Market Overview The market for lithium-ion battery in India is expected to grow at a CAGR of 34. 8% during the forecast period of 2019 – 2024. Factors such as decline in lithium-ion battery prices along with the emergence of new and exciting markets, i.
New York, July 28, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "India Lithium-Ion Battery Market - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p05865917/?utm_source=GNW
e., electric vehicle and energy storage systems (ESS), for both commercial and residential applications are expected to be the major drivers for the lithium-ion battery market in India. The lack of prominent reserves required for the manufacturing of lithium-ion battery is expected to pose a challenge for local production and the market for lithium-ion batteries in the country.
- The other applications segment which includes energy storage for solar power plants, military, telecom, power tools, etc. accounts for the largest share in the India lithium-ion battery market owing to the increasing demand from these applications.
- The uptake of lithium-ion-based energy storage in India are expected to create significant opportunities for India lithium-ion battery market in the future.
Key Market Trends
Increasing Demand for Electric Vehicles
- Although the electric vehicle (EV) market is still in its infancy in India, it is expected to be more important going forward, as the government has undertaken various initiatives to promote electric vehicles in the country.
- The country has an ambitious target of becoming an all-EV nation by 2030. In the process toward mass adoption of electric vehicles in the country, the government has announced its plan to introduce 10,000 electric buses and 50,000 electric rickshaws within the next few years. This is expected to raise the consumption of lithium-ion batteries.
- The Government of India ordered 10,000 electric cars from Tata Motors in September 2017 as part of its plan to increase EV adoption in the country. The expected increase in the sale of electric vehicles is expected to drive the demand for lithium-ion batteries as well.
- Adding to this, in December 2017, the Ministry of Heavy Industries and Public Sector Enterprises announced their commitment to make public transport fully electric, under the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles (FAME) India scheme.
- Therefore the growth in the Indian EV market is expected to have a direct impact on the growth of lithium-ion battery market in the country and thereby driving the market studied over the forecast period.
The India lithium-ion battery market is moderately concentrated. Some of the major companies include Exide Industries Ltd., Amara Raja Batteries Ltd, and Toshiba Corporation.
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