India Lithium-ion Battery Market is dominated by the Automotive Vertical and is Expected to Drive Growth by 2028
Government
initiatives are expected to increase the Lithium-ion Battery Market, during the
forecast period, 2024-2028.
According
to TechSci Research report, India Lithium-ion Battery Market -
By Region, Competition, Forecast and Opportunities, 2028 the India
Lithium-ion Battery market is expected to register a robust growth during the
forecast period, 2024-2028. India has been increasing its production and use of
lithium-ion batteries in recent years, as the country seeks transition to more
sustainable forms of energy and transportation. There are several trends in the
lithium-ion battery market in India, some of the key trends:
Domestic
production
The Indian
government has been promoting the domestic production of lithium-ion batteries
as part of its Make in India initiative. Several major international companies,
such as Tesla and LG Chem, have announced plans to set up battery manufacturing
plants in India. In addition, several Indian companies are investing in
lithium-ion battery production.
Falling
battery prices
The cost of
lithium-ion batteries has been decreasing over the past few years, making EVs
more affordable for consumers. As battery technology continues to improve and
production volumes increase, the cost of lithium-ion batteries is expected to
continue to fall.
Recycling
initiatives
With the
increase in the lithium-ion battery there are growing concerns about the
environmental impact of battery waste. Several companies are working on
developing recycling technologies to recover valuable materials from used
batteries, which can be used to produce new batteries.
Overall,
the lithium-ion battery market in India is expected to grow rapidly in the
coming years, driven by increasing demand for EVs and energy storage solutions,
as well as domestic production and falling battery prices.
The Indian
government has made several investments in lithium-ion battery technology over
the past few years. The government's focus on promoting the adoption of
electric vehicles (EVs) has led to an increased interest in developing domestic
manufacturing capabilities for lithium-ion batteries.
One of the
major initiatives taken by the Indian government in this regard is the
establishment of the National Mission on Transformative Mobility and Battery
Storage. This initiative aims to promote research and development, as well as
domestic manufacturing of advanced batteries, including lithium-ion batteries,
in India. The government has allocated a budget of Rs 10,000 crore for this
mission.
In
addition, the Indian government has launched the Phased Manufacturing Program
(PMP) for EVs and their components, which aims to incentivize domestic
manufacturing of EV components, including lithium-ion batteries. Under this
program, the government has proposed a roadmap to increase the domestic value
addition for EVs and their components, which includes increasing local
production of lithium-ion cells and packs.
To support
these initiatives, the government has provided financial incentives to
manufacturers who set up lithium-ion battery manufacturing facilities in India.
For instance, the government has introduced a production-linked incentive (PLI)
scheme for the manufacturing of advanced chemistry cell (ACC) batteries,
including lithium-ion batteries, with an outlay of Rs 18,100 crore.
Overall,
the Indian government's investments in lithium-ion battery technology are aimed
at promoting domestic manufacturing, reducing the country's dependence on
imported batteries, and accelerating the adoption of EVs in the country.
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India
Lithium-ion Battery Market can be broadly segmented into type, capacity,
vertical, and region. In terms of vertical, the market can be categorized
into consumer electronics, automotive, aerospace, marine, medical,
industrial, power, telecommunications, and others. Among all, automotive is
expected to grow at the highest CAGR as the use of lithium-ion batteries in
automotive applications is gaining popularity in India, particularly in
electric vehicles. Lithium-ion batteries offer several advantages over
traditional lead-acid batteries, including higher energy density, longer life,
and faster charging times. In recent years, the Indian government has taken
several steps to promote the use of electric vehicles, including offering tax
incentives, subsidies, and other benefits to manufacturers and buyers. This has
led to an increase in the production and sale of electric vehicles in India,
and many of these vehicles are equipped with lithium-ion batteries. Several
companies in India are also involved in the production of lithium-ion batteries
for automotive applications, including Exide Industries, Amara Raja Batteries,
and Tata Chemicals. These companies are investing in research and development
to improve the performance and reliability of their batteries, as well as to
reduce their cost. Overall, the use of lithium-ion batteries in automotive
applications is expected to continue to grow in India, particularly as the
government and private sector continue to invest in the development of electric
vehicles and associated infrastructure.
Key market players in the India Lithium-ion Battery market:
- Samsung SDI Co. Ltd
- Panasonic India Pvt. Ltd
- Tata Chemicals Ltd.
- Bharat Heavy Electricals
Limited
- Exide Industries
- Coslight India Telecom Pvt.
Limited
- NEC India Private Limited
- Amara Raja Batteries Ltd
- Rajamane Telectric Pvt.
- Semyung India Enterprises (Pvt)
Ltd
For instance,
- In January 2023, Tata Chemicals
partnered with electronics retailer Croma to launch a range of Lithium-ion
batteries for consumer electronics such as smartphones and laptops. The
batteries would be sold under the brand name "Tata-Croma Ion+".
This move is expected to expand Tata Chemicals' presence in the
Lithium-ion battery market.
- In November 2022, Amara Raja
Batteries invested USD 267 million to set up a Lithium-ion battery
manufacturing facility in Andhra Pradesh. The facility is expected to have
a production capacity of 10 GWh per year and would help the company enter
the Lithium-ion battery market.
- In October 2022, Exide
Industries partnered with Finnish company Valmet Automotive to set up a
Lithium-ion battery plant in India. The plant would have a production
capacity of 5 GWh per year and is expected to start operations by 2025.
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“National Electric Mobility Mission Plan in India targets seven million
electric and hybrid vehicles on Indian roads, which is expected to
significantly push demand for lithium-ion batteries across the country.
Furthermore, technological developments for the use of intelligent and
advanced lithium-ion batteries in energy deficit regions of India is
likely to provide better energy storage solutions in the country,
thereby positively influencing the lithium-ion battery market in the
country in the coming years” said, Mr. Karan Chechi, Research Director with
TechSci Research, a research-based India management consulting firm.
“India Lithium-ion Battery Market By Type (Lithium cobalt oxide (LCO), Lithium
iron phosphate (LFP), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium
Manganese Oxide (LMO), Lithium Titanate (LTO), Lithium Nickel Manganese Cobalt
(LMC)), By Capacity (0-3,000 mAh, 3,000-10,000 mAh, 10,000-60,000 mAh, 60,000
mAh and above), By Vertical (Consumer Electronics, Automotive, Aerospace,
Marine, Medical, Industrial, Power, Telecommunications, Others), By Region, Competition,
Forecast and Opportunities, 2028” has evaluated the future growth potential of
India Lithium-ion Battery market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Lithium-ion
Battery market.
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