Indian Lithium-Ion Battery Market Grow at CAGR of 14.8% during 2023-2028

According to the latest report by IMARC Group, titled "Indian Lithium-Ion Battery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the India lithium-ion battery market size reached US$ 2.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.9 Billion by 2028, exhibiting a growth rate (CAGR) of 14.8% during 2023-2028.

Indian Lithium-Ion Battery Industry Outlook:

A lithium-ion battery (LIB) is a rechargeable battery that utilizes an intercalated lithium compound as its electrode. Additionally, it comprises graphite anodes, lithium cobalt and manganese, and organic electrodes and works as an electrochemical storage device. In comparison to traditional counterparts, it exhibits a higher energy density, requires minimal maintenance, and has a lower self-discharge rate. Besides this, it also offers an excellent energy-to-weight ratio, high open circuit voltage, and does not require scheduled cycling. As a result, it is extensively adopted across numerous verticals, such as automotive, aerospace, military, and consumer electronics.

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Indian Lithium-Ion Battery Market Demand:

The growing demand for consumer electronics among the masses is driving the market in India. Coupled with the shifting preferences toward compact and portable devices has led to the escalating demand for efficient storage and power backup solutions, thereby catalyzing the demand for lithium-ion batteries. Along with this, the growing adoption of electric vehicles (EVs) due to increasing focus on sustainable development is providing a boost to the market.

Moreover, the widespread utilization of robotic solutions across multiple industries, along with the deployment of smart grids and renewable energy systems, are fostering the market favorably. Other factors, including rapid industrialization and continuous product innovations, are also influencing the market across India.

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

Competitive Landscape with Key Player:

The competitive landscape of the industry has also been examined with some of the lithium-ion battery manufacturers being.

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