India Lead-Acid Battery Market Size and Growth 2031

The India lead-acid battery market size is projected to reach US$ 7,465.53 million by 2031 from US$ 5,156.50 million in 2023. The market is expected to register a CAGR of 4.7% during 2023–2031. The evolution of 12-volt lead-acid batteries is likely to continue to be a key trend in the market.

India Lead-Acid Battery Market Analysis

The increasing demand for battery energy storage systems, rising adoption of battery-operated electric vehicles, and developments in the industrial sector drive the India lead-acid battery market growth. Rapid urbanization; growing population; and proliferation of end-user industries such as transportation, telecom, industrial, medical devices, and commercial and residential are projected to drive the growth of the lead-acid batteries market in the coming years.

Industrial lead-acid batteries are flexible and adaptable to an expansive range of industrial applications, from offering backup power for critical systems to powering material handling equipment such as forklifts, pallet jacks, and automated guided vehicles (AGVs). The demand for uninterrupted power supply (UPS) backup systems is high in data centers, IT/IT-enabled services, healthcare, and manufacturing plants. With the emphasis on implementing energy-efficiency strategies and improving grid reliability, the India lead-acid battery market is expected to grow in the long term.

India Lead-Acid Battery Market Overview

Lead-acid batteries are rechargeable batteries that mostly have applications in motorized vehicles and wind turbines; moreover, they are used to store energy generated by photovoltaic cells and backup power supplies. Various types of lead-acid batteries are available in the market. Each battery is designed by considering the specific charge and discharge characteristics requirements of a particular application. Thus, the choice of an appropriate lead-acid battery for a respective application becomes crucial. The implementation of an inappropriate battery can reduce its overall performance, and, in some cases, it may result in irreversible damage to the battery, considerably lowering the overall life span of the battery.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Get 10% FREE CUSTOMIZATION

India Lead-Acid Battery Market: Strategic Insights

India Lead-Acid Battery Market

• 
  CAGR (2023 - 2031)

  4.7%
• Market Size 2023
  US$ 5,156.50 Million
• Market Size 2031
  US$ 7,465.53 Million

Market Dynamics

GROWTH DRIVERS

• Rapid Electric Vehicle (EV) Sector Growth
• Increasing Demand for Lead Acid Batteries From Various Industry
• Automotive Battery Replacement

FUTURE TRENDS

• Evolution of 12-Volt Lead-acid Battery as Future of Vehicle Technology

OPPORTUNITIES

• Increasing Demand for Battery Energy Storage Systems
• Growing Proliferation of Bharat Stage 6 (BS6)-Compliant Vehicles in India

Key Players

• Exide Industries Ltd
• Amara Raja Energy Mobility Ltd
• Luminous Power Technologies Pvt Ltd
• Leoch International Technology Limited Inc
• Microtex Energy Private Limited
• HBL Power Systems Ltd
• Tata AutoComp Systems Ltd
• Okaya Power Pvt Ltd
• Jayachandran Industries P Ltd
• Livguard Energy Technologies Private Limited

Regional Overview

• US

Market Segmentation

Technology

• Basic Lead Acid Battery
• Advanced Lead Acid Battery

Application

• Stationary
• Motive

Construction

• Flooded
• VRLA

Download Free Sample

   Buy Now   

• Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

India Lead-Acid Battery Market Drivers and Opportunities

Rapid Growth of Electric Vehicle Sector Fuels India Lead-Acid Battery Market

The transportation industry is one of the main contributors to air pollution. The Indian government focuses on reducing carbon emissions to protect the environment from pollution. The government has implemented several measures at the state and national levels to reduce the toxic impact of greenhouse gas emissions from fossil fuel-based vehicles. The country is also experiencing a surge in the adoption of electric vehicles, which operate without emitting toxic gases. It is encouraging the installation of electric vehicle charging stations by offering capital grants under Phase II of the FAME India program and government policies. Further, its incentives such as Production-Linked Incentive (PLI) scheme, FAME-II, and battery replacement policy; tax concessions for electric vehicles; and special zones promote electric mobility across India. Therefore, the surging government focus and support toward vehicle electrification drives the growth of the lead-acid battery market in India.

The Government of India proposed a new Electric Vehicle (EV) Policy in 2024 to fuel the growth of the EV industry. This policy encourages foreign companies to establish EV production plants in the country, which is anticipated to create several opportunities for Indian investors. Under this policy, companies need to invest at least ~US$ 500 million (INR 41.5 billion) in manufacturing operations and begin production within 3 years. Additionally, they should gain the capability of producing ~25% of the vehicle parts in India by the third year, further bolstering it to ~50% by the 5th year. The Government of India has also proposed some import duty concessions with specific conditions on EVs. Thus, import duty on vehicles priced more than US$ 35,000 has been reduced to ~15%. However, this concession is available only for 5 years and only to companies that set up electric vehicle manufacturing plants in India within a 3-year span. Additionally, under this scheme, only ~8,000 EVs will be allowed to be imported per year.

