India Lithium-Ion Battery Market Share, Trends, Forecast and Industry 2024-2032
The India lithium-ion battery market share reached US$ 2.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 8.7 Billion by 2032, exhibiting a growth rate (CAGR) of 12.9% during 2024-2032.
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IMARC Group, a leading market research company, has recently releases report titled “India Lithium-Ion Battery Market Report by Product Type (Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Nickel Manganese Cobalt, Lithium Manganese Oxide, and Others (Li-ion Nickel Cobalt Aluminium Oxide and Li-ion Titanate Oxide)), Power Capacity (0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh, More than 60000mAh), Application (Consumer Electronics, Electric Vehicles, Energy Storage, and Others), and Region 2024-2032”. The India lithium-ion battery market share reached US$ 2.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 8.7 Billion by 2032, exhibiting a growth rate (CAGR) of 12.9% during 2024-2032.
The growing inclination towards the adoption of electric vehicles as well as the increasing need for energy storage solutions are the factors responsible for the growth of the India lithium-ion battery market. Additionally, the use of lithium-ion batteries is escalated by initiatives taken by government authorities including the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, which significantly boosts the EV sector, leading to a higher demand for efficient and reliable lithium-ion batteries. Besides this, the growing consumer electronics market, with a surge in the use of smartphones, laptops, and other portable devices, is also a major driver, as these devices rely heavily on lithium-ion battery technology for longer battery life and efficient performance.
India Lithium-Ion Battery Market Trends:
Key trends in the Indian lithium-ion battery market include technological advancements and increased domestic manufacturing capabilities. Innovations in battery chemistry and design are leading to the manufacturing of batteries with higher energy density, faster charging times, and improved safety features. This is crucial for enhancing the performance and use of EVs and other battery-dependent applications. Furthermore, the government authorities are encouraging local manufacturing of lithium-ion batteries to reduce dependency on imports and strengthen the domestic supply chain.
Initiatives like the Production-Linked Incentive (PLI) scheme are aimed at attracting investments and fostering collaborations between domestic and international players. Apart from this, the focus on recycling and sustainable practices is gaining momentum, with companies exploring efficient ways to recycle lithium-ion batteries and recover valuable materials, which is anticipated to drive the India lithium-ion battery market over the forecasted period.
India Lithium-Ion Battery Market Segmentation:
Breakup by Product Type:
- Lithium Cobalt Oxide
- Lithium Iron Phosphate
- Lithium Nickel Manganese Cobalt
- Lithium Manganese Oxide
- Others (Li-ion Nickel Cobalt Aluminium Oxide and Li-ion Titanate Oxide)
Breakup by Power Capacity:
- 0 to 3000mAh
- 3000mAh to 10000mAh
- 10000mAh to 60000mAh
- More than 60000mAh
Breakup by Application:
- Consumer Electronics
- Electric Vehicles
- Energy Storage
- Others
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Ask Analyst for Customization and Explore Full Report with TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=4476&flag=C
Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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