India Battery Market Emerging Players, Growth Analysis and Precise Outlook – 2025 | Exide Industries Ltd, Luminous Power Technologies Pvt. Ltd., HBL Power Systems LtdPublicist

The India Battery Market research report 2021 provides a basic overview of the industry including definitions, classifications, applications, and industry chain structure. The India Battery market report provides information regarding market size, share, trends, growth, cost structure, India Battery market competition landscape, market drivers, challenges and opportunity, capacity, revenue, and forecast 2025.

The report delivers a comprehensive overview of the crucial elements of the market and elements such as drivers, current trends of the past and present times, supervisory scenario & technological growth. This report also includes the overall and comprehensive study of the India Battery market with all its aspects influencing the growth of the market. This report is an exhaustive quantitative analysis of the India Battery industry and provides data for making strategies to increase market growth and effectiveness.

The India battery market is expected to grow at a CAGR of more than 15% during 2021 - 2025. 

Competitive Landscape: Exide Industries Ltd, Luminous Power Technologies Pvt. Ltd., HBL Power Systems Ltd, TATA AutoComp GY Batteries Pvt. Ltd., and Okaya Power Pvt. Ltd, and others.

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Key Market Trends

The Automotive Segment is Expected to Witness a Significant Growth in the Market

- India became the fourth largest automobile market in 2018 with sales increasing 8.3% year-on-year to 3.99 million units. It was the seventh-largest manufacturer of commercial vehicles in 2018.

- The two-wheeler segment dominates in the automotive market owing to a growing middle class and a young population. Organized companies sell branded batteries with warranties, while unorganized companies provide no warranty or after-sales, sell recycled batteries and price them at 30-35% discount to branded ones. India Automotive replacement battery market is leading the lead-acid battery market.

- Li-ion batteries make up for the most expensive component of an electric vehicle, accounting for 40-50% of its cost. The high adaptability of EVs projected in India and the changing dynamics of the transportation sector in the country, are expected to rise the demand for lithium-ion batteries in the automotive market.

- With growing solar PV installations and further gaining up in renewable power capacity additions coupled with attractive business for electric vehicles in India, the battery energy storage systems is certain to add more features in automotive segment and gather momentum in the country.

Increasing Demand for Electric Vehicles (EVs) is expected to Drive the Market

- Electric vehicles (EVs) are expected to play a central role in attaining sustainable development goals. In India, the adoption of EV is likely to grow significantly with the increasing demand for clean energy sources. The government has plans to achieve a target of 30% electric vehicle adoption by 2030 powered primarily by electrification of two-wheeler, three-wheeler, and commercial vehicles in India.

- In India, where about more than 3 million fossil fuel-powered passenger vehicles sold annually, few automakers including Mahindra & Mahindra Ltd., Tata Motors Ltd., and Ashok Leyland Ltd. are making EVs domestically. Overseas companies such as Hyundai Motor Co. and Suzuki Motor Corp. are also entering the new segment as the government plans to have green vehicles comprise about a third of its fleet by 2030.

- The market is likely to be dominated by electric three-wheelers as these vehicles are majorly used for passenger carriers. The market for supplying batteries to e-rickshaws, small privately-owned three-wheeler taxis, is expected to grow at a compounded rate of about 20% over the next five years.

- India’s electric car stock has grown from 7 thousands of vehicles in 2017 to 10.30 thousands of vehicles in 2018, showing about 47% growth rate in the market.

- Therefore, the increase in adoption of electric vehicles is expected to drive the battery market in India during the forecast period.

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