India’s Li-Ion Market Will Touch CAGR of 14.8% in 2023-’28: IMARC

LIB to Supply 50,000 Li-ion Batteries to VoltUp by 2024

A study by IMARC Group, called “Indian Lithium-Ion Battery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” makes interesting observations about India’s lithium-ion battery market.

As per the study, the Li-Ion market of the country reached US$ 2.5 Billion last year. The study says that the market will touch US$ 5.9 Billion by 2028, reflecting a growth rate (CAGR) of 14.8% in the time period of 2023-2028.

Looking ahead, the report further indicates that lithium cobalt oxide dominates the market. Among forecasts on lithium cobalt oxide, lithium iron phosphate, lithium nickel manganese cobalt, lithium manganese oxide, and others (lithium nickel cobalt aluminum oxide and lithium titanate oxide), lithium cobalt oxide represented the largest segment.

Lithium cobalt oxide is a compound commonly used as a cathode material in lithium-ion batteries. It is one of the earliest and most widely used materials for cathodes due to its favorable electrochemical properties. It is typically combined with a graphite anode and an electrolyte to form a lithium-ion battery. It has a layered crystal structure and belongs to the class of transition metal oxides. It exhibits high energy density and voltage characteristics, making it suitable for applications that require high-performance batteries. The compound is known for its enhanced specific capacity, which refers to the amount of charge it can store per unit mass or volume.