
Study Period | 2019 - 2030 |
Base Year For Estimation | 2024 |
Forecast Data Period | 2025 - 2030 |
Market Size (2025) | USD 5.78 Billion |
Market Size (2030) | USD 16.09 Billion |
CAGR (2025 - 2030) | 22.72 % |
Market Concentration | Low |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
India Lithium-ion Battery Market Analysis
The India Lithium-ion Battery Market size is estimated at USD 5.78 billion in 2025, and is expected to reach USD 16.09 billion by 2030, at a CAGR of 22.72% during the forecast period (2025-2030).
India's lithium-ion battery industry is undergoing a transformative phase with significant technological advancements and infrastructure development. The consumer electronics sector, particularly smartphones, has emerged as a crucial demand driver, with mobile phone exports reaching USD 5.5 billion during April-August 2023-24, demonstrating the country's growing manufacturing capabilities. The deployment of 5G technology has further accelerated the demand for high-performance batteries, with 5G subscribers expected to reach 130 million by the end of 2023, creating additional pressure for advanced battery solutions that can support increased power consumption in modern devices.
The discovery of domestic lithium reserves has marked a pivotal moment for India's battery manufacturing ecosystem. In February 2023, the Geological Survey of India discovered significant lithium reserves of approximately 5.9 million tonnes in the Reasi district of Jammu and Kashmir, potentially reducing the country's dependence on imports. This development has attracted substantial investments from major lithium-ion battery manufacturers in India, with companies like Tata Group signing an agreement in June 2023 to construct a lithium-ion cell factory with an investment of USD 1.6 billion in Gujarat, demonstrating the industry's commitment to domestic production capabilities.
The energy storage sector represents a significant growth avenue for the lithium-ion battery industry, with the Central Electricity Authority (CEA) projecting a requirement of approximately 28 GW/108 GWh of Battery Energy Storage System (BESS) capacity by 2030. This demand is driven by the integration of renewable energy sources and the need for grid stabilization. Major players are expanding their manufacturing capabilities, as evidenced by Nexcharge's commencement of production at its lithium-ion battery production in India plant in Gujarat in 2023, which includes an installed capacity of 1.5 GWh for energy storage and automotive applications.
The market is witnessing a surge in research and development activities focused on improving battery technology and manufacturing processes. In May 2023, LOHUM Cleantech and IIT Kanpur announced a strategic collaboration for R&D in sustainability and core areas, focusing on advancing lithium-ion battery technology and techniques for battery raw material quality evaluation. Additionally, companies like International Battery Company (IBC) have announced plans to establish manufacturing facilities, with IBC planning a USD 1 billion lithium-ion battery plant targeting a production capacity of 10 gigawatts by 2028, indicating strong momentum in domestic manufacturing capabilities among lithium battery manufacturers in India.
India Lithium-ion Battery Market Trends
Declining Cost of Lithium-Ion Batteries
The lithium-ion battery industry has witnessed a remarkable decline in lithium battery prices, making it increasingly competitive and accessible across various applications. According to the International Energy Agency, lithium-ion battery prices have experienced a dramatic reduction of over 90% in less than 15 years, with prices plummeting from USD 1,400 per kWh in 2010 to USD 139 per kWh in 2023. This substantial price reduction can be attributed to technological advancements, improved manufacturing processes, and economies of scale achieved through increased production volumes. The availability of advanced manufacturing facilities and a skilled workforce in India has further contributed to maintaining lower prices compared to global averages.
The discovery of domestic lithium reserves has created a promising outlook for further cost reductions in the Indian market. In May 2023, the Geological Survey of India (GSI) discovered significant lithium reserves on Revant Hill in Degana, Rajasthan's Nagaur district, which is estimated to fulfill 80% of the country's demand. This discovery, coupled with increasing domestic manufacturing capabilities, is expected to reduce dependency on imports and drive down costs further. For instance, Nexcharge, a joint venture between Exide Industries Limited and Switzerland's Leclanché SA, commenced production at a lithium-ion battery plant in Gujarat in May 2022, with an installed capacity of 1.5 GWh for energy storage and automotive applications. These developments are strengthening lithium-ion as the preferred battery chemistry across various end-user applications in India, thereby expanding the lithium battery market.
