India Electric Vehicle Battery Anode Market Size and Share
| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 5.66 Million |
| Market Size (2030) | USD 11.79 Million |
| CAGR (2025 - 2030) | 15.79% |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India Electric Vehicle Battery Anode Market Analysis by Mordor Intelligence
The India Electric Vehicle Battery Anode Market size is estimated at USD 5.66 million in 2025, and is expected to reach USD 11.79 million by 2030, at a CAGR of 15.79% during the forecast period (2025-2030).
- Over the medium term, the increasing adoption of electric vehicles, government policies, and associated investments in them are likely to drive the market.
- On the other hand, high dependency on imported raw materials is expected to have a negative impact on the market studied.
- Continuous research and development in cathode material is expected to provide future growth opportunities for the market.
- During the study period, lithium-ion batteries are projected to dominate the anode market for electric vehicle batteries in India.
India Electric Vehicle Battery Anode Market Trends and Insights
Lithium Ion Batteries to Dominate the Market
- Lithium-ion batteries are at the forefront of the electric vehicle (EV) revolution. Their superior energy density and extended life cycle make them pivotal to the automotive industry's shift towards sustainable energy solutions.
- In March 2024, the Advanced Carbons Company (TACC), a subsidiary of HEG Limited, unveiled plans to invest USD 220 million in a graphite anode manufacturing plant near Dewas, Madhya Pradesh. This facility, with a capacity of 20 gigawatt-hours, aims to address the future demand for anodes.
- Similarly, in October 2023, Epsilon Advanced Materials (EAM) announced a new anode production unit in Karnataka. EAM's synthetic graphite plant, boasting a capacity of 100,000 tons, is designed to cater to anode needs for lithium cells up to 100 GWh.
- The Indian government's initiatives to reduce reliance on imported lithium minerals and bolster domestic manufacturing are poised to positively influence the country's electric vehicle battery anode market. For example, in July 2024, the Union Government of India scrapped customs duties on imported lithium minerals, a move expected to reduce domestic lithium-ion battery production costs.
- Historically, as lithium-ion battery prices have plummeted, the demand for related components, like anodes, has surged. Bloomberg NEF reported that in 2023, the average price of lithium-ion batteries was USD 139 USD/KWh, marking a dramatic fivefold price drop since 2014. This trend suggests that as lithium-ion battery adoption accelerates due to falling prices, the anode market stands to gain significantly.
- Given these trends in lithium-ion batteries and anode production, India's electric vehicle battery anode market is poised for growth in the coming years.
Government Incentives to Raise Adoption of Electric Vehicles
- Electric vehicles (EVs) play a pivotal role in curbing carbon emissions from the transportation sector. Through its FAME India scheme, the Indian government is incentivizing the adoption of electric and hybrid vehicles, targeting a transition of 30% of total transportation to EVs by 2030. This anticipated surge in EV adoption is poised to bolster the electric vehicle battery anode market in India.
- Similarly, with a substantial outlay of USD 3.09 billion, India's Production Linked Incentive (PLI) scheme has been instrumental in propelling domestic EV manufacturing. Under the PLI scheme, automakers receive a government grant ranging from 13-15% of their annual EV sales value. This incentive not only aims to amplify EV sales but also assists manufacturers in mitigating the costs associated with new technology investments, subsequently driving demand for EV battery anodes.
- In April 2024, the Ministry of Heavy Industries greenlit incentives for 11 EV manufacturers under the newly introduced Electric Mobility Promotion Scheme (EMPS) 2024. Notable companies like Ather Energy, Bajaj Auto, Hero MotoCorp, Ola Electric, and Mahindra secured approvals. Designed to sustain the momentum in EV sales, this scheme supersedes the earlier FAME-II initiative. Such strategic moves are anticipated to favor the electric vehicle battery anode market in India during the forecast period.
- Furthermore, India's electric vehicle market has shown a robust upward trajectory. Data from the International Energy Agency reveals that in 2023, electric car sales in India reached 82,270 units, marking a staggering 70% surge from the prior year. Given this momentum, the demand for EVs in India is set to rise, further energizing the anode market.
- In light of these trends and developments, the India Electric Vehicle Battery Anode Market is poised for growth in the foreseeable future.
Competitive Landscape
The India electric vehicle battery anode market is semi-consolidated, with several players. Some of the major players (not in particular order) include Epsilon, Himadri, HEG Limited, Targray, and PSL Limited.
India Electric Vehicle Battery Anode Industry Leaders
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PSL Limited.
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Epsilon Advanced Materials
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Himadri Speciality Chemical Ltd.
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BASF Shanshan Battery Materials Co.
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Targray Technology International Inc
- *Disclaimer: Major Players sorted in no particular order
Recent Industry Developments
- January 2024: Amara Raja, a leading player in the battery manufacturing arena, has inked a lithium-ion battery technology deal with GIB EnergyX Slovakia s.r.o. This comprehensive agreement grants Amara Raja the capability to manufacture high-quality LFP cells, offered in both cylindrical and prismatic shapes. Looking forward, the anticipated surge in lithium-ion battery production is set to significantly boost the demand for anode components during the forecast period.
- December 2023: Graphite India, an Indian manufacturer of graphite electrodes, has made a USD 6 million investment in compulsory convertible preference shares of GODI India. This strategic investment paves the way for Graphite India to venture into the production of high-powered lithium-ion batteries. Consequently, during the forecast period, a significant uptick in demand for anode components—essential for electric vehicle battery production—is anticipated.
India Electric Vehicle Battery Anode Market Report Scope
In electric vehicle batteries, The anode is the battery component from which electrons flow to the cathode during discharge and to which electrons return during charging.
India's electric vehicle anode market is segmented by battery type and material. By battery type, the market is segmented into Lead Acid Batteries, Lithium-Ion Batteries, and Other Battery Types. By material, the market is segmented into Graphite, Silicon, and Others. For each segment, the market sizing and forecasts have been done based on revenue (USD).
| Lead Acid Batteries |
| Lithium-ion Batteries |
| Other Battery Types |
| Lithium |
| Graphite |
| Silicon |
| Others |
| Battery Type | Lead Acid Batteries |
| Lithium-ion Batteries | |
| Other Battery Types | |
| Material | Lithium |
| Graphite | |
| Silicon | |
| Others |
Key Questions Answered in the Report
How big is the India Electric Vehicle Battery Anode Market?
The India Electric Vehicle Battery Anode Market size is expected to reach USD 5.66 million in 2025 and grow at a CAGR of 15.79% to reach USD 11.79 million by 2030.
What is the current India Electric Vehicle Battery Anode Market size?
In 2025, the India Electric Vehicle Battery Anode Market size is expected to reach USD 5.66 million.
Who are the key players in India Electric Vehicle Battery Anode Market?
PSL Limited., Epsilon Advanced Materials, Himadri Speciality Chemical Ltd., BASF Shanshan Battery Materials Co. and Targray Technology International Inc are the major companies operating in the India Electric Vehicle Battery Anode Market.
What years does this India Electric Vehicle Battery Anode Market cover, and what was the market size in 2024?
In 2024, the India Electric Vehicle Battery Anode Market size was estimated at USD 4.77 million. The report covers the India Electric Vehicle Battery Anode Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the India Electric Vehicle Battery Anode Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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India Electric Vehicle Battery Anode Market Report
Statistics for the 2025 India Electric Vehicle Battery Anode market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Electric Vehicle Battery Anode analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
