India Lithium-ion Battery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The market for lithium-ion batteries in India is expected to register a CAGR of 17.21% during the forecast period. The market value of 2020 is USD 1.66 billion, and the estimated market value for the year 2026 is USD 4.14 billion. The COVID-19 pandemic has impacted the lithium-ion industry due to disruption in the supply chain, as the country is largely dependent upon imports of batteries and the required materials such as lithium and cobalt. Factors such as the decline in lithium-ion battery prices along with the emergence of new and exciting markets, i.e., electric vehicle and energy storage systems (ESS), for both commercial and residential applications are expected to be the major drivers for the lithium-ion battery market in India. However, the lack of prominent raw material reserves required for the manufacturing of lithium-ion batteries is expected to pose a challenge for local production and the market for lithium-ion batteries in the country.
Key HighlightsThe India lithium-ion battery market is fragmented. Some of the major players operating in the market include TDS Lithium-Ion Battery Gujarat Private Limited (TDSG), Bharat Electronics Limited (BEL), Okaya Power Group, Telemax India Industries Pvt Ltd, and Toshiba Corporation.
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