India Batteries Market Size
| Study Period | 2019- 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 7.20 Billion |
| Market Size (2029) | USD 15.65 Billion |
| CAGR (2024 - 2029) | 16.80 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Batteries Market Analysis
The India Battery Market size is estimated at USD 7.20 billion in 2024, and is expected to reach USD 15.65 billion by 2029, growing at a CAGR of 16.80% during the forecast period (2024-2029).
- Over the medium term, factors such as the emergence of new and exciting markets, i.e., electric vehicles and battery energy storage systems for different applications and the growing usage of automotive batteries in electric vehicles, will likely drive the Indian battery market during the forecast period.
- On the other hand, the absence of lithium-ion domestic manufacturing facilities will likely hinder the growth of the Indian battery market in the studied period.
- Nevertheless, plans for local manufacturing of lithium-ion batteries in India will likely create lucrative growth opportunities for the Indian battery market during the forecast period.
India Batteries Market Trends
Automotive Segment to Witness Significant Growth
- India is expected to be a major investment hotspot for battery companies in the coming years because of policy-level support from the respective governments encouraging the manufacturing sector.
- India is one of the largest automobile markets in the world, and in 2022, the total passenger vehicle production reached 259,318,67 units. The country produced 103,562,6 commercial vehicles in FY-2022.
- The two-wheeler segment dominates the automotive market owing to a growing middle class and a young population. Organized companies sell branded batteries with warranties, while unorganized companies provide no warranty or after-sales, sell recycled batteries, and offer products at a 30-35% discount to branded ones. The Indian automotive replacement battery market is leading the lead-acid battery market.
- In 2022-23, Maruti Suzuki India, the country's largest automaker, had its greatest wholesales, up 19% from 165,265,3 units in 2021-2022 to 196,616,4 units. Domestic shipments climbed by 21% in 2022-23 to 170,683,1 units from 141,427,7 units the previous fiscal year.
- With an increasing population and accessible financing facilities, the automobile sector is expected to grow significantly during the study period. Electric vehicle (EV) sales are expected to support the segment.
- The factors above are expected to help the automotive segment gain significant momentum in the country, which in turn, is expected to help the battery market grow during the forecast period.
Increasing Demand for Electric Vehicles (EVs) to Drive the Market
- Electric vehicles (EVs) are expected to play a central role in achieving the UN Sustainable Development Goals. In India, the adoption of EVs is likely to grow significantly with the increasing demand for clean energy sources. The government has plans to achieve a target of 30% electric vehicle adoption by 2030, powered primarily by the electrification of two-wheeler, three-wheeler, and commercial vehicles in India.
- In India, more than 3 million fossil fuel-powered passenger vehicles are sold annually, and a few automakers, including Mahindra & Mahindra Ltd, Tata Motors Ltd, and Ashok Leyland Ltd, are making EVs domestically. Overseas companies such as Hyundai Motor Co. and Suzuki Motor Corp. are also entering the new segment as the government plans to have green vehicles comprise about a third of its fleet by 2030.
- The market will likely be dominated by electric vehicles that are majorly used by passenger carriers. The demand for supplying batteries to e-rickshaws and small privately-owned three-wheeler taxis is expected to grow by more than 20% in the forecast period.
- As of December 2022, there were more than 1.8 million electric vehicles in India. Over half of India's EVs were three-wheelers, accounting for around 920 thousand. India's electric vehicle market is changing rapidly; it was estimated that by 2035 the automobile market will be fully electric.
- Moreover, in February 2023, Renault and Nissan revealed a new long-term vision for India, including increased production and R&D activities, introducing electric vehicles, and shifting to carbon-neutral manufacturing. The firms will collaborate on six new production vehicles, including two fully electric cars, from their base in Chennai. They are expected to invest approximately USD 600 million to support the new projects.
- Therefore, the increase in the adoption of electric vehicles is expected to drive the battery market in India during the forecast period.
India Batteries Industry Overview
The Indian battery market is fragmented. Some of the major players in the market (in no particular order) include Exide Industries Ltd, Luminous Power Technologies Pvt. Ltd, HBL Power Systems Ltd, TATA AutoComp GY Batteries Pvt. Ltd, and Okaya Power Pvt. Ltd.
India Batteries Market Leaders
Exide Industries Ltd
Luminous Power Technologies Pvt. Ltd.
HBL Power Systems Ltd
TATA AutoComp GY Batteries Pvt. Ltd.
Okaya Power Pvt. Ltd.
*Disclaimer: Major Players sorted in no particular order
India Batteries Market News
- June 2023: Tata Group subsidiary Agratas Energy Storage Solutions Private Limited signed an agreement with the Gujarat government to set up India's first gigafactory for Lithium-Ion batteries in the state. The company will initially invest USD 1.57 billion to set up a 20 gigawatt (GW) unit.
