India Battery Market Size & Outlook, 2023-2030
India battery market, 2018-2030 (US$M)
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India battery market highlights
- The India battery market generated a revenue of USD 2,614.4 million in 2023 and is expected to reach USD 12,177.1 million by 2030.
- The India market is expected to grow at a CAGR of 24.6% from 2024 to 2030.
- In terms of segment, lithium ion was the largest revenue generating product in 2023.
- Flow Battery is the most lucrative product segment registering the fastest growth during the forecast period.
Battery market data book summary
| Market revenue in 2023 | USD 2,614.4 million |
| Market revenue in 2030 | USD 12,177.1 million |
| Growth rate | 24.6% (CAGR from 2023 to 2030) |
| Largest segment | Lithium ion |
| Fastest growing segment | Flow Battery |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Lead Acid, Lithium Ion, Nickel-based, Sodium-ion, Flow Battery, Small Sealed Lead-acid Batteries |
| Key market players worldwide | BYD Co Ltd ADR, GS Yuasa Corp, Hitachi Ltd, Johnson Controls International PLC, LG Chem, NEC Corp, Panasonic Holdings Corp, Samsung Electronics Co Ltd, Toshiba Corporation |
Other key industry trends
- In terms of revenue, India accounted for 2.2% of the global battery market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China battery market is projected to lead the regional market in terms of revenue in 2030.
- Vietnam is the fastest growing regional market in Asia Pacific and is projected to reach USD 3,479.2 million by 2030.
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Battery Market Scope
Battery Market Companies
| Name | Profile | # Employees | HQ | Website |
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India battery market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to battery market will help companies and investors design strategic landscapes.
Lithium ion was the largest segment with a revenue share of 34.65% in 2023. Horizon Databook has segmented the India battery market based on lead acid, lithium ion, nickel-based, sodium-ion, flow battery, small sealed lead-acid batteries covering the revenue growth of each sub-segment from 2018 to 2030.
The Government of India has made considerable efforts to fuel the growth of the renewable energy market in the country. For instance, it set a target to carry out 175 GW of renewable power projects in India. Moreover, the government emphasizes the conduct of battery energy storage projects along with carrying out solar and wind power projects to ensure round-the-clock supply of power in India.
As of 2023, India was one of the leading countries in terms of EV sales in the world, along with other emerging economies. It has begun the transformation of its public transportation infrastructure to ensure the smooth plying of EVs on roads in India.
The country has been witnessing a surge in the local manufacturing of lithium-ion batteries, owing to the increased support offered by the Government of India to promote the adoption of electro mobility in the country.
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Our clientele includes a mix of battery market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the India battery market , including forecasts for subscribers. This country databook contains high-level insights into India battery market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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India battery market size, by product, 2018-2030 (US$M)
India Battery Market Outlook Share, 2023 & 2030 (US$M)
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