Supportive Government Initiatives and Policies to Adopt Renewable Energy
The Indian government has implemented comprehensive policies and initiatives to accelerate the adoption of renewable energy and associated technologies, including lithium-ion batteries. The government has set an ambitious target of achieving 500 GW of renewable energy capacity by 2030, with a strong focus on solar and wind energy integration. Individual states have also introduced supportive policies, such as Rajasthan's renewable energy policy 2023, which aims to achieve 65,000 MW of solar energy capacity by 2030. These targets create a substantial demand for energy storage solutions, particularly lithium-ion batteries, to manage intermittent renewable power generation.
The government's commitment to electric mobility has created additional momentum for the lithium battery market. According to the Ministry of Road Transport and Highways (MORTH), EV registrations increased by 134,434 units in 2023 compared to 2022, with total sales reaching 1,504,012 units over two years. To support this growth, the government has extended the FAME II scheme until March 2024 and increased the investment from INR 10,000 crore to INR 11,500 crore (USD 1,387.4 million). The scheme includes provisions for charging infrastructure development and higher subsidy incentives, increasing from INR 10,000 per kWh to INR 15,000 per kWh. These initiatives, combined with state-level policies offering subsidies, tax incentives, and land allotment for manufacturing facilities, are creating a favorable environment for the growth of the lithium-ion battery market in India, enhancing the battery market share in India.
Segment Analysis: Application
Automotive Segment in India Lithium-ion Battery Market
The automotive segment dominates the Indian lithium-ion battery market size, holding approximately 41% of the market share in 2024. This segment's prominence is driven by the government's ambitious target of achieving 30% electric vehicle penetration for private cars, 70% for commercial vehicles, and 80% for two and three-wheelers by 2030. The government's extension of the FAME II scheme until March 2024, along with increased investment from INR 10,000 crore to INR 11,500 crore, has provided significant momentum to this segment. Major automotive manufacturers like Tata Motors, Mahindra & Mahindra, Kia, and Hyundai have announced investments of nearly USD 5.4 billion to expand their EV manufacturing capacity in India. The discovery of lithium reserves in the Reasi district of Jammu and Kashmir, coupled with preliminary studies by BARC confirming 2.5 million metric tons of lithium resources in Rajasthan's Nagpur area, has further strengthened the automotive segment's growth prospects. The segment is experiencing rapid expansion due to increasing consumer awareness, improving charging infrastructure, and declining battery costs.

Portable Segment in India Lithium-ion Battery Market
The portable segment represents a significant portion of the Indian lithium battery industry, driven by the increasing adoption of consumer electronics such as smartphones, laptops, tablets, and wearable devices. The segment's growth is fueled by rising disposable incomes, improving living standards, and the ongoing digital transformation across various sectors. India's position as a major smartphone market after China, with 144-145 million shipments in 2023, has created substantial demand for lithium-ion batteries in portable applications. The emergence of 5G technology, with an expected 130 million subscribers by the end of 2023, has further accelerated the demand for high-performance portable batteries. The trend toward miniaturization and lightweight designs in consumer electronics continues to drive innovation in lithium-ion battery technology for portable applications.
Remaining Segments in Application
The other applications segment encompasses various uses of lithium-ion batteries in power tools, medical devices, and industrial equipment. This segment has gained significant traction due to the increasing adoption of cordless power tools in construction and industrial sectors, driven by their improved efficiency and convenience. In the medical sector, lithium-ion batteries are crucial for powering various devices such as wheelchairs, medical carts, and mobile instrumentation equipment. The segment also includes applications in defense, where lithium-ion batteries are valued for their high energy density and reliability in extreme conditions. The Indian Navy's interest in developing lithium-ion battery systems for submarines and other military applications has created new opportunities in this segment.
