Lithium-ion Battery Market in India Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 Lithium-ion batteries are commonly used in electronic devices like smartphones, laptops, clocks, watches, and remote controls. Sales of consumer electronics are very much dependent on the country’s population and disposable income. Over recent years, the increasing disposable income in India led to rising living standards, driving the demand for consumer electronics.

The lithium-ion battery technology offers much better energy density in Joules of energy per kg than the previous battery technologies, such as nickel-cadmium (NiCd) and nickel-metal hydride (NiMH). Lithium-ion cells' self-discharge rate is much lower than other rechargeable cells, which increased in popularity. Therefore, the availability of smaller batteries with better charge retention became imperative for electronic devices' energy requirements.

In recent years, internet availability at significantly cheaper rates increased smartphone penetration drastically in India. India has much to offer in the smartphone business, with fast and affordable mobile data rates and the world's second-largest population. Most Indians use smartphones to connect to the internet, creating a massive market for several smartphone makers. In the fourth quarter of 2022, approximately 29.60 million smartphone units were supplied across India.

India's lithium-ion battery size is estimated at USD 2.48 billion in 2023 and is expected to reach USD 5.49 billion by 2028, registering a CAGR of 17.21% during the forecast period (2023-2028).

Over the medium term, factors such as declining prices of lithium-ion batteries and increasing adoption of electric vehicles are likely to drive the India lithium-ion battery in the forecast period.

On the other hand, the demand-supply mismatch of raw materials like lithium, etc., will likely hinder the growth of the Indian lithium-ion battery market in the studied period. 

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