India Battery Market Size, Share, Trends, Industry Outlook, Growth and Forecast Report 2025-2033

India Battery Market 2025-2033

According to IMARC Group's report titled "India Battery Market Size, Share, Trends and Forecast by Type, Product, Application, and Region, 2025-2033", the report offers a comprehensive analysis of the industry, including market share, growth, trends, and regional insights.

How Big is the India Battery Industry?

The India battery market size was valued at USD 7.2 Billion in 2024 and is expected to reach USD 14.9 Billion by 2033, exhibiting a growth rate (CAGR) of 8.4% during 2025-2033.

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India Battery Market Trends:

India's battery market is experiencing remarkable transformation, powered by the country's accelerating shift toward electric mobility and sustainable energy solutions. The electric vehicle revolution is reshaping the landscape, with approximately 1.24 million EVs sold in the financial year 2022-2023, marking a substantial jump from 490,210 units in the previous year. This surge reflects growing environmental consciousness among consumers and the government's ambitious target of achieving 30% electric vehicle penetration for private cars, 70% for commercial vehicles, and 80% for two and three-wheelers by 2030.The telecommunications boom is another major catalyst, with India's telecom industry standing as the world's second largest, serving a subscriber base of 1.084 billion as of February 2024. This massive infrastructure requires reliable backup power solutions, making batteries indispensable for cell towers, data centers, and critical network equipment to ensure seamless connectivity across the nation.

Technology innovation is pushing boundaries in the battery sector. Recent breakthroughs include IIT Madras researchers developing mechanically rechargeable zinc-air batteries in May 2022 as a viable alternative to lithium-ion batteries for EVs. These innovative batteries are more economical and offer longer shelf life, specifically designed for two-wheeler and three-wheeler applications. Major manufacturing initiatives are materializing across the country. In January 2025, Mahindra unveiled a cutting-edge battery assembly facility at its Chakan plant, featuring one of the world's most compact battery manufacturing lines with patented processes and Industry 4.0 technology. Meanwhile, LG Energy Solution of South Korea is negotiating with JSW Energy to establish a joint venture for battery manufacturing, with projected investment exceeding USD 1.5 billion.

The renewable energy push is creating additional demand. Solar energy capacity in India increased from 63,390 MW to 73,109 MW between 2022 and 2023, representing a growth rate of 15.33%, while wind energy capacity grew from 41,930 MW to 44,736 MW. Rajasthan's government has set an ambitious solar energy target of 65,000 MW by March 2030, significantly up from the earlier target of 30,000 MW by 2025. This expanding renewable energy infrastructure requires advanced battery storage solutions to manage the intermittent nature of solar and wind power.

India Battery Market Scope and Growth Factors:

India's battery market stands at a crucial inflection point, driven by multiple converging factors that position the country as an emerging manufacturing hub. The government's Production Linked Incentive (PLI) scheme for Advanced Chemistry Cell (ACC) manufacturing, with a budgetary outlay of INR 18,100 crore, aims to establish competitive domestic manufacturing for 50 GWh of ACC batteries. Three beneficiary firms-Ola Electric Mobility (20 GWh), Reliance Industries (5 GWh), and Rajesh Exports (5 GWh)-have been allocated capacity, with an additional 10 GWh recently awarded to Reliance in October 2024.
The PM E-DRIVE Scheme, launched with an outlay of INR 10,900 crore and effective from April 2024 to March 2026, supports electric two-wheelers, three-wheelers, trucks, buses, and ambulances while upgrading testing agencies.

This complements the earlier FAME II scheme which had a budgetary support of INR 11,500 crore and successfully drove EV adoption across India. Battery technology is reaching industrial scale rapidly. Amara Raja Batteries began construction of its first gigafactory in Telangana's Mahabubnagar district with a planned investment of INR 9,500 crore over the decade. This facility will manufacture lithium-ion battery cells with 16 GWh capacity and battery packs of 5 GWh capacity, expected to become operational before the end of 2025. Exide Industries announced an investment of INR 6,600 crore to set up a lithium-ion cell manufacturing factory in Karnataka, with the first phase of 6 GWh capacity expected to become operational by end of 2024.

