India Lithium-ion Battery Market Key Developments, Mergers and Acquisitions, Market Players, Forecast Analysis
November, 28th 2019
Lithium-ion battery is an energy storage device capable of charging and discharging. In comparison to traditional battery technologies, they are competent in providing significantly high performance. These batteries have the potential to achieve very high energy and power densities in high-density battery applications such as electronics, automotive and standby power.
According to a new market report published by BlueWeave Consulting, The India Lithium-ion Battery Market is expected to expand at a CAGR of over 23% from 2018 to 2025, end of the forecast period.
Growth in the automobile industry and rise in demand for electronic devices is mainly driving the Indian Lithium-ion Battery market
The lithium-ion batteries are now widely implemented as the power or energy source for everything from portable electronics to electric vehicles and energy & natural resources. Increasing adoption of smartphones, tablets, wearable, toys, power tools, personal care devices, payment devices, and digital cameras among users have led to improved demand for lithium-ion batteries in India.
Increase in disposable income has led to rise in demand for electronic devices such as smartphones and tablets fueling the growth of lithium-Ion batteries in India. Moreover, a rise in government initiative to reduce pollution level are the major factors driving the Indian lithium-ion battery market. The Indian automobile sector is one of the most prominent sectors of the country, accounting for over 8% of the national GDP. Growth in the automotive sector has led to a surge in demand for electric vehicles which has also supplemented the growth of lithium-Ion batteries.
India Lithium-ion Battery market: Scope of the Report
The India Lithium-ion Battery market is segmented on the basis of type, components, and application. Based on type, the market is segmented into Lithium Cobalt Oxide, Lithium Manganese Oxide, Lithium Iron Phosphate, and Others. On the basis of application, the market is segmented into Consumer Electronics, Industrial and Automotive. Based on Components, the market is segmented into Cathode, Anode, Electrolytic Solution and Others.
India Lithium-ion Battery market: Competitive Dynamics
Companies, such as Future Hi-Tech Batteries, Reliance Industries Limited, JSW Group, Adani Enterprise Ltd, Mahindra & Mahindra Limited, Suzuki Motor Corp., Toshiba Corp., Denso Corp., Samsung SDI Co. Ltd., Panasonic Corporation, Toshiba Corporation, Hitachi Chemical Co. Ltd and Bharat Heavy Electricals Ltd are the key players in Lithium-ion Battery in India.