Rising demand for energy storage systems (ESS), declining prices of Lithium-ion batteries per kWh, and emergent markets for the adoption of electric vehicles have shifted focus to strengthen the Indian Lithium-ion Battery Market. Government initiatives for the movement of this market such as the National Electric Mobility Mission Plan of 2020 aim with the purchase of 6-7 million units of Electric Vehicles (EVs) from 2020 onwards and the goal of 175 GW renewable energy installation by 2022 are expected to push India Lithium-ion battery market in the upcoming forecast period and would accomplish the target of 450 GW by 2030. Furthermore, the aftermarket of Lithium-ion battery market such as its recycling after the completion of the battery life cycle is expected to be a billion dollars (UD$) market in the forecasted period.
Higher energy storage density, minimal self-discharge rate and its safe & stable nature in charging and discharging have increased its demand for the electronics industry such as laptops, smart wearables, smartphones, and drones among others. Such demand arises owing to the huge population base and increasing disposable income in the region. India is the second-highest consumer in the smartphone market segment by the end of 2019. Moreover, the Make in India initiative has urged the local key players in the investment of local manufacturing setup in the country which is projected in the reduced cost of manufacturing of the electronics thus imparting the benefit to the rural population with more affordable goods.
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The portable battery segment is expected to lead the India lithium-ion battery market by making a self-reliant perspective owing to the rising electric vehicle fleet with swapping battery infrastructure and renewable energy storage systems for industrial and residential purposes during the forecast period. Regionally, the metropolitan/civic cities are the major market for the demand of the lithium-ion battery market owing to high gasoline prices presently, reduction of carbon footprints from ICE vehicles, and huge incentives given to the consumer (under FAME II Scheme) for the purchase of EVs such as Gujarat, Maharashtra, New Delhi, and Odisha among others.
However, the absence of raw material for the production of lithium-ion batteries is anticipated to stance the challenge for its local production thus inhibiting the market growth in the country. Additionally, imposing higher import taxes for the lithium-ion battery also hinders the market rise during the forecast period.
Prominent players inducing the India Lithium-ion Battery Market are TDS Lithium-Ion Battery Gujarat Private Ltd (TDSG) (Toshiba Corporation, DENSO Corporation, Suzuki Motor Corporation), Exide Industries (Leclanche's, Nexcharge), TATA Chemicals, Amperex Technology Limited, Li Energy, Manikaran Power Ltd, Epsilon Carbon, Hero Group, Amara Raja, Inverted Energy, Okinawa, Ola, Mahindra, iPower, Gemopai, Benling India, Ampere Electric, HBL Power Systems, JSW, High Energy Batteries, Reliance, Adani, Bharat Electronics Limited, BEL, Carborundum Universal Limited (CUMI), Exicom power solutions, GOCL, Jyoti CNCAutomation Ltd, Thermax Ltd, Sukhbir Agro Energy Limited, National Aluminium Company Ltd (NALCO), Okaya, ACME Cleantech, PuREnergy Pvt Ltd, Grinntech, Future hi-tech Batteries, Pastiche Energy Solutions, Greenfuel Energy Solutions, Amptek, Panasonic, Ctech, Trontek, Cygni energy, among others.
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India Lithium-ion Battery Market Segmentation:
By Product Type
- Lithium Nickel Manganese Cobalt (LI-NMC)
- Lithium Iron Phosphate (LFP)
- Lithium Cobalt Oxide (LCO)
- Lithium Titanate Oxide (LTO)
- Lithium Manganese Oxide (LMO)
- Lithium Nickel Cobalt Aluminum Oxide (NCA)
By Material Type
- Electrolytic Solution
- Others (Foils, Binders, and Separators)
- 0 – 3,000 mAh
- 3,000 – 10,000 mAh
- 10,000 – 60,000 mAh
- 60,000 mAh and Above
- Low (Below 12V)
- Medium (12V – 36V)
- High (Above 36V)
By Industry Vertical
- o Smartphones, tablet/PCs
- o UPS
- o Others (Games, Gardening Tools, and Drilling)
- o Cars, Buses, and Trucks
- o Scooters and Bikes
- o Train and Aircraft
- o Cranes and Forklift
- o Mining Equipment
- o Smart Grid and Renewable Energy Storage
- Others (Medical, Military and Textiles)
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