India Lithium-Ion Battery Market:
Growth opportunities in the India lithium-ion battery Market look promising over the next six years. This is mainly due to increasing government initiatives for promoting clean energy, emphasis on reduction on oil imports, and tax rebates to support local manufacturing.
India Lithium-Ion Battery Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
One of the crucial drivers contributing to the growth of the Indian lithium-ion batteries includes the surging measures undertaken by the government to promote clean energy and the growing focus to decrease the imports of oil. For example, the government has initiated the Nation Electric Mobility Mission Plan (NEMMP) to encourage the acquisition of hybrid and electric vehicles. Also, under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicle scheme (FAME 2), an investment of INR 10,000 crore by the end of 2022 has been allotted to strengthen the market share. Moreover, the tax benefits presented to OEMs to promote the local production of these batteries will further stimulate the growth of the industry. However, the insufficient availability of raw materials leads to increased OEM dependence on other countries including Australia, Bolivia, and China for imports. Bolivia and India signed a memorandum of understanding in 2019, under which Bolivia will implement lithium carbonate to India, and both the countries will foster into a JV for the production plant of lithium-ion battery in India.
Battery Type Segment Drivers
Based on battery type, Lithium Nickel Manganese Cobalt (Li-NMC) is projected to dominate the market over the forecast period. This is because of the accelerating demand for these batteries, primarily in laptop battery packs, power banks, flashlights, and cordless power tools. Furthermore, the battery contains graphite in the form of anode and lithium nickel manganese cobalt oxide as its cathode, and the energy density ranges between 150-220 Wh/kg. The battery type is prominent owing to its features are analogous to Lithium Iron Phosphate (LFP). Moreover, they provide more safety compared to other battery types and are profitable than LFP.
End-Use Segment
Based on the end-use industry, the automotive is predicted to expand at a faster CAGR over the forecast period. This is due to the growing acceptance of these batteries in two-wheeler and four-wheeler electric vehicles. Also, the leading manufacturers of these batteries, including Exide and AmaraRaja, have rehabilitated in this space with strategies to develop manufacturing plants in the country to meet the fuelling demand for electric vehicles. For example, in 2019, Exide Industries 2019 united with Switzerland-based Leclanch SA, which is the world’s topmost energy storage solution company, to initiate the collection of these batteries in India.
India Lithium-Ion Battery Market Segmentation:
Segmentation by Product Type:
- Lithium Nickel Manganese Cobalt (Li-NMC)
- Lithium Iron Phosphate (LFP)
- Others
Segmentation by Voltage:
- Low (Below 12 V)
- Medium (12 V – 36 V)
- High (Above 36 V
Segmentation by Power Capacity:
- Less Than 3,000 mAH
- 3,000 TO 10,000 mAH
- 10,000 TO 60,000 mAH
- 60,000 mAH to 100 000 mAH
- 100 000 mAH to 200 000 mAH
- > 200 000 mAH
Segmentation by End-Use:
- Consumer electronics
- Tele-communication
- Automotive
- Aerospace & Defense
- Industrial
- Commercial
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