India Lithium-ion Battery Market
Top Companies in India Lithium-ion Battery Market
The Indian lithium-ion battery market features a mix of domestic and international players, with companies like CATL, LG Energy Solution, Bharat Electronics Limited (BEL), and Exicom Tele-Systems leading the segment. The Indian battery industry is characterized by significant product innovation efforts, particularly in developing advanced battery chemistries and improving energy density capabilities. Companies are focusing on vertical integration strategies to secure raw material supply chains and reduce dependency on imports. Operational agility is demonstrated through flexible manufacturing capabilities and customized solutions for different end-user segments. Strategic partnerships and collaborations, especially between global technology providers and local manufacturers, are becoming increasingly common to enhance market presence. Companies are also expanding their manufacturing footprint through greenfield investments and capacity additions, while simultaneously investing in research and development facilities to drive technological advancement.
Market Structure Shows Dynamic Growth Potential
The Indian lithium-ion battery market exhibits a moderately consolidated structure with a balanced presence of both global conglomerates and domestic specialists. Global players bring advanced technology expertise and established manufacturing processes, while local companies leverage their market understanding and distribution networks. The market is witnessing increased participation from public sector enterprises and private companies, creating a competitive environment that fosters innovation and quality improvements. The presence of multiple players across different segments of the value chain indicates a maturing market ecosystem, though complete backward integration remains limited among domestic players.
The market is experiencing a wave of consolidation through strategic mergers, acquisitions, and joint ventures, particularly in the electric vehicle and energy storage segments. Companies are forming strategic alliances to overcome technological barriers and achieve economies of scale. Joint ventures between international technology providers and local manufacturers are becoming increasingly common, allowing for technology transfer and local manufacturing capabilities enhancement. The trend of vertical integration is gaining momentum as companies seek to secure their supply chains and reduce dependence on imported components. The market share of battery companies in India is influenced by these strategic movements, positioning them for future growth.
Innovation and Integration Drive Market Success
For established players to maintain and increase their market share, focusing on technological innovation and cost optimization through economies of scale is crucial. Companies need to invest in research and development to improve battery performance, safety, and longevity while reducing manufacturing costs. Building strong relationships with raw material suppliers and developing local supply chains will be essential for long-term success. Established players must also focus on developing comprehensive service networks and after-sales support to maintain customer loyalty and market position.
New entrants and contenders can gain ground by focusing on specific market segments or applications where they can build competitive advantages. Developing innovative business models, such as battery-as-a-service or recycling solutions, can help differentiate their offerings. The regulatory environment, particularly government initiatives promoting domestic manufacturing and electric vehicle adoption, will significantly influence market dynamics. Success will also depend on companies' ability to adapt to evolving end-user requirements across different sectors, from electric vehicles to energy storage systems, while maintaining product quality and safety standards. Among the leading lithium-ion battery manufacturers in India, leveraging these strategies is key to capturing market opportunities.
India Lithium-ion Battery Market Leaders
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TDS Lithium-Ion Battery Gujarat Private Limited (TDSG)
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Bharat Electronics Limited (BEL)
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Telemax India Industries Pvt. Ltd.
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Toshiba Corporation
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Okaya Power Group
- *Disclaimer: Major Players sorted in no particular order

India Lithium-ion Battery Market News
- March 2024: Panasonic Energy Co Ltd, a subsidiary of Panasonic Group, a Japan-based multinational electronics company, will form a joint venture with Maharatna PSU Indian Oil Corporation Ltd, the nation's biggest oil firm, to manufacture cylindrical lithium-ion batteries.
- January 2024: Automotive battery maker - Amara Raja Batteries Ltd announced its plans to operate a gigafactory before the end of 2025. In May 2023, the company laid the foundation stone for one of its first gigafactories in the Mahbubnagar district in Telangana, India, that is expected to produce Lithium Cell and Battery Packs with a capacity of up to 16 GWh and 5 GWh, respectively.
- December 2023: Himadri Speciality Chemical Ltd announced its plan to invest INR 48.00 billion (USD 576 million) over the next 5-6 years in setting up a plant that is likely to produce 2 lakh tonnes of lithium iron phosphate, a key material for making lithium-ion batteries used in electric vehicles.
