India’s energy landscape is undergoing a profound transformation, driven by the increasing adoption of renewable energy and electric vehicles. To support this transition, the demand for energy storage batteries is rapidly growing, presenting a significant opportunity for Indian companies to become major players in this global market. This report introduces with the vibrant ecosystem of Indian companies operating in 7 major segments of the energy storage battery industry as below –
Table of Contents
1. Battery Manufacturers:
- Exide Industries: India’s largest lead-acid battery manufacturer, expanding into lithium-ion battery production with a dedicated facility in Gujarat.
- Amara Raja Batteries: Leading manufacturer of lead-acid batteries with a strong presence in the automotive and industrial sectors, exploring lithium-ion battery production.
- Tata Chemicals: A major player in the chemicals and fertilizers industry, venturing into lithium-ion battery manufacturing through its subsidiary, Tata AutoComp.
- Mahindra & Mahindra: Diversifying into the electric vehicle space and establishing a lithium-ion battery manufacturing facility in partnership with Samsung SDI.
2. Battery Materials and Components Suppliers:
- Vedanta Resources: India’s largest zinc producer, actively exploring lithium mining projects in the country to secure critical battery materials.
- Gujarat Mineral Development Corporation: A state-owned company engaged in mining and mineral processing, focusing on supplying lithium and other battery materials.
- Graphite India: A leading producer and exporter of natural graphite, collaborating with Tata Chemicals on lithium-ion battery anode production.
3. Battery Management System (BMS) Providers:
- Tata Elxsi: A leading global provider of design and technology solutions, offering expertise in BMS design and development for various battery applications.
- Himadri Speciality Chemical: A subsidiary of Grasim Industries, developing and manufacturing advanced BMS solutions for lithium-ion batteries.
- Zen Mobility: A startup specializing in smart BMS solutions for electric vehicles and grid applications.
4. Battery Swap Station Operators:
- Sun Mobility: A pioneer in battery swapping technology, offering subscription-based electric vehicle charging services through its network of swap stations.
- Bounce: A leading electric scooter rental company, exploring battery swapping solutions to improve operational efficiency and customer experience.
- Yulu: Another major player in the electric scooter rental market, piloting battery swapping solutions to expand its reach and service availability.
5. EV Charging Infrastructure Providers:
- Tata Power: A leading power utility company, installing a nationwide network of EV charging stations across highways, cities, and public spaces.
- CESC Limited: An electricity generation and distribution company, focusing on EV charging infrastructure development in eastern India.
- Ather Energy: A leading electric scooter manufacturer, creating a network of fast charging stations exclusively for its electric vehicles.
6. Battery Recycling and Repurposing Companies:
- Attero: A pioneer in e-waste recycling, offering end-to-end solutions for collecting, processing, and recycling lithium-ion batteries.
- Exide Care: A subsidiary of Exide Industries, specializing in the collection and recycling of lead-acid batteries with a focus on environmental sustainability.
- Gravita India: A leading lead-acid battery manufacturer, also involved in battery recycling and repurposing initiatives.
7. Technology and Service Providers:
- Fractal Analytics: A global leader in artificial intelligence and analytics, offering solutions for battery performance optimization and predictive maintenance.
- Chargeup.in: A platform providing comprehensive information and services related to EV charging and battery technologies.
- Electric Mobility Alliance: An industry association promoting the adoption of electric vehicles and supporting the development of EV infrastructure and services.
Government and Regulatory Support:
The Government of India is playing a crucial role in fostering the growth of the energy storage battery industry through various initiatives, including FAME-II Scheme.
This scheme Provides financial incentives for the purchase of electric vehicles and the development of EV and its components locally.
Why Energy Storage Battery Industry can’t be ignored?
According to the International Council on Clean Transportation (ICCT), the annual battery capacity requirement of India in 2020 was estimated to be 100 gigawatt hours (GWh). At 30% EV adoption rate (Optimistic scenario), annual battery capacity in 2030 is estimated to be approx. 800 gigawatt hours (GWh).
This points at a massive 8x growth.
According to Mordor Intelligence, the 2020 battery market which was estimated to be at USD 5.37 billion, has already tripled – as Indian EV battery market has already achieved the sales milestone of $16.77 billion in 2023. It is estimated to cross $27.70 billion by 2028, with a compound annual growth rate (CAGR) of 10.56 per cent during the period spanning 2023 to 2028.
And this growth can be seen from the sales and revenue numbers of India’s battery manufacturing giants – Exide Industries and Amara Raja Batteries. Both of these companies hold the largest share of the lead-acid battery market, with estimates ranging from 60-70%. These leaders are making immense efforts to hold the market position by foraying into lithium-ion battery cell manufacturing.
| Rank | Company | Annual Revenue (2023) (₹ crore) | Sales (2023) (₹ crore) | 2019 Revenue (₹ crore) | 2019 Sales (₹ crore) | Source |
| 1 | Exide Industries Ltd. | 15,258 | 13,520 | 7,134 | 6,419 | Khatabook (2021 data) |
| 2 | Amara Raja Batteries Ltd. | 11,385 | 10,164 | 6,170 | 5,570 | E-Vehicleinfo (2021-22 data) |
Disclaimer – Views are Personal and Author is not a SEBI registered Analyst. This article is for Educational Purposes only, and not any Buy-Sell recommendation.