The Indian government aims to take steps to electrify ~30% of its new vehicle sales by 2030. As a result, there is a significant requirement for large-scale EV production facilities. The Indian government has initiated numerous EV charging infrastructure projects. Most remarkably, the Faster Adoption and Manufacturing of EV (FAME) scheme offers incentives for EV adoption and charging infrastructure development. The government has further augmented EV adoption by initiating the National Electric Mobility Mission Plan (NEMMP), which incentivizes EV purchases. Thus, supportive initiatives taken by the Indian government to foster the electric vehicle sector fuel the application of lead-acid batteries. These batteries are being adopted in e-rickshaws and e-bikes in the country. Additionally, lead-acid batteries are preferred for starter, lighting, and ignition (SLI) applications in India.

Burgeoning Demand for Battery Energy Storage (BES) Systems to Create Growth Opportunities in Market

The Indian government is focusing on reducing its carbon footprints, owing to which the energy industry is witnessing a transition toward clean energy. As a result, the government is encouraging investments in green energy production. Power generation using fossil fuels is a key contributor to greenhouse gas (GHG) emissions that lead to climate change. The utilization of solar and wind energy is increasing due to rising emphasis on the use of clean and green energy, growing climate change concerns, and surging government initiatives toward promoting the usage of renewable energy across India. By 2030, the Indian government targets to decrease net GHG emissions by ~45% compared to 2005 levels. Moreover, it plans to achieve ~50% cumulative electric power installed capacity from nonfossil fuel-based energy resources by 2030. Thus, the rising concerns regarding GHG emissions are boosting investments in renewable power generation, which is anticipated to propel the development of battery energy storage systems.

The BES technology has the potential to aid the integration of renewable energy in the power generation, utility-scale, commercial, and residential sectors, among others. BES cuts down the need for expensive grid reinforcements for PV. It also helps meet the periodic demand for power and supports the shift to a primarily renewable-driven energy system. BES technology can also ease the process of load shifting, resulting in the better deployment of renewables and improved grid congestion. By assisting the transition to renewables and boosting electrification, BES technologies can aid in the Indian government's efforts to meet its long-term climate and sustainability goals. Thus, the growing application of battery energy storage systems is anticipated to drive the demand for lead-acid batteries in India over the forecast period.

India Lead-Acid Battery Market Report Segmentation Analysis

Key segments that contributed to the derivation of the India lead-acid battery market analysis are technology, application, construction, and end user.

• Based on technology, the India lead-acid battery market is categorized into basic lead-acid battery and advanced lead-acid battery. The lead-acid battery segment held a larger market share in 2023.
• In terms of application, the India lead-acid battery market is divided into stationary and motive. The motive segment dominated the market in 2023.
• In terms of construction, the India lead-acid battery market is divided into flooded and valve-regulated lead-acid (VRLA). The flooded segment dominated the market in 2023.
• In terms of end user, the India lead-acid battery market is divided into transportation, industrial, and others. The transportation segment dominated the market in 2023.

India Lead-Acid Battery Market Share Analysis

The geographic scope of the India lead-acid battery market report providers detailed insights into the market scenario in the country. The transportation and industrial sectors are the key enablers of the India lead-acid battery market. These batteries primarily find applications in e-rickshaws, automotive original equipment manufacturers (OEMs), and automotive part replacement jobs. They are also widely used in starting, light, and ignition (SLI) applications. Lead-acid batteries are a mature technology; in addition, their lower cost and better endurance than other battery technologies make them a popular choice among end users. The proliferation of the telecom industry and the rising number of data centers are anticipated fuel for the lead-acid battery market in India. Moreover, developments in telecom projects to expand network and broadband services across various parts of the country have a positive impact on the market. For instance, in 2024, Bharat Sanchar Nigam Limited (BSNL) declared a US$ 7.8 billion tender to employ the third phase of the BharatNet project, which is one of the important rural telecom projects.

India Lead-Acid Battery Market Report Scope

India Lead-Acid Battery Market News and Recent Developments

The India lead-acid battery market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the India lead-acid battery market are listed below:

• Hyundai Motor Company (Hyundai Motor) and Kia Corporation (Kia) signed a Memorandum of Understanding (MOU) to expand their electric vehicle (EV) business by partnering with Exide Energy Solutions Ltd. (Exide Energy), a leading Indian battery company. (Source: Hyundai Motor Company, Press Release, April 2024)

India Lead-Acid Battery Market Report Coverage and Deliverables

The "India Lead-Acid Battery Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

• India lead-acid battery market size and forecast at country level for all the key market segments covered under the scope
• India lead-acid battery market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• India lead-acid battery market analysis covering key market trends, country framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the India lead-acid battery market
• Detailed company profiles