The lithium-ion battery Market is Projected to Reach USD 15.0 Billion by 2027, Growing at a CAGR of 11.8% During 2021-2027
Published | January 2021
According to BlueWeave Consulting, the India Lithium-ion battery market worth USD 7.3
billion in 2019, and is further projected to reach USD 15.0 billion by 2027,
growing at a CAGR of 11.8% during 2021-2027 (forecast period). Industrial usage
of Lithium-ion batteries is growing with a healthy CAGR during the forecast
period. Lithium batteries are currently the best available energy storage
technology and are exceptional for their ratio of dimensions to weight and
capacity. They are also capable of delivering high current. Quality care for
these batteries should also ensure a long battery lifespan. It is suitable for
a vast majority of industrial applications, such as in smart houses, off-grid
power systems, and in other systems for storing excess electricity generated by
power plants.
Rising usage of smartphones and other
consumer electronics products and is expected to drive the growth of the
Lithium-ion battery market
The Automotive application and electronics smartphones of
Lithium-ion Battery is growing with significant growth during the forecast
period. The use of Lithium batteries in cars, motorcycles, heavy vehicles,
phones, and off-road equipment is increasing rapidly. Lead-acid batteries are
being replaced by Lithium batteries to improve charge/discharge performance,
save weight, save space, increase the lifetime, and avoid lead in the
environment. Quality care for these batteries should also ensure a long battery
lifespan. It is suitable for a vast majority of industrial applications, such
as in smart houses, off-grid power systems, and in other systems for storing
excess electricity generated by power plants.
Electric vehicles are driving the demand
for lithium-ion batteries
The increasing awareness towards portable and stationary energy
storage coupled with the government’s push towards solar and wind projects are
expected to contribute to the growth of the Lithium-ion battery market over the
coming years. Furthermore, government efforts towards the adoption of electric
vehicles such as the Faster Adoption and Manufacturing of Hybrid & Electric
Vehicles (FAME) scheme as well as tax exemption on EVs are anticipated to provide
a much-needed boost to the market. Lithium iron phosphate batteries find
application in power tools, electric vehicles, energy storage devices, and
electric bicycles among others. But as of now, the main use of Lithium Iron
Phosphate battery is in power batteries for electric vehicles.
Cathodes occupy the largest share of the
Lithium-ion battery market
The cathode segment is growing significantly with a healthy CAGR
during the forecast period. The selection of cathode material depends on
various factors such as cell voltage, capacity, energy & power
capabilities, cycle life, and operating temperature. Various materials are used
in the cathode of a lithium-ion battery such as cobalt, manganese, phosphate,
nickel cobalt manganese (NCM OR NMC), lithium iron phosphate (LFP), and others.
Enhanced reliability and compatibility of lithium-ion batteries have led to
their increase in demand, which in turn fuels the demand for cathode materials.
Furthermore, the increase in applications of lithium-ion batteries has driven
market growth. An anode is growing significantly with a healthy CAGR during the
forecast period. Anode materials, one of the vital raw materials, make up
5%-15% of lithium battery cost owing to their affordable, extremely light,
porous, and durable nature.
India Lithium-ion Battery Market:
Regional insights
Northern region catering largest share and expected to witness
significant growth in the Lithium-ion battery market during the forecast
period. This is achieved by various organic and inorganic strategies. Suppliers
operating in the industry are continuously working on new development,
technical expertise, and in-house capabilities. High opportunity makes the
Lithium-ion battery market more competitive and suppliers are trying hard to
capture the clients. The market is highly acceptable to innovative products,
however, considering the risks involved in business continuity implementers are
still considering brand over new offerings in the market. The Eastern region is
the fastest-growing region for the Lithium-ion battery market in India due to
the increasing public concerned about various harmful Air diseases like
jaundice, diarrhea, and cholera.
India Lithium-ion Battery Product Market:
Competitive Landscape
The leading players for India's Lithium-ion battery product
market include, are Future Hi-Tech Batteries, Adani Enterprise Ltd, Suzuki.,
Samsung SDI Co. Ltd., Panasonic Corporation, Hitachi Chemical Co. Ltd, and
Bharat Heavy Electricals Ltd. Amara Raja Batteries Ltd, Exide Industries Limited,
Reliance Industries Limited, Mahindra & Mahindra Limited (M&M), Suzuki
Motor Corp., Toshiba Corporation, Denso Corp., Munoth Communication Limited,
JSW Energy Limited, and others, are expanding their presence in the market by
implementing various business strategies. Major players are engaged in mergers
and acquisitions, expansion of their manufacturing facilities, infrastructural
growth, investment in R&D facilities, and the quest for opportunities to
expand vertically through the value chain.
Don’t miss the business
opportunity of the Lithium-ion battery market. Consult our analyst, gain
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The in-depth analysis of the report provides information about
growth potential, upcoming trends, and statistics of India's Lithium-ion
battery market size & forecast. The report promises to provide recent
technology trends in the Lithium-ion battery market and industry insights that
help decision-makers to make sound strategic decisions. Furthermore, the report
also analyzes the growth drivers, challenges, and competitive dynamics of the
market.
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