$3550
$2840
The India lead-acid battery market size is projected to reach US$ 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.
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India Lead-Acid Battery Market: Strategic Insights
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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.
India Lead-Acid Battery Market: Strategic Insights
Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Rapid electric vehicle sector growth, increasing demand for lead acid batteries from various industry, and automotive battery replacement are contributing to the growth of the India lead acid battery market.
Increasing demand for battery energy storage systems is expected to be the key opportunity in the market.
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, and Livguard Energy Technologies Private Limited, are the key market players operating in the India lead acid battery market.
Evolution of 12-Volt lead-acid battery as future of vehicle technology to stimulate the India lead acid battery market growth in the coming years.
Basic lead acid batteries are expected to dominate the market over the forecast period.
The List of Companies - India Lead-Acid Battery Market
- 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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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