Yahoo Finance India Lithium-Ion Battery Market to Worth US$ 25,309.59 Million by 2031 | Astute Analytica
India lithium-ion battery market was valued at US$ 4,294.80 Million revenue in 2022 and is estimated to reach US$ 25,309.59 million by 2031 at a CAGR of 22.1% during the forecast period.
New Delhi, Feb. 08, 2023 (GLOBE NEWSWIRE) -- As per Astute Analytica, India lithium-ion battery market is rapidly growing and estimated to reach a value of US$ 25,309.59 Million by 2031. This growth is mainly driven by the increasing demand for cost-efficient, lightweight, and longer-lasting batteries in the automotive, consumer electronics, and power industries. The Indian Government has also taken several initiatives to promote the use of these advanced batteries.
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The rapidly growing EV industry in India is propelling the demand for lithium-ion battery market. The Indian government's aim to have all new vehicles sold in 2030 be electric is expected to further increase the demand for these batteries over the next decade. Currently, only a small percentage of vehicles on Indian roads are electric, but this is expected to change rapidly as more charging infrastructure is built and battery prices decline. Several automakers have already announced their plans to launch EVs in India, which will help boost the sales of these vehicles.
To begin with, the Indian Government announced the National Mission on Transformative Mobility and Battery Storage in 2020 to create an ecosystem for manufacturing high-performance, safe, and affordable batteries in India lithium-ion battery market. The government plans to provide incentives to manufacturers and setup a recharge infrastructure to promote the adoption of electric vehicles (EVs). Additionally, the government has launched several schemes such as FAME II and FAME India Scheme to support the manufacturing of EVs and their components, including lithium-ion batteries.
Furthermore, the Indian Government has reduced the GST on all types of lithium-ion batteries from 28% to 18%. This has reduced the cost of production and made lithium-ion batteries more affordable in India. Additionally, the government’s push towards renewable energy sources has also increased the demand for efficient storage solutions such as lithium-ion batteries.
India Lithium-Ion Battery Market is Flourishing but Not Without Challenges
The availability of raw materials and skilled labor is limited in India, which is hampering the growth of the market in the country. Moreover, the presence of stringent environmental regulations and high import tariffs are also creating challenges for the industry.
Despite these challenges, the lithium-ion battery market in India is expected to witness strong growth in the near future. This can be attributed to the increasing demand for cost-effective and efficient energy storage solutions in the automotive, consumer electronics, and power industries. Additionally, the government’s recent initiatives and policy reforms are expected to further boost the industry’s growth.
Going forward, analysts at Astute Analytica expect that India is expected to become one of the largest producers in the global lithium-ion battery market. In order to achieve this goal, the country is focusing on reducing the cost of production by providing tax rebates and other incentives to manufacturers. Additionally, the government also planning to invest in research and development activities to improve the performance of these batteries and make them safer for use in various applications. Moreover, the central government and some of the state governments are coming up with plans to establish a robust recycling system for lithium-ion batteries to reduce their environmental impacts and ensure their long-term sustainability.
Lithium Cobalt Oxide to Generate over 35% Revenue of India Lithium-Ion Battery Market
The use of Lithium Cobalt Oxide (LCO) batteries in India is rapidly growing due to the increasing popularity of electric cars and the surge in demand for electronic devices such as laptops, tablets, and smartwatches. India's current lithium-ion battery demand is 3 GWh, but it's expected to reach 20 GWh by 2026 and 70 GWh by 2030, according to Arthur D Little.
To meet this growing demand, India needs to advance its battery manufacturing capabilities. Currently, India lacks sources of lithium and cobalt, which makes manufacturers rely on foreign suppliers. This presents a challenge for India in keeping up with the rapidly increasing demand for lithium-ion batteries.
However, some manufacturers in India lithium-ion battery market are making progress in developing advanced lithium-ion battery technologies. Inox Wind and Bhoruka Aluminium have partnered to create a new process for producing lithium-ion cells from LCO, which is expected to reduce the cost of manufacturing. Exicom Tele-Systems Ltd is also producing lithium-ion cells used in various products, from industrial and medical equipment to electric vehicles.
The Indian government is promoting the development of lithium-ion battery manufacturing by setting up cell centers at research institutes and universities and offering financial support to companies investing in the sector. This will not only help India meet the growing demand but also create jobs, stimulate economic growth, and reduce dependence on foreign sources of batteries.
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Lithium-Ion Batteries with Storage Capacity of More Than 60,000 mAh to Grow at CAGR of 28% in India Lithium-Ion Battery Market
The demand for lithium-ion batteries with storage capacity greater than 60,000 mAh is growing as the world transitions to smarter and more connected technology. These batteries are used in various applications such as electric vehicles, AI-powered electronic devices, and more. The India lithium-ion battery market of such batteries is expected to grow at a CAGR of 28% from 2023 to 2031, driven by factors such as the rising popularity of electric vehicles, advancements in the automotive industry, growing demand for consumer electronics, and increased emphasis on renewable energy sources.
In India, the government has launched several initiatives to promote the usage of electric vehicles, such as offering subsidies, tax deductions, and other incentives. As a result, the electric vehicle market in India is expected to grow rapidly in the coming years. The implementation of stringent regulations against emission of pollutants is also benefiting the market. The country's emphasis on renewable energy sources, such as wind and solar, is also fueling the demand for larger storage capacity lithium-ion batteries to store excess electricity. The decreasing cost of lithium-ion batteries has further augmented their usage in electrical grid storage solutions in India.
According to a report by the NITI Aayog and Rocky Mountain Institute, India aims to have at least 30% of its vehicles run on electricity by 2030, which will drive the demand for lithium-ion battery market in India. The government has also set a target to have 500 gigawatts of renewable energy capacity by 2030, which will further increase the demand for lithium-ion batteries with more than 60,000 mAh capacity for energy storage.
South Indian States in India Lithium-Ion Battery Market at the Forefront
South India is emerging as a key player in the market with states like Andhra Pradesh, Telangana, and Karnataka leading the way. Andhra Pradesh has established India's first lithium cell manufacturing facility in Tirupati, backed by an investment of 165 crore Rupees. The facility is expected to produce high-quality cells for EVs and energy storage systems.
Telangana has attracted investments from over 20 companies, including foreign ones, to create a favorable ecosystem for the industry. The state is promoting electric vehicles and energy storage solutions, further driving the growth of the lithium-ion battery market.
Karnataka has also attracted investments from domestic and international companies to develop an integrated ecosystem for the market, including setting up a dedicated lithium-ion battery park. The state is promoting the adoption of EVs and energy storage solutions to enhance market growth.
The South Indian states are making significant contributions to the growth of the lithium-ion battery market in India through various initiatives and investments. With an estimated demand of 70 GWh by 2031, South India is poised to reap the benefits of this growing industry.
Prominent Players in India Lithium-Ion Battery Market:
ISRO
Amara Raja Group
HBL Power Systems Limited
EON Electric Ltd.
Exide Industries Ltd.
Microtex Energy Pvt. Ltd.
Mercom Capital Group, LLC
Tata Chemicals
Bharat Heavy Electricals Ltd.
BYD Company
LG Chem
Panasonic Corporation
Samsung SDI
BAK Group
Hitachi Corporation
Johnson Controls
Toshiba Corporation
Other Prominent Players
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