The India
inverter battery market is anticipated to grow at a robust CAGR during the
forecast period. An inverter is an electronic device utilized to convert direct
current (DC) from various sources such as batteries or solar panels into
alternating current (AC) for operational use in equipment. When employing a
battery, it is commonly referred to as a deep cycle inverter, whereas with a
solar panel, it is termed a PV inverter or solar inverter. While most devices
are designed to directly utilize AC power from the main electrical grid,
certain devices such as phones and laptops necessitate the conversion from AC
to DC before they can be utilized. For such devices that operate on DC power
but require an AC power source, an additional device called a rectifier,
typically comprising electronic components known as diodes, is employed to
convert the AC power to DC.
Inverters, on
the other hand, function in the opposite manner. Inverter users find a multitude
of applications ranging from powering household appliances, light bulbs, air
conditioners, and refrigerators, to maintaining uninterrupted power supplies
and utilizing solar energy. They are extensively utilized in various settings
such as ATMs, hospitals, laboratories, and traffic lights. The battery serves
as a crucial component within the inverter system. It draws DC power from the
battery and converts it into AC power through the inverter, enabling its usage
with appliances. Conversely, the battery is charged by connecting it to a power
source. All inverters encompass the dual functionality of rectification:
charging the battery and converting its stored power into AC for utilization.
The battery itself stands as the primary component of the inverter system, with
its state and functionality significantly impacting the overall performance. It
is noteworthy that batteries are often sold separately from the inverter and
must be individually acquired and installed, with the exception of portable
inverters that incorporate a built-in battery.
Growing
Electric Vehicle Industry and the Increasing Demand for Inverter Batteries are
fueling the growth of the India Inverter Battery Market
The India
Inverter Battery Market is experiencing significant growth due to the expanding
electric vehicle (EV) industry and the increasing demand for inverter
batteries. According to the India Energy Storage Alliance (IESA), the EV
industry in India is projected to grow at a Compound Annual Growth Rate (CAGR)
of 36%. This growth is driven by the need to reduce reliance on conventional
energy sources, as India imports around 80% of its crude oil demand. With a
growing population and increasing demand for automobiles, sustainable
alternatives are crucial.
By 2030, NITI
Aayog, a policy think tank of the Indian government, aims to achieve
substantial sales penetration rates for various vehicle categories. Their
targets include 70% for all commercial vehicles, 30% for private cars, 40% for
buses, and 80% for two- and three-wheelers. These goals align with India's
objective of achieving net zero carbon emissions by 2070. Over the past three
years, India has already registered 520,000 electric vehicles, indicating a
strong momentum in EV adoption.
In 2021, the growth
of EVs in India was supported by favorable government policies and effective
program implementation. Uttar Pradesh had the highest share of EV sales across
all segments, reaching 66,704 units. Karnataka followed with 33,302 units, and
Tamil Nadu with 30,036 units. Uttar Pradesh dominated the three-wheeler
segment, while Karnataka and Maharashtra dominated the two-wheeler and
four-wheeler segments, respectively.
To facilitate
the growth and early adoption of hybrid and EVs, the Indian government established
the Faster Adoption & Manufacturing of (Hybrid &) Electric Vehicles
(FAME) program in 2015. The FAME II program, launched with a budget of USD1.3
billion (INR 10,000 crore), aims to develop 1 million electric bicycles,
500,000 electric tricycles, 55,000 EVs, and 7,000 electric-assisted buses. The
program has been extended through 2024, demonstrating the government's
commitment to promoting electric mobility.
The India
inverter battery market is benefiting from these initiatives and investments.
As global warming leads to reduced rainfall and rising temperatures in India,
extreme summers are becoming more frequent. In 2023, India experienced its
hottest February in 122 years, and the country's Meteorological Agency predicts
even worse temperatures in the future. However, the construction delays of new
coal and hydro plants pose challenges in meeting the surging power demand
during these extreme weather conditions. India will require up to 28 gigawatts
(GW) of new coal-fired power plants by 2032 to meet the increasing power
demand. Notably, no new coal-fired power plants were added from April to
September 2022, according to the government's advisory board.
In conclusion,
the growing EV industry and the rising demand for inverter batteries are
driving the growth of the India inverter battery market. With the government's
initiatives, such as the FAME program, and the country's commitment to reducing
carbon emissions, the future of electric mobility and renewable energy storage
in India looks promising.
Recent
Developments
- In 2021, Luminous Power formulated
a strategic plan to allocate approximately USD61 million for the expansion
of production capacity, logistics improvement, and marketing endeavors
over the next three years. Out of this planned investment, around USD12.2
million will be specifically directed toward the Haridwar factory located
in Uttarakhand. The investment aims to enhance the factory's capabilities
by adding a capacity of 1,000 lead-acid batteries for inverter and fan
systems, resulting in an increase in production capacity of 2,000 fans per
month. The remaining portion of the investment is intended for the
expansion and enhancement of Luminous Power's existing plant situated in
Himachal Pradesh. Furthermore, a significant portion of the allocated
funds will be channeled into the company's marketing and branding
initiatives to strengthen its market presence and brand recognition.