Strategic mineral partnerships are strengthening supply chains. The India-Australia Critical Minerals Investment Partnership, established in March 2022, focuses on developing supply chains for essential minerals like lithium and cobalt. The discovery of lithium reserves in the Reasi district of Jammu and Kashmir, along with preliminary studies by BARC confirming 2.5 million metric tons of lithium resources in Rajasthan's Nagpur area, offers potential for localizing mineral supply, though extraction complexities remain.

Regional dynamics are evolving beyond metros. While South India benefits from advanced research facilities and a concentration of manufacturers, North India is witnessing rapid industrialization with cities like Delhi, Chandigarh, and Jaipur experiencing growing demand across automotive, consumer electronics, and renewable energy storage sectors. Tier 2 and Tier 3 cities are emerging as untapped markets with improving internet connectivity and rising disposable incomes.

The manufacturing ecosystem is maturing with companies like Ola Electric beginning mass production of NMV21700 cylindrical cell batteries at its Chennai-based Gigafactory in 2024. Suzuki's joint venture with Toshiba and Denso in Gujarat, initially an assembly plant for modules and packs, is set to begin manufacturing EV battery cells in 2024 and 2025. Battery recycling infrastructure is also developing, with Rubamin launching its lithium-ion battery recycling venture in India with plans to construct a facility capable of processing 10,000 tons of batteries per year. India currently has annual lithium-ion battery recycling capacity of over 60,000 tonnes, capable of producing around 30,000 tonnes of black mass.

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India Battery Industry Segmentation:

The report has segmented the market into the following categories:

Breakup by Type:

• Primary Battery
• Secondary Battery

Breakup by Product:

• Lithium-Ion
• Lead Acid
• Nickel Metal Hydride
• Nickel Cadmium
• Others
Breakup by Application:

• Automotive Batteries
• Industrial Batteries
• Portable Batteries

Breakup by Region:

• South India
• North India
• West & Central India
• East India

Competitor Landscape:

The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.

Recent News and Developments:

• January 2025: Mahindra unveiled a cutting-edge manufacturing and battery assembly facility at its Chakan plant, marking a significant step in its commitment to producing Electric Origin SUVs. The facility employs patented processes and lean module assembly, utilizing Industry 4.0 technology to produce, store, and transfer high-performance, long-lasting batteries.

• December 2024: LG Energy Solution of South Korea is negotiating with India's JSW Energy to establish a joint venture for manufacturing batteries aimed at electric vehicles and renewable energy storage, with a projected investment exceeding USD 1.5 billion.

• October 2024: The government announced plans to invite bids for constructing 10 GWh of battery energy storage systems, aiming to allocate the remaining funds set aside for the sector under the PLI scheme for Advanced Chemistry Cells.

• June 2024: Indian battery maker Amara Raja Energy & Mobility signed a licensing agreement with Gotion InoBat Batteries (GIB), a subsidiary of China-based battery manufacturer, to enhance technology capabilities.

• March 2024: Panasonic Energy Co Ltd formed a joint venture with Indian Oil Corporation Ltd to manufacture cylindrical lithium-ion batteries, expanding Japan's presence in India's battery manufacturing sector.

• January 2024: Amara Raja Batteries Ltd announced plans to operate a gigafactory before the end of 2025, with the facility expected to produce Lithium Cell and Battery Packs with a capacity of up to 16 GWh and 5 GWh, respectively.

• December 2023: Himadri Speciality Chemical Ltd announced an investment plan of INR 48.00 billion (USD 576 million) over the next 5-6 years to set up a plant producing 2 lakh tonnes of lithium iron phosphate, a key material for making lithium-ion batteries used in electric vehicles.

Other key areas covered in the report:

• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Strategic Recommendations
• Market Dynamics
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape
• Top Winning Strategies
• Recent Industry News
• Key Technological Trends & Development

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