- December 2022: Amara Raja Batteries Limited (ARBL) announced plans to invest over USD 1,148.89 million over ten years in setting up research and development and a greenfield manufacturing plant for lithium-ion battery production in Telangana's Mahbubnagar district.
- June 2022: Researchers at IIT Madras worked on a new battery technology for electric vehicles. They are developing mechanically rechargeable zinc-air batteries instead of the lithium-ion batteries now used in EVs.
India Batteries Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 The Emergence of New and Exciting Markets, i.e., Electric Vehicles and Battery Energy Storage Systems for Different Applications
4.5.1.2 The Growing Usage of Automotive Batteries in Electric Vehicles
4.5.2 Restraints
4.5.2.1 The Absence of Lithium-Ion Domestic Manufacturing Facilities
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Technology
5.1.1 Lithium-ion Battery
5.1.2 Lead-acid Battery
5.1.3 Other Technologies
5.2 Application
5.2.1 SLI Batteries
5.2.2 Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS)), etc.)
5.2.3 Portable (Consumer Electronics, etc.)
5.2.4 Automotive Batteries (HEV, PHEV, and EV)
5.2.5 Other Applications
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Exide Industries Ltd.
6.3.2 Luminous Power Technologies Pvt. Ltd
6.3.3 HBL Power Systems Ltd.
6.3.4 TATA AutoComp GY Batteries Pvt. Ltd
6.3.5 Okaya Power Pvt. Ltd.
6.3.6 Amara Raja Batteries Ltd.
6.3.7 Su-Kam Power Systems Ltd.
6.3.8 Base Corporation Ltd.
6.3.9 Southern Batteries Pvt. Ltd.
6.3.10 Evolute Solutions Pvt. Ltd.
- *List Not Exhaustive
6.4 Market Ranking/Share (%) Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Plans for Local Manufacturing of lithium-Ion Batteries in India
India Batteries Industry Segmentation
A battery is a device that converts chemical energy contained within its active materials directly into electric power using an electrochemical oxidation-reduction (redox) reaction.
The Indian battery market is segmented by technology and application. The market is segmented by technology into lead-acid batteries, lithium-ion batteries, and other technologies. By application, the market is segmented into automotive batteries (HEV, PHEV, and EV), industrial batteries (motive, stationary (telecom, UPS, energy storage systems (ESS)), etc.), portable batteries (consumer electronics, etc.), SLI batteries, and other applications. The market sizing and forecasts have been done for each segment based on revenue (USD).
| Technology | |
| Lithium-ion Battery | |
| Lead-acid Battery | |
| Other Technologies |
| Application | |
| SLI Batteries | |
| Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS)), etc.) | |
| Portable (Consumer Electronics, etc.) | |
| Automotive Batteries (HEV, PHEV, and EV) | |
| Other Applications |
India Batteries Market Research FAQs
How big is the India Battery Market?
The India Battery Market size is expected to reach USD 7.20 billion in 2024 and grow at a CAGR of 16.80% to reach USD 15.65 billion by 2029.
What is the current India Battery Market size?
In 2024, the India Battery Market size is expected to reach USD 7.20 billion.
Who are the key players in India Battery Market?
Exide Industries Ltd, Luminous Power Technologies Pvt. Ltd., HBL Power Systems Ltd, TATA AutoComp GY Batteries Pvt. Ltd. and Okaya Power Pvt. Ltd. are the major companies operating in the India Battery Market.
What years does this India Battery Market cover, and what was the market size in 2023?
In 2023, the India Battery Market size was estimated at USD 5.99 billion. The report covers the India Battery Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Battery Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key factors driving the India Battery Market growth?
The key factors driving the India Battery Market growth are a) Growing usage of automotive batteries in electric vehicles b) Growing demand for battery energy storage for different applications
Battery in India Industry Report
The battery market in India is witnessing substantial growth, with an increasing market share driven by the rising demand for consumer electronics and the emergence of electric vehicles (EVs). The market, segmented into primary and secondary batteries, is seeing a surge in demand for rechargeable batteries such as lithium-ion and alkaline cells, which are extensively used in devices like smartphones, laptops, and digital cameras. The booming demand for these electronics, coupled with the presence of regional automobile manufacturers and government initiatives to increase EV adoption, is propelling the battery market size in India. However, the market faces challenges due to concerns regarding battery safety and improper disposal practices. Despite these hurdles, the introduction of innovative technologies like Nano-Diamond Batteries (NDBs) is creating new opportunities in various sectors, including automotive, aerospace, and electronics. The battery market is further segmented by type, application, and power systems, encompassing a wide range of products and uses. The increasing demand for electric vehicles and the emergence of new markets like battery energy storage systems are expected to further drive the battery market share and size in India. This market forecast outlook and historical overview are part of the comprehensive industry analysis provided by Mordor Intelligence™ Industry Reports. A sample of this industry analysis is available as a free report PDF download, offering insights into the battery market's revenue growth rate and other key statistics.
