India Lithium-ion Battery Market Revenues To Touch USD 5.49 Billion By 2028 By CIOTechOutlook Team

India Lithium-ion Battery Market Revenues To Touch USD 5.49 Billion By 2028

CIOTechOutlook Team | Friday, 28 July 2023, 03:30 IST

India's lithium-ion battery market is anticipated to reach USD 5.49 billion by 2028, rising at a CAGR of 17.21% over the forecast period (2023-2028). It is currently valued at USD 2.48 billion.

The COVID-19 limits had a severe effect on raw materials like lead, which saw a major decline in demand in 2020, which negatively impacted the production of lithium-ion batteries in India. According to the International Trade Centre, the import value of lithium-ion accumulators dropped from USD 1.29 billion in 2019 to USD 1.05 billion in 2020. The lithium-ion battery market in India is anticipated to be primarily driven by factors including the drop in lithium-ion battery prices as well as the introduction of new and exciting markets, such as electric vehicles and energy storage systems (ESS) for both commercial and residential applications.

However, the absence of significant raw material reserves needed for the production of lithium-ion batteries is anticipated to provide difficulties for domestic production and the country's lithium-ion battery market.

During the anticipated period, the portable sector is anticipated to dominate the Indian lithium-ion battery market. Future opportunities for India's lithium-ion battery market are likely to arise from the country's growing lithium-ion battery recycling activities, which are anticipated to secure the supply of raw materials like lithium and cobalt and reduce the reliance on extracting and refining materials from mineral resources. The Indian market for lithium-ion batteries is projected to be driven by India's aspirations to increase the usage of electric vehicles.