According to a new report published by UnivDatos, the India lithium-ion battery market was valued at USD 1067.80 million in 2021 & is expected to grow at a CAGR of 18.5% from 2022-2030.

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North India dominated the India lithium-ion battery market in the country as the region is home to several major cities, including Delhi, Chandigarh, and Jaipur, which are experiencing rapid industrialization and urbanization. This has resulted in a growing demand for lithium-ion batteries across various sectors, such as automotive, consumer electronics, and renewable energy storage. Furthermore, government initiatives promoting electric vehicles and renewable energy adoption have also boosted the market in this region. For instance, the top four MoUs in the MSME (Micro, Small & Medium Enterprises) sector were all signed by Hong Kong's Tauschen International Pvt Ltd. In 2023. Tauschen E- Motors Pvt Ltd will invest INR 4,100 crore to establish manufacturing facilities for electric vehicles in Agra. Also, the company's Indian subsidiary will establish a lithium battery plant in Agra for which it has signed an MoU for an investment of INR 1,640 crore and is likely to invest a total of INR 10,000 crore in the project.

Further, the North India lithium-ion battery market is expected to grow at a strong CAGR of 18.5% during the forecast period (2022-2030). The automotive and electronics industries have played a crucial role in driving demand for lithium-ion batteries. Additionally, the growing investment in lithium battery production will also drive the growth of the market. For instance, in April 2023, InoxGFL group's flagship company Gujarat Fluorochemicals (GFL), a leader in Fluorine chemistry, planned to invest INR 4500-5000 crore in the next three years in electric vehicle batteries, solar panels, hydrogen fuel cells, and electrolyzers.

Based on battery type, the India lithium-ion battery market is segmented into lithium cobalt oxide, lithium iron phosphate, lithium nickel manganese cobalt, lithium manganese oxide, and others. Amongst them, the lithium cobalt oxide category dominates the growth of the market in 2021. The use of LCO batteries has helped to drive the growth of the lithium-ion battery market in India, particularly in the electric vehicle and energy storage sectors. As demand for these applications continues to grow, it is likely that the use of LCO batteries will continue to play an important role in the development of India's energy infrastructure.

Based on battery form, the India lithium-ion battery market is segmented into cylindrical lithium-ion cell, prismatic lithium-ion cell, and lithium pouch cell. Among them, cylindrical lithium-ion dominates the lithium-ion battery market in the region and will continue to attain during the forecast period as cylindrical batteries are more compact and space-efficient than other battery shapes such as prismatic or pouch cells. This makes it easier to integrate into the design of electric vehicles and allows for more flexibility in terms of the size and shape of the battery pack.

Based on power capacity, the India lithium-ion battery market has been classified into 0 to 3000mAh, 3000 to 10000mAh, 10000 to 50000mAh, and more than 50000mAh. The 0 to 3000mAh category is to grow with a significant CAGR of lithium-ion batteries during the forecast period. The 0 to 3000 mAh category caters to low-power devices such as smartphones, smartwatches, Bluetooth earphones, and other portable consumer electronics. With the increasing adoption of smartphones and wearable devices in India, there is a rising demand for lithium-ion batteries in this category. Manufacturers are focused on improving energy density and optimizing battery life for these devices. The growth of this category is driven by the expanding consumer electronics market and the need for smaller, lightweight batteries with longer operating times.

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Based on application, the lithium-ion battery market has been classified into consumer electronics, electric vehicles, energy storage, and others. The electric vehicles category is to witness higher adoption of lithium-ion batteries during the forecast period. This is mainly due to The electric vehicle segment is witnessing significant growth in India, driven by government incentives, environmental concerns, and the need to reduce dependency on fossil fuels. For instance, the government intends to grow EV sales in India to capture the markets of 30% of private cars, 70% of commercial vehicles, and 80% of two and three-wheelers by 2030.

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