- In December 2022, Amara Raja
Batteries Limited (ARBL) announced a significant investment of USD1159.1
million in Telangana's Giga Corridor for the manufacturing of lithium-ion
batteries. Over the next decade, ARBL plans to establish key facilities as
part of this extensive project. This includes the construction of the
Amara Raja E-Hub, an advanced energy research and innovation center
located near Hyderabad International Airport. Additionally, a lithium-ion
cell manufacturing unit with a capacity of up to 16 GWh and an assembly
unit for battery packs of up to 5 GWh will be developed in Divitipally,
Mahbubnagar District. The project will commence with the construction of a
commercial-scale pilot plant in Divitipally, followed by the establishment
of the first giga-scale cell production facility for automotive and
industrial applications. The E-Hub will be equipped with advanced
laboratories and testing infrastructure, facilitating materials research,
prototyping, product lifecycle analysis, and proof-of-concept
demonstrations. The E-Hub's services will extend beyond ARBL, catering to
other stakeholders in the energy and mobility ecosystem.
- In 2022, India's Natural Battery
Technologies introduced a cutting-edge lithium-ion inverter battery,
designed for both residential and commercial use. This innovative battery
not only serves as a solar energy storage system but also doubles as an
efficient power backup solution. It employs lithium ferro phosphate as the
positive electrode material, ensuring reliable performance. The company
offers a range of storage capacities, starting from 1.5 kWh to 20 kWh, and
can customize sizes based on specific customer requirements. With
operating voltages of 12V, 24V, or 48V, it caters to small-scale
applications, while larger storage systems can accommodate even higher
voltages. Notably, the battery delivers constant power ranging from 1kVA
to 50kVA, making it an ideal choice for uninterrupted power supply (UPS)
applications. Additionally, it offers enhanced safety features, allowing
safe storage in any environment, and boasts a lifespan up to 10 times
longer than traditional lead-acid batteries.
- In 2022, Exide Industries unveiled
plans for a substantial investment of approximately USD733.20 million in
the establishment of a lithium-ion battery manufacturing facility in
Karnataka. Over the course of the next eight to ten years, the company
aims to construct a state-of-the-art facility with a capacity of 12
gigawatt hours (GWh). The initial phase, with a capacity of 6 GWh, is
projected to be completed within the next 27-30 months, requiring an
investment of around USD488.8 million. This venture falls under Exide
Energy Solutions Ltd., as they set up an expansive 80-acre manufacturing
facility dedicated to lithium-ion batteries. To support their endeavors,
Exide Industries has secured a multi-year technical cooperation agreement
with SVOLT Energy Technology Co., Ltd., a leading global player in
lithium-ion battery production and development for EVs and energy storage.
Download Free Sample Report
Market
Segmentation
The India
inverter battery market is segmented into type, application, sales channel,
market type, rating, and region. Based on type, the market is bifurcated into
renewable and non-renewable. Based on application, the market is further
bifurcated into solar, vehicle, home appliances, and others. Based on sales
channel, the market is bifurcated into direct and indirect. Based on market
type, the market is bifurcated into OEM and replacement. Based on rating, the
market is bifurcated into under 450w, 450w-1500w, and above 1500w. Based on
region, the market is bifurcated into North India, South India, West India, and
East India.
Market
player
Major market
players in the India Inverter Battery market are Exide Industries Limited,
Luminous Power Technologies Pvt. Ltd, Amara Raja Batteries Limited, HBL Power
Systems Limited, Southern Batteries Private Limited, V–Guard Industries Ltd.,
Okaya Power Private Limited, Su-Kam Power Systems Limited, Base Corporation
Limited, and Genus Innovations Ltd.
|
Attribute
|
Details
|
|
Base
Year
|
2023
|
|
Historic
Data
|
2019– 2023
|
|
Estimated
Year
|
2024
|
|
Forecast
Period
|
2025 – 2029
|
|
Quantitative
Units
|
Revenue
in USD Million and CAGR for 2019-2023 and 2024-2029
|
|
Report
coverage
|
Revenue
forecast, company share, growth factors, trends
|
|
Segments
covered
|
Type
Application
Sales
Channel
Market
Type
Rating
Region
|
|
Regional
scope
|
North India, South India, West India, East
India
|
|
Key companies profiled
|
Exide Industries Limited, Luminous Power Technologies Pvt.
Ltd, Amara Raja Batteries Limited, HBL Power Systems Limited, Southern
Batteries Private Limited, V–Guard Industries Ltd., Okaya Power Private
Limited, Su-Kam Power Systems Limited, Base Corporation Limited, Genus
Innovations Ltd.
|
|
Customization
scope
|
10% free
report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing
and purchase options
|
Avail
customized purchase options to meet your exact research needs. Explore purchase options
|
|
Delivery
Format
|
PDF and Excel
through Email (We can also provide the editable version of the report in
PPT/Word format on special request)
|
Report
Scope:
In this report,
the India inverter battery market has been segmented into the following
categories, in addition to the industry trends which have also been detailed
below:
- India Inverter Battery Market, By
Type:
- India Inverter Battery Market, By
Application:
- Solar
- Vehicle
- Home Appliances
- Others
- India Inverter Battery Market, By
Sales Channel:
- India Inverter Battery Market, By
Market Type:
- India Inverter Battery Market, By
Rating:
- Under 450W
- 450W-1500W
- Above 1500W
- India Inverter Battery Market, By
Region:
- North India
- South India
- West India
- East India
Competitive
Landscape
Company
Profiles: Detailed
analysis of the major companies present in the India inverter battery market.
Available
Customizations:
India inverter
battery market report with the given market data, TechSci Research offers
customizations according to a company's specific needs. The following
customization options are available for the report:
Company
Information
- Detailed analysis and profiling of
additional market players.
The India
inverter battery market is an upcoming report to be released soon. If you wish
an early delivery of this report or want to confirm the date of release, please
contact us at
[email protected]