India Lithium-Ion Battery Market Size| Latest Innovation, Advance Technology, Top Companies Forecast 2022-2031

The market for lithium-ion batteries in India is expected to grow at a CAGR of 1% during the forecast period. The market value of 2019 is USD 1.89 billion and the estimated market value for the year 2026 is USD 4.84 billion. The COVID-19 pandemic has impacted the lithium-ion industry due to disruption in the supply chain, as the country is largely dependent upon imports of batteries and the required materials such as lithium and cobalt. Factors such as the decline in lithium-ion battery prices along with the emergence of new and exciting markets, i.e., electric vehicle and energy storage systems (ESS), for both commercial and residential applications are expected to be the major drivers for the lithium-ion battery market in India. The lack of prominent reserves required for the manufacturing of lithium-ion batteries is expected to pose a challenge for local production and the market for lithium-ion batteries in the country.

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– The Automotive segment is expected to have significant growth in the Indian lithium-ion battery market during the forecast period.
– The government of India has set an ambitious target of achieving 30% EV sales by 2030 across all modes. Hence, the process toward mass adoption of electric vehicles in the country is expected to create significant opportunities for India’s lithium-ion battery market in the future.
– India’s plans to boost national battery manufacturing are likely to drive the lithium-ion battery market in India.

Key Market Trends

Automotive Segment is Expected to Grow at a Faster Rate

– The automotive segment is expected to grow faster in the market during the forecast period owing to the increasing demand for electric vehicles (EV) and favorable government policies related to an EV. For instance, the Government of India Vision 2030, aims to achieve 100% electrification of public transport and 40% of personal mobility by 2030. In 2019, India’s electric car stock has reached 11,200 vehicles from 3,400 vehicles in 2014. Hence, showing a rapid growth rate over the mentioned years.
– To achieve the vision, the Government of India, In July 2019, announced income tax exemptions for prospective EV buyers and reduced goods and services tax (GST) on EVs from 12% to 5%. Hence, this turn is likely to attract more EV manufacturers in the coming years.
– Furthermore, In December 2020, Tata Chemicals has started work on its lithium-ion cell manufacturing project. The company, along with other manufacturers, was waiting for the government to come out with the PLI scheme since it was in the works for some time now. They are expected to seek incentives under the scheme just like some of the other manufacturers. This is expected to aid the growth of the market.
– On the demand side, in Feb 2021, Ather Energy has started the operation of its new two-wheeled electric vehicle and Li-ion battery manufacturing facility located at Hosur. Therefore, factors, such as upcoming Li-ion battery manufacturing plants majorly focused on electric vehicle applications are expected to boost the demand for Li-ion batteries in LSEV during the forecast period.
– Hence, the factors, such as government support for EV adoption, domestic lithium-ion battery manufacturing, advantages of lithium-ion batteries over lead-acid batteries, and the acquisition of lithium reserves, are expected to boost the growth of lithium-ion batteries in the automotive segment of India.

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