India Battery Market Size (2024 - 2029)

The market size of the Indian Battery Market is predicted to grow significantly in the coming years. Factors such as the emergence of new markets including electric vehicles and battery energy storage systems, and the increasing usage of automotive batteries in electric vehicles, are expected to drive this growth. However, the lack of domestic manufacturing facilities for lithium-ion batteries may pose a challenge to the market's expansion. Despite this, plans for local manufacturing of lithium-ion batteries in India are anticipated to create promising growth opportunities for the market.

Home Market Analysis Energy & Power Research Battery Research India Battery Market Market Size

Market Size of India Battery Industry

India Battery Market Summary
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

rd-img

*Disclaimer: Major Players sorted in no particular order
setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

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 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 Battery Market Size Summary

The Indian battery market is projected to experience substantial growth in the coming years. This growth is primarily driven by the emergence of new markets such as electric vehicles and battery energy storage systems for various applications. The increasing use of automotive batteries in electric vehicles is also expected to contribute to the market's expansion. However, the lack of domestic manufacturing facilities for lithium-ion batteries could potentially hinder this growth. Nevertheless, plans for local lithium-ion battery production in India are likely to present significant growth opportunities for the market. The automotive segment is anticipated to witness considerable growth, with India being a major investment destination for battery companies due to supportive government policies encouraging the manufacturing sector. The increasing demand for electric vehicles (EVs), driven by the government's target for EV adoption and the growing demand for clean energy sources, is expected to further boost the battery market. The market is dominated by several major players, including Exide Industries Ltd, Luminous Power Technologies Pvt. Ltd, and HBL Power Systems Ltd.

Explore More

India Battery Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2029

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 The Emergence of New and Exciting Markets, i.e., Electric Vehicles and Battery Energy Storage Systems for Different Applications

        2. 1.5.1.2 The Growing Usage of Automotive Batteries in Electric Vehicles

      2. 1.5.2 Restraints

        1. 1.5.2.1 The Absence of Lithium-Ion Domestic Manufacturing Facilities

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Technology

      1. 2.1.1 Lithium-ion Battery

      2. 2.1.2 Lead-acid Battery

      3. 2.1.3 Other Technologies

    2. 2.2 Application

      1. 2.2.1 SLI Batteries

      2. 2.2.2 Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS)), etc.)

      3. 2.2.3 Portable (Consumer Electronics, etc.)

      4. 2.2.4 Automotive Batteries (HEV, PHEV, and EV)

      5. 2.2.5 Other Applications

India Battery Market Size FAQs

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.

In 2024, the India Battery Market size is expected to reach USD 7.20 billion.

India Battery Market Report Snapshots

Battery Industry in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)