India Lithium-ion Battery 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 Lithium-ion Battery Price Trend Analysis, Global, till 2029
- 4.4 Recent Trends and Developments
- 4.5 Government Policies and Regulations
- 4.6 Investment Opportunities
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4.7 Market Dynamics
- 4.7.1 Drivers
- 4.7.1.1 Declining Cost Of Lithium-ion Batteries
- 4.7.1.2 Increasing Adoption of Electric Vehicles
- 4.7.2 Restraints
- 4.7.2.1 Demand and Supply of Raw Materials for Battery Manufacturing
- 4.8 Supply Chain Analysis
- 4.9 PESTLE Analysis
- 4.10 Cost Analysis
- 4.11 Price Analysis
5. MARKET SEGMENTATION
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5.1 Application
- 5.1.1 Portable
- 5.1.2 Automotive
- 5.1.3 Other Applications
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 TDS Lithium-Ion Battery Gujarat Private Limited (TDSG)
- 6.3.2 Bharat Electronics Limited (BEL)
- 6.3.3 Telemax India Industries Pvt. Ltd.
- 6.3.4 Future Hi-Tech Batteries
- 6.3.5 Amperex Technology Limited
- 6.3.6 Nexcharge (JV: Leclanché and Exide Industries)
- 6.3.7 Exicom Tele-Systems Limited
- 6.3.8 Inverted Energy Private Limited
- 6.3.9 Vision Mechatronics Pvt. Ltd.
- 6.3.10 Toshiba Corporation
- 6.3.11 Trontek Group
- 6.3.12 Okaya Power Group
- 6.3.13 iPower Batteries Pvt. Ltd.
- *List Not Exhaustive
- 6.4 Market Ranking Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 The Increasing Recycling Activities of Lithium-Ion Batteries in the Country
India Lithium-ion Battery Industry Overview
A lithium-ion battery is a rechargeable battery that consists of an anode, cathode, and electrolyte. Different types of anode and cathode materials give designers the flexibility to design batteries depending on their applications. Lithium-ion batteries are preferred over other batteries mainly due to their high energy density.
India's lithium-ion battery market is segmented by application. By application, the market is segmented by application into automotive, industrial, portable, and other power tool batteries.
Each segment's market sizing and forecasts are based on revenue (USD).
Application | Portable |
Automotive | |
Other Applications |
India Lithium-ion Battery Market Research FAQs
How big is the India Lithium-ion Battery Market?
The India Lithium-ion Battery Market size is expected to reach USD 5.78 billion in 2025 and grow at a CAGR of 22.72% to reach USD 16.09 billion by 2030.
What is the current India Lithium-ion Battery Market size?
In 2025, the India Lithium-ion Battery Market size is expected to reach USD 5.78 billion.
Who are the key players in India Lithium-ion Battery Market?
TDS Lithium-Ion Battery Gujarat Private Limited (TDSG), Bharat Electronics Limited (BEL), Telemax India Industries Pvt. Ltd., Toshiba Corporation and Okaya Power Group are the major companies operating in the India Lithium-ion Battery Market.
What years does this India Lithium-ion Battery Market cover, and what was the market size in 2024?
In 2024, the India Lithium-ion Battery Market size was estimated at USD 4.47 billion. The report covers the India Lithium-ion Battery Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the India Lithium-ion Battery Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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India Lithium-ion Battery Market Research
Mordor Intelligence offers expert analysis of the rapidly expanding lithium-ion battery manufacturing landscape in India. With a comprehensive understanding of battery industry growth and the lithium-ion battery demand forecast, our research delves into the ecosystem of lithium battery manufacturers in India. This includes both established players and upcoming battery companies in India.
The report provides detailed insights into the battery market size in India, covering aspects such as lithium-ion battery chemical manufacturers and electric battery companies in India. It places particular focus on lithium-ion battery manufacturers in India for electric vehicles.
This thorough industry analysis benefits stakeholders by offering comprehensive data on lithium-ion battery manufacturing company operations. It includes information on lithium battery manufacturing company shares and production capabilities. The report is available in an easy-to-read PDF format for download. It covers crucial aspects such as lithium-ion battery size specifications, battery sizes in India, and emerging trends in lithium-ion battery production in India.
Our analysis supports strategic decision-making for lithium companies in India. It provides valuable insights for investors, manufacturers, and industry participants aiming to understand the evolving landscape of Indian lithium battery manufacturers.