India Lithium-ion Battery Market Size, Share & Trends Analysis Report By Product (LCO, LiFePO4, NCA, LMO, LTO, NMC), By Application, And Segment Forecasts, 2024 - 2030

India Lithium-ion Battery Market Size, Share & Trends Analysis Report By Product (LCO, LiFePO4, NCA, LMO, LTO, NMC), By Application, And Segment Forecasts, 2024 - 2030

India Lithium-ion Battery Market Growth & Trends

The India lithium-ion battery market size is anticipated to reach USD 5.62 billion by 2030, registering a CAGR of 23.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing use of smartphones, laptops, tablets, and similar consumer electronics drives the demand for lithium-ion batteries. According to the BBC, India had over 650 million smartphone users in 2023, making it one of the largest potential markets for lithium-ion batteries in the consumer electronics segment.

The COVID-19 pandemic negatively affected the market. The pandemic led to widespread disruptions in supply chains, manufacturing operations, and demand for consumer electronics, electric vehicles (EVs), and energy storage systems powered by lithium-ion batteries. One of the significant impacts of the pandemic on the market was the disruption in production and logistics. Many battery manufacturers faced challenges sourcing raw materials, components, and equipment due to lockdowns, travel restrictions, and supply chain disruptions. It resulted in delays in production, reduced manufacturing capacity, and increased lead times for lithium-ion batteries.

Portable electronic gadgets are an integral part of modern life, offering convenience, connectivity, and productivity to users across the globe. The increasing reliance on these devices for communication, entertainment, work, and leisure activities has led to a surge in demand for high-performance energy storage solutions that can power these devices efficiently and reliably. Smartphones, in particular, have become universal and essential tools for communication, social interaction, and accessing information on the go. The demand for smartphones with advanced features, larger screens, faster processors, and enhanced capabilities has driven the need for more robust and energy-efficient batteries to support these functionalities.

Furthermore, the increasing integration of renewable energy sources, such as solar and wind power, into the grid has created a pressing need for efficient energy storage solutions. However, solar and wind power generation is inherently irregular and dependent on weather conditions, leading to fluctuations in energy output that may only sometimes align with electricity demand patterns. By storing surplus energy when it is abundant and discharging it when needed, energy storage solutions help balance supply and demand on the grid, optimize energy utilization, and enhance grid stability, thus boosting product demand.

India Lithium-ion Battery Market Report Highlights

• Based on the product, the lithium nickel manganese cobalt (NMC) segment accounted for the largest revenue share of 28.5% in 2023. It can be attributed to the rising demand for smart devices, such as laptops and smartwatches
• The lithium-iron phosphate (LiFePO4) segment is expected to witness the fastest CAGR from 2024 to 2030, led by the increasing demand for long cycle life and high energy density batteries
• Based on application, the automobile segment is anticipated to grow at a rapid CAGR over the forecast period owing to the emerging governmental initiatives and policies for EV adoption
• In February 2024, Battrixx launched a high-voltage battery package for commercial vehicles and tractors at the Bharat Mobility Global Expo 2024
• The products are designed for 40hp and 27hp tractors, 15kW batteries for 0.5-tonne vehicles, and 32kW for 2-tonne vehicles. These batteries feature active cooling, increased energy density, a higher life cycle, and faster charging

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