India Lithium-ion Battery Market Size, Share & Trends Analysis Report By Product (Lithium Cobalt Oxide, Lithium Iron Phosphate), By Component, By Capacity, By Voltage, By Battery Type, By Application, By Region, And Segment Forecasts, 2024 - 2030

India Lithium-ion Battery Market Size, Share & Trends Analysis Report By Product (Lithium Cobalt Oxide, Lithium Iron Phosphate), By Component, By Capacity, By Voltage, By Battery Type, By Application, By Region, And Segment Forecasts, 2024 - 2030

India Lithium-ion Battery Market Growth & Trends

The India lithium-ion battery market size is anticipated to reach USD 6.60 billion by 2030 and is anticipated to expand at a CAGR of 38.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. This growth is largely driven by the increasing demand for electric vehicles (EVs), renewable energy storage solutions, and advancements in portable electronics. As India intensifies its focus on reducing carbon emissions and enhancing energy efficiency, lithium-ion batteries are becoming essential for powering the nation’s transition to sustainable energy systems. The rising adoption of EVs, supported by government incentives and initiatives, has particularly spurred the demand for high-performance batteries. Additionally, the growing need for reliable energy storage in renewable energy projects is further propelling the market.

This rapid growth reflects the broader technological advancements and increasing investments in battery manufacturing and infrastructure development within the country. The market's expansion is also fueled by innovations aimed at improving battery life, efficiency, and safety, catering to diverse applications across various industries. As India continues to modernize its energy and transportation sectors, the market is expected to play a pivotal role in driving the country's sustainable growth and reducing its dependence on fossil fuels.

Companies are increasingly focusing on expansion of India lithium-ion battery facility in order to increase their foothold in market. For instance, In August 2023, Nsure Reliable Power Solutions (Nsure), a Bengaluru-based company, announced its plans to enter the lithium-ion cell manufacturing market in India. The company plans to invest over INR 1000 crores (USD 119.60 million) to set up a 1 GWh lithium-ion cell manufacturing plant in Malur, Bengaluru. The plant will produce LFP (lithium iron phosphate) pouch cells with the potential to expand to 5 GWh or more in the future.

India Lithium-ion Battery Market Report Highlights

• Lithium Nickel Manganese Cobalt (NMC) dominated the product segment with more than 33.0% share in 2023 owing to its high energy density, long cycle life, and versatility in various applications. These attributes make NMC batteries particularly favored for electric vehicles and energy storage systems.
• Cathode dominated the component segment owing to its critical role in determining the battery's energy capacity, performance, and overall efficiency. Its importance in enhancing battery life and stability makes it a key focus area in lithium-ion battery development.
• 3,001 to 10,000 mAH dominated capacity segment and accounted for revenue share of 34.17% in 2023, owing to its widespread use in portable electronics like smartphones and tablets, where a balance between battery life and device size is crucial. This capacity range offers sufficient power for daily usage while maintaining compact form factors.
• Medium (12 V to 36 V) dominated the voltage segment in terms of revenue, accounting for a market share of more than 42.0% in 2023, due to its widespread application in automotive and industrial equipment, where it provides an optimal balance of power and efficiency. This voltage range is particularly favored for electric vehicles and energy storage systems.
• Prismatic dominated the battery type segment in terms of revenue, accounting for a market share of more than 44.0% in 2023, due to their compact design and high energy density, making them ideal for use in portable electronics and electric vehicles.
• Consumer electronics dominated the application segment with more than 28.0% share in 2023 owing to the rising demand for smartphones, laptops, and wearable devices that require high-performance, long-lasting batteries. The continuous innovation in electronic gadgets has driven the need for reliable and efficient energy storage solutions.
• North India dominated the market owing to its significant industrial base, high demand for electric vehicles, and large-scale renewable energy projects. Additionally, the region's growing technology and manufacturing sectors have spurred increased adoption of advanced battery technologies.
• In February 2024, Epsilon Advanced Materials (EAM) acquired an LFP cathode active material technology facility in Moosburg, Germany. This acquisition makes EAM the earliest international company proficient in providing both anode and cathode materials for lithium-ion batteries. This acquisition positions India as the first country in Asia Pacific outside of China to produce LFP cathode materials. EAM plans to construct a large-scale customer qualification facility in India in 2025, which will scale up to 100,000 tons of production by 2030.

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