India Battery Market is expected to reach USD 20.04 billion by 2030
The increasing demand for consumer goods and government initiatives are driving up demand for the India battery market during the forecast period.
India Battery Market was valued at USD 6.31 billion in 2022, and is predicted to reach USD 20.04 billion by 2030, with a CAGR of 15.5% from 2023 to 2030, according to new research by Next Move Strategy Consulting.
The substantial presence of a sizable population in India, generating significant demand for consumer electronics such as smartphones, laptops, handheld gaming devices, digital cameras, and more, contributes significantly to the country's significant share in the battery market. These electronic gadgets rely on rechargeable batteries, including lithium-ion or alkaline cells. Consequently, the robust sales of consumer electronics are driving an upsurge in the demand for batteries within in India.
For instance, in 2021, the total volume of smartphone shipments across India was around 160.7 million. Moreover, global smartphone brands such as Xiaomi and Samsung are investing heavily in India and establishing smartphone manufacturing plants in the country, which, in turn, is expected to drive the battery market. For instance, in February 2021, Xiaomi announced that it aims to establish three new mobile manufacturing plants in India.
However, inadequate management of batteries can result in a variety of risks that impact human health and the environment. Frequently, batteries that have been utilized or disposed of find their way into landfills, where they slowly degrade and release harmful substances. As these batteries break down, their chemical elements can seep into the soil, causing pollution of underground and surface water sources. This contamination presents a significant threat to our ecosystem, leading to detrimental effects on a wide range of aquatic plants and animals due to the presence of hazardous battery components like mercury, cadmium, lithium, and lead. Consequently, this situation is expected to hinder the expansion of the battery market in India.
On the other hand, the increasing adoption of NDBs across diverse sectors such as automotive, aerospace, and electronics is poised to open up promising prospects within India's battery market. The emergence of NDBs signals a revolutionary departure in the realm of energy generation and storage, challenging the established norms of conventional battery technology. These Nuclear Diamond Batteries (NDBs) represent a groundbreaking advancement, harnessing the latent energy within radioactive decay of nuclear waste to generate usable power. Distinguished by their unique attributes, these exceptional systems excel in capturing and converting energy derived from radioactive decay. NDBs stand out due to their compact design, modular capabilities, cost-effectiveness, and scalability, making them adaptable and valuable across a wide spectrum, from small-scale chipsets to expansive industrial applications. By employing alpha, beta, and neutron voltaic principles within a sturdy diamond-based framework, NDBs offer a sustainable and enduring energy solution for a diverse array of applications, effectively surpassing the limitations of traditional chemical battery technologies. This paves the way for substantial growth opportunities within India's dynamic battery market.
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According to the report, leading players in the India battery market include LG Chem Ltd., CATL, Samsung SDI Co. Ltd., BYD, SKI, ENVISION AESC GROUP LTD., Gotion High tech Co Ltd, Primearth EV Energy Co., Ltd., India Aviation Lithium Battery Co., Ltd., Panasonic Corporation.
Key Insights from the India Battery Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the India battery market is provided in the report.
The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.
The market share of players in the India battery market is provided in the report along with their competitive analysis.