players, digital cameras, laptops, and remote controls, is acting as another factor facilitating the product demand. Moreover, favorable initiatives by the Government of India (GoI) to promote the manufacturing of automotive and rechargeable battery technologies, such as the flow battery, which can improve the power output without taking up extra space, are propelling the market growth. Additionally, the fueling employment of lead-acid batteries as an uninterruptible power source (UPS) across various industries in the country is favoring the market growth. Other factors, such as rapid industrialization, the easy availability of high-performance batteries across multiple distribution channels, and the recent manufacturing of bio-based rechargeable product variants by key players, are positively stimulating the market growth. Looking forward, the market value is projected to reach US$ 10.9 Billion by 2028, expanding at a CAGR of 8% during 2023-2028.
- On the basis of the battery type, the market is segregated into lead-acid, Li-ion, NiMH, NiCd, and other batteries.
- Based on the capacity, the market is categorized into 150 - 1000, 1300 - 2700, 3000 - 4000, 4000 - 6000, 6000 - 10000, and more than 10000 mAh.
- On the basis of the application, the market has been divided into consumer electronics, power stations, automotive, defense, and others.
- On a regional basis, the market is segmented into North, West and Central, East, and South India.
- The competitive landscape of the industry has also been examined, covering the competitive structure and key player profiles.
|Base Year of the Analysis
||Battery Type, Capacity, Application, Region
||North India, West and Central India, South India, East India
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